Will the Coronavirus Affect Bitcoin Prices?! - The Feb 2020 Crypto Outlook...

No comments
Welcome to the February 2020 Crypto Outlook with Contentworks, an agency specialising in content marketing for financial services, crypto and blockchain.
2020 is turning out to be another great year for Bitcoin. In January, the price of Bitcoin rose by almost 30%. This was significantly higher than the 3.2% rise in gold price and the -0.16% decline of the S&P500. There are three main reasons for this. 
Firstly, the market is hopeful that the halving event happening later this year will be positive for Bitcoin. This is because Bitcoins will be scarcer and more difficult to mine, potentially increasing their value.
Secondly, the spreading coronavirus disease presents a major risk to the world economy. As such, many investors are using Bitcoin as a safe-haven or as digital gold. Thirdly, technical indicators suggest that the price of Bitcoin bottomed in the fourth quarter of the year. Bitcoin is not the only cryptocurrency that is rallying. Indeed, Litecoin and Ethereum have risen by 66% and 40% respectively. The chart below compares the performance of major cryptocurrencies with that of gold and S&P500.
In February, investors will continue to focus on the spreading coronavirus disease. The disease is estimated to have a negative impact on the world economy because the Chinese supply chain is expected to be affected. As such, it’s possible that many crypto enthusiasts will buy more currencies as a hedge against risk. 
Crypto enthusiasts will continue to count down the days to halving. This is an important event, which will reduce the number of Bitcoins that are awarded to miners. This is an event that takes place after every 210k blocks. The next Bitcoin halving will take place between May and June this year. As of this writing, we are less than 100 days from the event. After this, the next halving will take place in 2024. The price of Bitcoin has historically risen ahead of the halving event.
Ripple will be a key cryptocurrency to watch in February. XRP has risen by 23%. The company behind it made headlines in December, when it raised $200 million from investors. The funding is expected to help Ripple grow its remittances business. Now, there is talk that the company is preparing to go public. Ripple CEO, Brad Garlinghouse, told the media that he believed the company had the potential to become a publicly traded company. This will be the first major crypto provider to go public.
The market will also focus on a number of key events including the iFX Expo Asia, which has been temporarily postponed due to the Corona virus. This is usually one of the biggest finance-related events in the world. It is attended by thousands of participants and hundreds of speakers. Some of the key speakers expected will be from companies like Goldman Sachs, Alibaba, Deloitte, and eToro among others.
Another important event will be the Digital Asset Summit (DAS), which will happen in London. This is an event that targets institutional investors. The speakers will be from companies like BitGo, Genesis, Fidelity, and Nexo among others. Other key events to watch will be Blockchain in oil & gas that will be held in Canada and Finnovate that will happen in Berlin Germany.
At Contentworks Agency, our team of financial professionals closely follows market movements for FX, crypto and other tradable instruments. We are proud to serve some of the biggest crypto and fintech companies in the world by delivering high-impact articles, videos, PR and white papers.

Information Provided via Press Release
Distributed by Global Crypto Press Association Press Release Distribution for industry.

No comments

Post a Comment