Bitcoin rises 7%, back in the green for 2020

Experts say it now has to reclaim $8,000 to start the bull run.

Bitcoin


Bitcoin rallied 7 percent on April 7 as investors turned to the digital currency amid the coronavirus outbreak that has roiled the equity markets.

The world’s largest cryptocurrency has breached the $7,000 mark and is now trading above its 2019 closing price of $7,222. At the time of writing this copy, the digital currency was quoting $7,321.83, up 6.99 percent. It made a 24-hour high of $7,459.09 and a 24-hour low of $6,810.17.

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Bitcoin has now recovered 90 percent from its 2020 low but is still trading nearly 31 percent lower from its 2020 high.

Before COVID-19 became a pandemic, Bitcoin was on a fairytale run this year rising over 46 percent YTD, ahead of all other asset classes. Like its peers, the cryptocurrency, too, succumbed to the turmoil as the economic damage from the coronavirus pandemic forced investors to the sidelines.

After two weeks of pain, the Bitcoin made a comeback on March 25 after the US Federal Reserve said it had “infinite cash” to deal with the implication of the virus on the economy.

Experts say it now has to reclaim $8,000 to start the bull run.

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First Published on Apr 7, 2020 09:17 am

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