This article is brought to you by a Russian Telegram channel "Antihype on money," an analytical channel about all economic hype trends and their triggers.
What happened: From the very beginning of panic sales, cryptocurrencies have been falling along with all other classical assets. Thus, Bitcoin (EXANTE: Bitcoin) lost the status of "digital gold." Now the actions of central banks and the situation with the coronavirus pandemic do not contribute to a change in sentiment within the traditional market.
What really happened: Fundamentally, there are no prerequisites for a further fall, only panic sales. Over the past few days, Bitcoin has been in the process of consolidating around the $5000 mark. The main reason why the coin "stamped" around this price level is the uncertainty that the cryptocurrency still found its adequate bottom.
Recently, bitcoin has ceased to duplicate the negative dynamics of stocks or raw materials, stopping at the same level. We can cautiously assume that the current growth has reason to turn into a rebound.
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