Bitcoin Is Jumping… And So Are Residents
While this is purely speculative, one cannot help but notice that now, right as people are beginning to protest current stay-at-home orders and stand outside governors’ mansions to herald their right to work, bitcoin has endured a significant rise.
Over the past several weeks, bitcoin has been trapped in the doldrums, though things first began taking a negative turn in early March. Following news that the coronavirus pandemic had hit United States’ soil, the world’s number one cryptocurrency by market cap fell from more than $10,000 into the high $8,000 range (around $8,700 during the first week of the month).
From there came the notorious crypto crash of March 12 that would ultimately take assets like bitcoin down into the high $3,000 range. While this price didn’t last long, the currency proved to be struggling as it worked its way back up the financial ladder. Eventually, the asset rose back towards $5,000, then $6,000, and finally $7,000, where it meandered for several weeks.
Just yesterday, the currency spiked all the way $7,500, adding approximately $400 to its overall price from where it stood before. The pandemic is widely considered to have been the biggest contributing factor in BTC’s demise. Many analysts believed that traders and enthusiasts were selling all their speculative assets – i.e. stocks, crypto, etc. – as a means of garnering cold, hard cash to ensure they remained stable during these strange times.
Naturally, a major selloff – if it did occur – would cause bitcoin to lose several hundred, if not several thousand dollars from its price. The coronavirus also put a serious dent in the global economy, causing several people to lose their jobs and bringing unemployment in regions like the U.S. to all-time highs, and during times like that, all assets are going to sink into oblivion.
Citizens Are Beginning to Say “No”
But now, it looks like people are beginning to fight back. They’ve decided they’ve had enough of the conditions and circumstances they’re facing. They want their economies reopened, and they want opportunities to return to work. Many citizens – such as those in Michigan and Pennsylvania – are protesting outside their leaders’ homes and in other neighboring regions, requesting that all present lockdown rules be removed and that they be permitted to return to life as it was before.
Right as these protests are occurring, bitcoin suddenly decides to spike unexpectedly. Some analysts are convinced this has something to do with the upcoming halving, which is now 18 days away, but perhaps the coin and its digital cousins are gaining some steam as people are showing resistance and working to bring their economic conditions back to normal.