Bitcoin Price Falls After the Coronavirus Economic Relief Announcement

By Shikha On Mar 25, 2020

Overview-

Bitcoin Price falls after the announcement of the deal for the economic relief by the US Congress leaders.
Currently, the price of Bitcoin has fallen from $6900 to $6500.
The CEO of Binance has a different view and believes that the rise in the price of the Bitcoin would be observed soon.

The White House leaders and the Congress leaders have now come to an agreement and have struck a deal of $2 trillion to provide economic relief in the current Coronavirus break situations. After the announcement of the deal, there was a sudden fall observed in the bitcoin prices.

Currently, the price of the bitcoin fell from $6900 to $6500. However, it is observing slight recovery after observing the two-day drop in the prices after the World Health Organization (WHO) declared the COVID-19 outbreak a pandemic. Mitch McConnell, one of the majority leaders of the Senate said, “At last, we have a deal. The Senate has reached a bipartisan agreement on a historic relief package for this pandemic.”

Amidst the fall in the price of the Bitcoin, the CEO of Binance has another view for the same. The Binance CEO Changpeng Zhao believes that the current situation might end in raise of the Bitcoin price soon he further said, “As we get used to talk about Trillions, a modest $2 trillion market cap of#bitcoin will put 1 BTC at $100,000. Not such a hard to imagine number now, right?”

Due to the ongoing pandemic the cryptocurrency market has crashed which has led to cancellation of many cryptocurrency related events. The coronavirus has created havoc in the world economy and governments are taking unprecedented steps in economic policies in response with the virus.