The response to the Covid-19 pandemic has been ruthless on the global economy and during the last six months, traditional stocks and commodities have felt extreme market volatility. Coinshares published a comprehensive report this week in regard to how bitcoin performed during the coronavirus outbreak. The seven-page study highlights how bitcoin’s rebound to pre-Covid price levels has “unsurprisingly garnered attention amongst the investment community.”
Coinshares’ head of research Chris Bendiksen recently published a report that discusses how bitcoin (BTC) reacted to the coronavirus outbreak and the mid-March market volatility. Despite what critics like Peter Schiff say, BTC has outperformed a great number of global assets including gold since the March 12, 2020 (Black Thursday) market rout.
Gold’s price per ounce was $1,589, and the price has risen 13.90% to a high of $1,810 on July 17. Bitcoin (BTC) on the other hand slid to a low of $3,870 on Black Thursday sliding -49.39% that day. However, since then the price of BTC has increased 135% where it stands today at just above the $9,100 per coin region.
The report called “Understanding Bitcoin During the Covid Crisis” written by Bendiksen highlights “how resilient bitcoin can be.” Coinshares believes that the initial tumble on March 12 was “ignited by fear spreading from other markets.”
“It then became particularly severe due to bitcoin’s unique market structure,” Bendiksen’s report notes. “The overall usage of leverage in bitcoin spot and derivatives markets is generally large, but in the time leading
