This isn't about crypto, but please guys, remember to not go out, wash your hands regularly and please stay safe. This pandemic would pass eventually, but it only matters if you're still here. Stay safe out there guys!
The stock market is still talking believe it or not. The S&P500 has dropped 38% in the past month or so, due to this epic pandemic.
And in the midst of all this, Bitcoin has started a slow but steady recovery back to its high prices. It only makes sense that the buyers would return when they see that the money market is pretty dangerous right now.
This crash led to many crazy happenings in the world in general. I know a few friends who liquidated their 401k plans because they wanted to, quote, "prevent further damage" to the account. A particular friend of mine had the primary stock of his entire portfolio fall to basically zero. He has no reason to sell, because it would still yield him no money.
But in the midst of all this carnage, digital money is starting to rise up again.
In fact, most of the coins in my portfolio (2 actually) shot up by 22% and 25% respectively between yesterday and today. Amazing stuff!
This fall made many people lose their belief in Bitcoin as a safe haven asset in times of trouble like this. I tend to look at it more like: "in a time when everyone is scared and pulling out money for no obvious reason, it's hard to call anything a safe haven asset at all"
But we can see a recovery start to form on Bitcoin's graphs. Those who tried to short at support (I was unfortunately one of them, boo boo) were burned out hard by the bulls who ran the price up.
As I said in one of my previous posts, the holes left in the Bitcoin chart are being filled up, slowly but surely. Bitcoin is rising to new heights again, and if you were able to get $4000s and decided to sell at $6000, you did well in taking your profits, but this isn't the end of the bull run.
Post halving would cement Bitcoin's reign as the ONLY safe haven asset that matters. Only time would tell.
Thanks for reading, and thank you so much for 980 followers! Keep em coming!