Bitcoin Price Soars During the Pandemic

By the end of March of this year, investors everywhere had lost vast portions of their investment wealth as the COVID-19 took its toll on the world’s economies. As a case in point, the U.S. S&P 500 went from a high of 3,387 on February 19 to as low as 2,237 on March 23rd. That’s a drop of more than 33% in only one month, a drop that was surely devastating to investors who bought high and sold low.

While the jury is still out on how the pandemic affected it, the price of Bitcoin (BTC) seems to have followed a similar pattern. After hitting a 2020 high of 10,312 on February 14, trading to the selling side picked up, leading the price to fall all the way down to close at 5,012 on that same March 23rd date. It’s fair to say the story was quite similar for pretty much all cryptocurrencies.

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