Obviously, to some extent, bitcoin depends on the state of the global economy.
However, despite the deplorable state in which Bitcoin is located, it shows itself extremely positively, which somewhat surprises me.
Indeed, that is because bitcoin isn't relying to any assets, nor backed with any government. The only way bitcoin is defined is through the people using it. It's price is determined by the demand of the people. And IMO, bitcoin in relation to coronavirus crisis is a complete complement, I'm sure that most of the people who know bitcoin is utilizing it in times like this, that we are not allowed to go outside so our transaction occurs online.
I just don't know why when the COVID booms, bitcoin's price fluctuates too hard. Well, what is important is that, in just a week, it regained its stable price already.
Public demand, of course, is the most influential thing for bitcoin, where demand increases, so prices can be high because the availability of stock on the exchange is getting smaller, so many sell high and it becomes the main influence.
Well a few more days will be approaching halving whether the demand is increasingly full? I think yes where they want history to repeat again at very high prices but in times of crisis like this many people still doubt it because in the past bitcoin fluctuations were too severe to be seen with prices falling to the bottom making the holders nervous but with the increase now is a good start for bitcoin to recover.
