Bitcoin prices have been volatile as of late due to the impact of the COVID-19 pandemic, but reports now show that the cryptocurrency has fared better compared to equities. Bitcoin may have dipped below $5,000 in mid-March, but its eventual recovery puts the total Q1 2020 loss to just about 10%. Major U.S. indices, on the other hand, suffered heavier blows.
According to data, NASDAQ lost 14% of its value in the first three months of 2020 – and it’s already in a better situation compared to other indices. Both the S&P 500 and Dow Jones saw its worst Q1 loss in 2020 – with S&P witnessing a 20% loss and Dow suffering a 23% loss – and the U.S. isn’t alone in this. Most financial markets suffered heavy blows when the COVID-19 outbreak was declared a pandemic.
Even with the Trump administration’s $6 trillion stimulus package, the markets may not soon recover. Some even feel that the package may simply devalue the dollar and slow down recovery. Euro Pacific Capital CEO Peter Schiff shared his opinion in a tweet.
