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Bitcoin took quite a beating on Sunday and was forced to shed 8% in just a few hours. Meanwhile, conventional assets were having no field day either amid oil war and coronavirus fear.

All that and more on today’s crypto news roundup for March 8.

The traditional view that Bitcoin’s price movement typically follows the fate of the stock market has come under serious scrutiny— and for all the good reasons too. Over the last 12 months, the benchmark-cryptocurrency has not exceeded a correlation above 0.3 and lower than -0.3 when compared to traditional assets such as gold, the S&P 500, or USD.

This has prompted some analysts to suggest that Bitcoin could be in the process of creating its own financial ecosystem.

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Coronavirus has now officially become a major global epidemic as the outbreak continues to haunt more and more major urban centers across the world. New York State has declared a state of emergency, the number of infected in London is rising at an alarming rate, and more than 100 outbreak-related deaths were reported in Italy in the last 24 hours alone. 

This has cast some serious doubt about the fate of the world’s most influential financial hubs.

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The coronavirus-induced panic in the financial market is being underplayed by the mainstream media, but that doesn’t change the fact that based on recent statistics. The odds are relatively high that the market could be facing collapse. At times like this, people usually turn to non-governmental financial alternatives for stability. If that indeed happens, chances are high that Bitcoin could soon see a notable surge in demand.

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As Russia and Saudi Arabia brace for a full-fledged oil price war, Brent crude futures fell by as much as $14.25 — nearly 32%. At times like these when centralized entities such as OPEC fail measurably to make important supply reductions, the inherent brilliance in Bitcoin’s design comes to the limelight. In other words, these are the kind of problems, among others, that Bitcoin and the broader decentralized economy are trying to solve.

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Gold was possibly the only major asset that closed the week on a high note. Stocks and cryptocurrencies were forced to retreat as global infections of the coronavirus went up to over 100,000, with about 4,000 confirmed deaths.

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The post Crypto News Roundup for March 8, 2020 appeared first on BeInCrypto.

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