Bitcoin price has been consolidating above $6,000 and below $6,800 in the past two weeks, as the stock market continues shedding. Toilet Paper Token, which is said to be sold out, rose by a whopping 1,123.97%
Bitcoin has been trading at around $6,300 for the past few days. The crypto asset is experiencing a significant resistance at that level to breakthrough and trade above $7,000 level, where it began in January. As the coronavirus crisis continues pushing the market at large in a turf corner, Bitcoin seems to be holding stronger the urge to fall again.
The price drastically fell when the United States banned air travel with most European countries and the price of crude oil tumbled. Investors rushed in a sell-off, fearing a market crisis that could trigger a recession. With it, it has been affecting the larger crypto market, as they tend to have a direct relation in their movements.
Bitcoin Losing Value amid Coronavirus Fight
In the past few weeks, a lot of discussions have been revolving around the topic of whether Bitcoin stands as a store of value, especially at this time when the market is facing challenges. During an interview with Cointelegraph, Binance CEO Changpeng Zhao said:
“There are a lot of factors affecting the value of an asset, and it also varies during different times. We cannot say an asset is always a safe haven. Bitcoin’s price drop is not the result of a single factor.”
He continued to say that the crypto community and investors at large need to consider the overall crypto market and even the macroeconomic conditions. He cited that as the need to spend daily cash increases due to the lockdown, people are, in turn, changing their stored coins to fiat. As a result, the price and the demand have fallen in the short term, but the same people will come back and re-invest in the crypto space.
Chances to Hit All-Time High Soon Are Too Low
According to a post from Coindesk, Bitcoin stands a 4% chance to cross above $20,000 before the year ends. The data is derived from Skew, which is a crypto derivative analytics. In addition, the post deduced that Bitcoin’s probability to end the year above the $10k level stands at 16%.
However, the same post continued to cite that there are uncertainties in the market that may play well for the crypto bullish. Some of these factors include the money printing and lowering of interest rates by most countries. Besides, the halving is just days away, which historically has pushed the crypto market to the sky.
Toilet Paper Token Can Replace BTC?
As the coronavirus crisis continues affecting the supply chain of the basic human needs. The tissue paper industry came up with a million-dollar idea to create a toilet paper token. Toilet paper is meant to reduce the commotions at the stores as people fight for a roll of tissue, by making sure the now rare commodity is supplied to all equally.
CoinMarketCap seems to be well-prepared for April 1 and published a document about the Toilet Paper Token alias TPT that reportedly rose by a whopping 1,123.97% only to trade at $1.64. The coin represents the amount of paper you have and also lets you purchase more online.
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