Bitcoin price dips as concerns mount over a potential second wave of Covid-19. Rising concern over the potential second wave of COVID-19 has frightened the world’s stock markets, which means that the short-term relationship with U.S. stocks that we have witnessed on occasion over the past few months has returned.
The explanation for this concern is the recent outbreaks of COVID-19 in the United States , China and elsewhere (e.g. the Middle East).
Dr. William Schaffner of the Vanderbilt University School of Medicine told the CNBC show “Street Signs Asia” during an interview that people were not careful, which is especially dangerous during mass gatherings, and that this helped the coronavirus spread.
“I think the second wave has begun. We’re opening up across the country, but many, many people are not social distancing, many are not wearing their masks”. Schaffner added.
Crypto analyst Mason Jang, Chief Strategy Officer (CSL) of South Korean blockchain analytics startup CryptoQuant says that Bitcoin whales have responded to these worrying developments. They quickly moved their coins to centralised crypto exchanges such as Coinbase and Gemini, as shown by the net flows in the hot wallets owned by these exchanges.