The Corona virus contributed to the decline and faltering of financial markets.

Where most of the global markets closed under the banner of bears, as oil prices fell, and most of the economy fell, and the “Dow Jones” index ended the week with losses of 17.3%, which was not hoped for by the promises of a stimulus package amounting to a trillion dollars from the US government.

Compared to last week’s disaster, Bitcoin has handled the deepening economic crisis with some form of accommodation.

Bitcoin ended the week on a high note, as it is currently trading at $6,132, up from a low of $4,121 last week, according to the website. CoinMarketCap.

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A lot of losses this week were due to the spread of the Corona virus:

As the Chinese move cautiously this week toward living a normal life again, major European countries and large American cities have increased measures aimed at curbing the virus.

The UK government closed pubs, clubs and theatres.

The Bay Area has been placed in quarantine, and Belgium has entered lockdown.

As of March 22, the virus has infected about 320,000 and killed nearly 14,000, according to Worldometers.

By the end of the week, the Dow closed with a 17% loss, dropping to its lowest level since January 2017.

Other stock indices did not perform well, with declines exceeding 20% ​​for the second week in a row.

On Wednesday, global markets rebounded slightly on hopes of a trillion-dollar White House stimulus package to help the economy deal with the coronavirus pandemic.

But concrete plans did not emerge by the end of the week, and stock markets continued to fall.

The travel industry has been hit hard, as major airlines search for government bailouts.

Arne Sorenson, CEO of hotel giant Marriott International, said in a letter that the financial impact on his company was “more severe and surprising” than 9/11 and the 2009 financial meltdown, combined.

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In Europe, stock markets fell sharply as new lockdowns came into effect.

According to the holding company T. Rowe Price:

The pan-European Stoxx 600 Index is down 1.85%.

Germany’s Xetra DAX is down 3.56%, France’s CAC-40 is down 2.51% and Italy’s FTSE MIB is down 0.4%. Britain’s FTSE 100 Index fell 2.78%

Chinese stock markets also fell this week.

The Shanghai Composite Index (SHCOMP) fell 4.9%, while the CSI 300 index of large-cap stocks lost 6.2%.

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What about bitcoin?

Despite the global chaos, Bitcoin has done… well.

On Thursday, Bitcoin surged more than 8.7% to a high of $5,588.

It finished the trading week well as it is currently trading at $6,132, according to CoinMarketCap.

Despite suffering heavy losses last week and early this week, Bitcoin has surged more than 35.6% since hitting rock bottom last week at $4,121.

If bitcoin’s critics are right and bitcoin is not a safe haven, global financial markets will dictate bitcoin’s future.

But it could deviate from their expectations and run independently of the financial markets and establish itself as an asset and a safe haven.

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