On March 16, 2020, Bitcoin dropped below $5,000 according to CoinDesk.
As of March 17, 2020, it is now over $5,000.
Most of the price volatility that Bitcoin has recently experienced in this due to the uncertainty emerging from the Wuhan virus outbreak.
Especially, the U.S. Federal Reserve’s decision to cut interest rates to near zero, which is the lowest point since 2015. It also carried out a $700 billion asset purchase of U.S. Treasury bills.
After this announcement, other central banks around the world, which included banks in Japan, Australia, and New Zealand, also put forward their own stimulus packages.
According to CoinDesk, “Bitcoin’s movements have mirrored those of the traditional markets during this crisis, countering the popular safe-haven narrative. After spiking by as much as 14 percent immediately following the Fed’s announcement, it quickly corrected and continued on a strong downwards trajectory.”
Several leading members of the cryptocurrency shared their perspectives on the price drop.
Bobby Ong, Chief Operating Officer of CoinGecko, told CoinDesk: “In my opinion, the price drop below $5,000 today is due to [crypto derivatives exchange] Bitmex’s liquidations. Some traders believe Bitmex has a huge backlog of liquidations to be done from last week’s crazy free fall, which saw price fall 50 percent.”
The sharp decline in bitcoin prices last Thursday catalyzed the most long-short liquidations on BitMEX in 16 months.
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Humanitarian Organization Deploys Field Hospital to New York City
Samaritan’s Purse, a humanitarian aid organization based in North Carolina, announced on March 27, 2020 that they are sending a convoy of trucks carrying one of their Emergency Field Hospitals to New York City.
New York City is the epicenter of the Wuhan virus pandemic in America. Samaritan’s Purse staff is already on the field making preparations and a team of medical personnel, made up of doctors, nurses, and other healthcare specialists, are currently heading to the city.
Right now, New York City hospital are being strained with patients and are running out of beds and ventilators. One hospital is already placing two patients on a single ventilator machine. So far, north of 23,000 people in New York City have the Wuhan virus with the number of new cases nearly doubling every three days.
Samaritan’s Purse plans on adding 68 beds, which includes an ICU and a respiratory care unit.
The organization is also responding to the Wuhan virus crisis in Cremona, Italy, which is the worst affected area outside of United States.
Samaritan’s Purse donated 55,000 masks this week to hospitals and health facilities across North Carolina.
Franklin Graham, the President of the Samaritan’s Purse, declared:
God has called Samaritan’s Purse to rush into crisis areas to save lives and to share the Good News that Jesus Christ paid for our sins on the Cross and rose from the grave to save all who put their faith in Him. No matter where we go, our goal is the same—to be the hands and feet of Jesus, and to share His love with those in need.
Samaritan’s Purse action shows how America’s vigorous civil society is tacking this crisis.
Despite what state worshippers say, America’s civil society is ready to help out.
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