Financial uncertainty remains rife as COVID-19 caused a widespread market crash on March 12th, sparking fears of a global recession.


Financial uncertainty remains rife as COVID-19 caused a widespread market crash on March 12th, sparking fears of a global recession.

However, there are already signs of a recovery, with some firms already back at pre-crash values, notably those in the home delivery market.

The biggest name of those is Amazon: having suffered a 13% drop in share price on March 12th, Jeff Bezos’ ecommerce colossus is now just four percentage points down on its March 5th share price, having rebounded 10% in the past week.

This is further emphasised by those stay-at-home bets like Netflix trading up 5% this week, reinforcing the view that self-isolation and quarantine measures are having a positive effect on those companies that could see an uptick in usage times due to the working-from-home

Supermarkets are also taking less of a hit due to the inordinate amount of panic buying being witnessed in certain countries. Walmart dipped just 10% from $116 to $104, subsequently rebounding and now sitting at $114 at the time of writing.

Data gathered by, meanwhile, indicates that whilst Bitcoin has been impacted by the ongoing Coronavirus pandemic, it has remained more resolute than oil and S&P 500.

In the period of 22nd January and 22nd March, Bitcoin dropped by 48%. Having started March around the $9,000 mark, it dropped 46% to hit $4,850 on 12th March but has had one of the strongest rebounds since – a 28% rise sees it hit $6,200.

However, on withstanding the effects of COVID-19, Bitcoin (BTC) is the least affected compared to the S&P 500 (SPX) and Crude Oil (USOIL). On the YTY chart, Bitcoin decline is at -19.2% which is two times better than the S&P 500’s -34.3%, while Crude Oil is at -64.57%.

Bitcoin has showed fluctuations even attaining 2020’s all-time high of $10,334 on February 12 but a month later the asset hit its lowest mark of the year at $4,987 on March 16.

Despite the market continuing to fluctuate, there are reasons to remain optimistic for the months ahead.


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