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 InsideBitcoins.com, 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.
