Bitcoin is acting safe-haven ish...

On a day when there is a general risk-off sentiment going around, bitcoin is catching a major bid.

The Dow is currently down 400 points, oil is down, most risk assets are selling off today.

However, gold and bitcoin are up:

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Bitcoin is currently up roughly 5% and inching it's way back to the $9k area.

Further proof that Bitcoin can act as a safe haven...

This is yet again further proof that bitcoin does act as a risk off safe haven in times of turmoil.

Though, that is certainly not the entire story as it doesn't always act like that.

It is generally not correlated with much of anything, though it's strongest correlation seems to be towards gold and as a risk off safe haven.

Why is it going up currently?

Right now there is a bit of a scare that the next global pandemic could be starting.

It is called the coronavirus.

Not to be confused with the beverage.

It seems to have originated in China and is usually only transferred among animals.

This version seems to have mutated and is now highly contagious among people.

Close to 100 people have died so far and thousands of cases have now been reported:

https://www.cnbc.com/2020/01/27/china-coronavirus-death-toll-climbs-to-81-with-nearly-2900-cases-worldwide.html

As the world braces for what could be the next global pandemic, bitcoin is enjoying its time in the sun.

Stay informed my friends.

-Doc