How has the new Chinese coronavirus affected Bitcoin and casinos?

Publication date: 29 Jan 2020

In China itself, there is no panic over coronavirus spreading. Just open WeChat, a social network where Chinese literally “live”, to see how people share various life hacks: what respiratory face masks to buy and where, how to move around the city under quarantine. WeChat, of course, is controlled by Chinese authorities—WeChat said it would remove all panicked posts and users who contribute to public hysteria.

Stock market’s virus panic
The RTS Index, the main indicator of Russia’s stock market, closed 3.6% down on 27 January. It was a record fall since August 2019, when the index lost 3.5%.
The RTS Index ended the day at 1541.9 points; the MOEX Russia index was down by 1.9% to 3085.16 points.
The market went into red amid growing concerns about the spread of the coronavirus. Asian and U.S. markets also came under pressure. For example, Apple, Microsoft, and Amazon lost from 1.6 to 3%.

Coronavirus caused Bitcoin growth
On 28 January, the price of Bitcoin grew to $9,176, the highest level since the beginning of November 2019. According to Bloomberg, the GTI Vera Band Indicator signals a short-term dip but a long-term uptrend for Bitcoin.
“The Bitcoin bid, fueled by declining equity prices amid coronavirus concerns, is indicative of crypto’s growing acceptance as a risk-off diversifier. If the stock market has a more enduring decline, Bitcoin is poised to be a prime beneficiary,” Bloomberg Intelligence analyst Mike McGlone says.
From 27 January, other cryptocurrencies were also on the rise. XRP and Bitcoin Cash gained more than 2%; Bloomberg Galaxy Crypto Index grew by 2.2% on 28 January.
Bitcoin price may be growing thanks to “economic fear” over coronavirus—but only up to a point, analysts are concluding as the disease spreads.

Casinos might close amid coronavirus outbreak
For example, Macao’s authorities do not reject the possibility of ordering the closing of all gambling establishments in the city amid the spread of the new coronavirus. The casino regulator has already ordered all casino workers to wear respiratory face masks. To halt the spread of the virus, Macau also cancelled all Lunar New Year festivities and asks all visitors to fill in a health declaration form when entering the city.

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