A collapse in global markets will allow Bitcoin to enter the foreground.

This week saw one of the largest declines in global stock markets, which occurred against the backdrop ofconcerns about the spread of coronavirus and, mainly, the suspension of production in China. Cryptocurrencies, gold and silver also showed a fall.

Since Monday, crypto space has left $ 40 billion, which corresponds to a market drop of about 14%. This is not unusual for cryptocurrency markets, which often show high volatility.

Since the beginning of the year, digital currencies have grown by 62%, exceeding $ 300 billion in market capitalization, so the correction has long been brewing.

During this week, bitcoin went throughseveral key support levels. The day before yesterday, he reached another low low at $ 8430, then returned to resistance at $ 8700, now BTC is trading at around $ 8500.

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Stock markets have also been hit, especially Asian ones. Global stock markets continued their worst weekly fall since October 2008.

Over the week, the Dow Jones index lost 3,600 points, silver fell 10%, and even gold lost a couple of percent.

Nuggets News CEO Alex Saunders noted that bitcoin followed the stock down, and until recently, money went to gold:

&#171;Where does the money go?It is clear that in US10Y bonds (blue line), until recently in gold (black line). Bitcoin (orange line) continues to decline along with stocks (green). BUT, in the coming days, Bitcoin is preparing to take center stage.

Where&#8217;s money going?
It&#8217;s clear money&#8217;s going into US10Y bonds (Blue).
Money was going into Gold until recently (Black).
Bitcoin (Orange) continues to be dragged down with stocks (Green) at this point.

BUT, the stage is set for #Bitcoin to do it’s own thing this weekend. $BTC pic.twitter.com/pZzgh225lK

- Alex Saunders (@AlexSaundersAU) February 28, 2020

Silver hasn't escaped either, according to Bloomberg.global sell-off as demand was driven primarily by industry, which was hit hard by disrupted supply chains. Silver lost 10% for the week and “gave way to other established safe-haven assets.”

Money goes to American tensbonds, at least according to this chart. However, according to other reports, the 10-year US Treasury yield also hit a record low this week.

It seems that in times of substantialThere are no real shelters in the economic discrepancy, with the possible exception of cash, which the central banks of the world are trying to depreciate with all their might. Therefore, only cryptocurrency, in particular bitcoin, can rightfully be considered the only reliable safe haven asset.

Bitcoin is seen as a safe haven

Analyst Dave Chapman is convinced that bitcoin can become a safe haven in times of economic uncertainty, and this year few assets performed as well as BTC.

Chapman, who holds the position of executive director of BC Technology Group Ltd. from Hong Kong, believes its status as a safe-haven asset has not been altered even by the recent fall in price.

According to the expert, “there are very fewinvestment assets showed the same appreciation as bitcoin this year. ” The two most common questions that investors ask Chapman about the status of bitcoin as a means of saving and correlation of its price with other classes of assets.

&#171;If you look at what's happening withBitcoin during a time of political unrest and economic uncertainty, you will understand that it is really appreciated... Analyze what is happening with American stocks today: they fell by 5-10%, and Bitcoin rose 2%. Personally, I think this is more than indicative.

Chapman added that JPMorgan and other Wall Street companies are changing their attitude towards bitcoin, and this is a positive sign for the industry.

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