Messari releases tool to analyze the impact of COVID-19 on Bitcoin price

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  • Messari released a new feature for its users to compare the Bitcoin price performance with other assets and how it is affected by Coronavirus (COVID-19).
  • The feature is called “Covid V Markets” and also allows users to follow the performance of other cryptocurrencies, stocks, oil prices, among others.

Data provider Messari announced a new charting feature that allows its users to receive data on the Bitcoin (BTC) price performance relative to the Coronavirus pandemic (COVID-19). The feature is called “Covid V Markets” and allows the overlay of data on Ethereum, Litecoin and other cryptocurrencies, precious metals, stocks, crude oil, among others, with COVID-19.

Tool to analyze the impact of COVID-19 on Bitcoin

Through his Twitter account, Messari CEO Ryan Selkis stated that the feature will allow users:

Plot Bitcoin against the S&P and see how significantly BTC outperformed up until the corona induced carnage.

On the other hand, users will be able to follow the progress of the pandemic globally. Users will have access to country-by-country data, see the number of cases, recovered, deceased, death rate, even see key moments, such as when the United States became the country with the most infected among other relevant data. Selkis further outlines:

(…) And you can better understand when different countries or regions start to “flatten their curves”. We’ve spent time making sure all of these resources are available as a public good, and hope you find them helpful.

This feature will be a powerful addition for users who want to see the effect of COVID-19 on the market. The spread of this pandemic has had a negative effect on traditional markets and on the price of Bitcoin and the crypto market. Due to the uncertainty it has caused in the world, the crypto market has experienced an increase in volatility and one of its worst sudden declines in its history.

On the other hand, users of the “Covid V Markets” feature will be able to see how the correlation between Bitcoin and traditional markets is evolving. Although speculation has begun about a decoupling between Bitcoin and the S&P 500, it is still possible to see how Bitcoin reacts to traditional market performance.

At the time of publication, Bitcoin’s price trades at $6,262 with a 6.32% loss in the last 24 hours.

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