Digital cryptocurrency Bitcoin saw its market value increase by nearly 5% on Tuesday, the day after the New York Stock Exchange posted huge losses on the heels of news that the COVID-19 pandemic was getting worse and government relief was largely absent from the horizon.

According to Bloomberg, the cryptocurrency is closing in on its June 2019 high value of $13,851, the height it reached in its most recent boom period. At the time this article went to publication, one bitcoin was trading for $13,586.

Edward Moya, a senior market analyst at Oanda Corp, told Bloomberg, “It seems that there is more excitement and that crypto will be used more often” after online wallet site PayPal announced it would let customers purchase and pay in digital coins and Square Inc. being among those financial firms investing in a Bitcoin fund. “The world seems poised for a digital currency.”

That stands in sharp contrast to US stocks, which saw nearly all of their monthly gains erased on Monday.

The Dow Jones Industrial Average lost 650 points on Monday, and the S&P 500 and Nasdaq Composite fared even worse, all falling in reaction to travel industries including airlines, cruise ships, and the oil industry that fuels them losing value amid record-high COVID-19 case reports. Tuesday afternoon, stocks were still down but not as dramatically as the day prior.

On Tuesday, hospitalizations were reportedly increasing in 36 US states, and Albert Bourla, CEO of pharmaceutical firm Pfizer, told investors no announcement about a potential COVID-19 vaccine was likely before the November 3 US presidential election, CNBC reported. 

News from Europe is no better, with Poland, Germany, Italy, France, Spain and the United Kingdom recording similar new spikes, driving the enactment of some of the most stringent social restrictions seen since the pandemic’s initial outbreak this past spring. According to the World Health Organization, roughly half of the 465,000 new COVID-19 cases reported worldwide on Saturday were in European nations.

Sourse: sputniknews.com

Bitcoin Spikes to Highest Value Since 2018 Bubble Amid Slagging Stock Market

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