Bitcoin (BTC) will likely benefit from a precipitous drop in Asian stock markets due to coronavirus, cryptocurrency analysts believe.

Cryptocurrency market daily overview

Cryptocurrency market daily overview. Source: Coin360

Stock markets begin "very volatile week"

Data from Coin360 and Cointelegraph Markets showed BTC/USD already making swift gains on Feb. 3, spiking to highs of $9,580 overnight before a slight correction to $ix,380.

At the aforementioned time, the Shanghai Composite Alphabetize, or SSE, opened down near 8%, as fears over the economic impact of coronavirus go on to heighten.

Authorities have fielded criticism for their handling of the outbreak, with China's key bank injecting a huge lump sum of capital — 1.2 trillion yuan ($170.9 billion) — into the local market.

Bitcoin 1-day price chart

Bitcoin 1-day cost chart. Source: Coin360

Bitcoin's 24-hour gains remained flat at press time on Monday, merely anticipation remains high on the back of monthly gains nearing 35%.

"A very volatile week has started for the equity markets," Cointelegraph Markets analyst Michaël van de Poppe summarized in his most contempo Twitter post. He added that he expected the impact to increase when European markets opened several hours later.

As Cointelegraph reported, nigh analysts accept mixed opinions over the extent to which coronavirus is "helping" or "hindering" Bitcoin cost action.

For trading personality Tone Vays, while Bitcoin certainly gained in some way from the resulting economical turmoil, any serious escalation would likely produce the opposite outcome.

Others were more upbeat.

"Every bit trust in global institutions and markets continues to deteriorate, we will see highly mobile digital avails like Bitcoin explode in value," Jehan Chu, managing partner at blockchain investment firm Kenetic Upper-case letter, told Bloomberg on Monday.

Even prior to recent events, Bitcoin was exhibiting bullish signals — technical fundamentals connected to fix new records, and institutional involvement in products such as Bitcoin futures was more than palpable than ever.

This week, another cistron was gaining attention — Bitcoin'due south 50 and 100-day moving averages look set to cantankerous over in what is traditionally a bullish sign for investors.

Altcoins edge higher as BTC lingers

Altcoins showed signs of growth as the calendar week began, with many of the largest cryptocurrencies by marketplace cap inching up by around i%.

Ether (ETH) challenged $190 on the back of 1.8% daily growth, while others grew more — Tezos (XTZ) was up 8.ix%, while XRP managed 4.seven%.

Ether 7-day price chart

Ether vii-twenty-four hours price chart. Source: Coin360

The overall cryptocurrency market cap was $261.iii billion, with Bitcoin's share at 65.three%.

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