{"id":128603,"date":"2020-03-23T05:00:53","date_gmt":"2020-03-23T05:00:53","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=128603"},"modified":"2020-03-23T08:10:58","modified_gmt":"2020-03-23T08:10:58","slug":"new-york-governor-warns-lockdowns-could-last-through-2020-how-will-bitcoin-fare","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/new-york-governor-warns-lockdowns-could-last-through-2020-how-will-bitcoin-fare\/","title":{"rendered":"New York Governor warns lockdowns could last through 2020; how will Bitcoin fare?"},"content":{"rendered":"

The COVID-19 pandemic is growing at an alarming pace, impacting virtually every major country and having devastating impacts on the global economy. Much to the chagrin of Bitcoin investors, the benchmark crypto has been struggling (from a price-perspective) despite long being thought of as a \u201cdigital gold\u201d or a safe haven asset.<\/p>\n

It now appears that the sweeping lockdowns in major cities across the United States may extend throughout 2020, with the New York state governor explaining that they could last for another nine months.<\/p>\n

This will undoubtedly have devastating impacts on the economy in both the U.S. and abroad, but the question remains as to whether or not this economic turbulence will create shockwaves so strong that they also impact Bitcoin<\/a> and other digital assets.<\/p>\n

Coronavirus\u2019 economic impact devastates markets, sends stock futures cratering<\/h2>\n

The U.S. stock market has been caught in a downtrend so strong that its consistent losses are emblematic of those seen during massive recessions<\/a>.<\/p>\n

This decline is showing no signs of slowing down either, as the market\u2019s futures already hit their limit down, meaning that it is impossible for them to decline any further before tomorrow\u2019s trading session begins at 9:30 a.m. EST.<\/p>\n

This is having impacts on Bitcoin as well, with the benchmark cryptocurrency<\/a> currently trading down five percent at its current price of $5,880.<\/p>\n

\"Why<\/a>
Related: Why the analyst who called Bitcoin\u2019s crash to $3,000 believes market could crater<\/a><\/figcaption><\/figure>\n

Last week, the crypto did show some signs of breaking its correlation with the stock market, although how it trends tomorrow should offer traders with greater insight into whether or not the digital asset has truly decoupled.<\/p>\n

Massive state and city lockdowns could last for the rest of the year; how will Bitcoin fare?<\/h2>\n

New York Governor Andrew Cuomo explained during a recent press conference that he anticipates the ongoing lockdown in his state to last up to another nine months.<\/p>\n

\n

Here\u2019s New York Gov. Cuomo saying the coronavirus lockdown could last as long as 9 months and that up to 80% of the population will get the virus pic.twitter.com\/ghsmthfRmU<\/a><\/p>\n

— Aaron Rupar (@atrupar) March 22, 2020<\/a><\/p><\/blockquote>\n