As CoinTelegraph's William Suberg notes, as the effects of the pandemic on traditional markets intensify, Bitcoin has appeared to U-turn on its bearish stance.

Pal: "Entire system" at risk of loss

BTC/USD topped $7,000 today - 24-hour gains of almost 30%. Versus last week's lows of around $3,700, the pair has appreciated 85%.

While Bitcoin's reaction to coronavirus has constantly delivered surprises, analysts are now focusing more on the deadly impact of the associated health crisis on the world's financial system.

As the cryptocurrency recovered its losses, the mood among market participants likewise became one of solidarity.

"I can not express how bullish I am on bitcoin," Raoul Pal, founder and CEO of Global Macro Investor, tweeted on Thursday. 

"We are at risk of losing the entire system right now. I know they will find a way to save it but all trust is lost."