click here if you want to see your banner on this site

Author Topic: How is COVID-19 impacting the cryptocurrency industry?  (Read 266 times)

shalinimittal

  • Full Member
  • ***
  • Posts: 105
  • Karma: +0/-0
    • View Profile
How is COVID-19 impacting the cryptocurrency industry?
« on: June 19, 2020, 01:17:59 PM »

The COVID-19 pandemic which started sometime last year has now expanded to the lengths we had never imagined. Most of the countries around the world have been affected by it and so are the world economies.

Even the crypto market took a significant hit when the Bitcoin price started dropping in Mid-March due to the global pandemic situation.
So, how bad are things for the cryptocurrency industry? What does the future hold for crypto investors? When will the market recover?
If youíre wondering the same, continue reading.

The current situation of the cryptocurrency market


Well, all the experts around the world agree that the crypto market has taken a plunge due to the ongoing recession situation around the globe because of the COVID-19 pandemic.

An expert says that this is similar to any simple recession, which will eventually end and the market will be back on its feet. Itís all about demand and supply. Due to the coronavirus pandemic, the demand for cryptocurrencies, in fact, any currency, has dropped, but the supply is still the same.

Now, we have the option to stop the supply, i.e. stop new production if we want to balance things out. Alternatively, we can simply wait for the things to get back to as there were, which is probably the best solution in this situation.

But, if you look carefully, youíll find that the currency pandemic situation has not had any large impact on bitcoin and other cryptocurrencies. Thatís because cryptocurrencies are decentralized by nature and have little to do with actual economy or government regulations.

So, theoretically, whatever happens in a country or even the world should not have any significant impact on the price or value of these digital currencies. In fact, not having a deep connection or relationship with economies is what makes cryptocurrency one of the safest forms of investment today, especially in a crisis like this.

Why you should buy cryptocurrency now


Even though itís safe and recommended to buy cryptocurrencies any time and in any situation, times like these when the markets are at an all-time low due to the crisis situation, itís the most beneficial to invest in digital currencies.

Even though the cryptocurrency market, including the prices of most coins including bitcoin, Titan coin, ETH, etc. were not greatly affected by the ongoing coronavirus situation, there has been a visible drop in the prices because of the decreased demand.

This is because people are looking to save their money in this crisis situation rather than spend or invest it, as they need money now more than ever. As the demand and trading activity involving cryptocurrencies has somewhat dropped in the last couple of months, so is the price of most cryptocurrencies.

Basically, this is the best time to invest in cryptocurrencies or buy your favorite titan coin as the price is low and you can buy in bulk. Once the market starts recovering, cryptocurrencies will recover back and profit you more than you can imagine.

masterrex

  • Novice
  • *
  • Posts: 32
  • Karma: +0/-0
  • Gender: Male
  • Scam Proof
    • View Profile
Re: How is COVID-19 impacting the cryptocurrency industry?
« Reply #1 on: June 20, 2020, 08:42:07 AM »
I think the impact of the COVID-19 Pandemic in the crypto Industry is just minimal because in the first place cryptocurrency is digital so it's not needed any precaution to do like social distancing or any such concern regarding the effect of the virus. But in the first months of the pandemic, the market was hit by dumping due to unprecedented panic selling by a few crypto holders.

Daominchai

  • Full Member
  • ***
  • Posts: 149
  • Karma: +0/-0
    • View Profile
Re: How is COVID-19 impacting the cryptocurrency industry?
« Reply #2 on: June 20, 2020, 12:43:01 PM »
We're not seeing any impact right now in terms of the market price but this is definitely the future. Everyone are now moving in the digital space and BTC/Crypto is the best asset out there.

It's also forcing businesses to automate things and take their process to the next level. Existing major enterprise solutions are neither distributed (Hyperledger + Corda) nor have a focus on privacy. There is little to no progress here and these solutions are essentially just glorified databases.

There's a regulatory compliant blockchain that is on to a shift by offering enterprises a real blockchain, while also using zero-knowledge technology to bring privacy to workflows that involve end-users.

Overall, this may help the industry during this recession. Who knows? This may last 2~3 years.

bigcash2011

  • Full Member
  • ***
  • Posts: 217
  • Karma: +0/-0
  • https://mycryptoview.com/
    • View Profile
    • Buy Bitcoins Online
Re: How is COVID-19 impacting the cryptocurrency industry?
« Reply #3 on: June 22, 2020, 12:44:12 AM »
The real impact can be assessed only after the pandemic is over all over the world and people and businesses start operating back normally.
I agree with you that right now it is great time to enter crypto market as most of the money has been sitting on sidelines because of the fear of the pandemic and once things settles huge money is going to flow into crypto market resulting in huge surge.

Cara091025

  • Novice
  • *
  • Posts: 47
  • Karma: +0/-0
    • View Profile
Re: How is COVID-19 impacting the cryptocurrency industry?
« Reply #4 on: June 24, 2020, 08:53:26 AM »
Although the market plunge at the end of March hit the bitcoin investors very hard, and bitcoin once fell from a high to $3800 freezing point, but as the overall financial market stabilized and rebounded, the bitcoin market has gradually rebounded since March. From the low of 3800 US dollars to break through the pressure levels of 5000 US dollars, then it is 6000 US dollars, 7000 US dollars, and 8000 US dollars. Bitcoin once again broke the $10,000 mark and now is around 9500 as usual.

Amifs

  • Novice
  • *
  • Posts: 12
  • Karma: +0/-0
    • View Profile
Re: How is COVID-19 impacting the cryptocurrency industry?
« Reply #5 on: June 25, 2020, 05:28:12 PM »
personally, I noticed with coronavirus on the exchange where they trade ,and this is bigstorage.Finance, the growth of miners increased

Muneeb

  • Full Member
  • ***
  • Posts: 208
  • Country: ch
  • Karma: +0/-0
  • Gender: Male
    • View Profile
    • Crypto and Forex SIgnals
Re: How is COVID-19 impacting the cryptocurrency industry?
« Reply #6 on: June 26, 2020, 10:56:38 AM »
COVID 19 impact so much on the corona virus and this is true becasue so many peoples will not make the deal in the market becasue they are stuck in their houses and they are not deposit their fiat money.
Join the Crypto Free Airdrop and Bounties on https://www.cryptofreeairdrop.info and get the free Forex and Crypto signals on https://www.dailyforexsignal.net/

DandyM

  • Newbie
  • Posts: 7
  • Karma: +0/-0
    • View Profile
Re: How is COVID-19 impacting the cryptocurrency industry?
« Reply #7 on: June 30, 2020, 08:09:40 AM »
I think our present  situation with pandemic dictates us how to live and earn money. If you don't want to survive but earn and then spend money easy, you should think about your future and rely only on youeself. That's why cryptoccurency is our future. Bitstorage Finance will help you to think about the future.

 

Bitcoin Garden 2013-2020, All rights reserved†| Privacy Policy†| DMCA | About Bitcoin Garden†| Support & Services