Despite hopes that a peak of the coronavirus cases is near, the pandemic continues to impact almost every aspect of daily life, becoming a rolling news ticker in itself. When such a disaster strikes, it can be easy to go through each day devouring the latest news as it occurs and digesting each piece as a story by itself without forming an overall picture.
This pandemic is a seismic event with far-reaching impacts across different sectors, and crypto is no exception. In fact, because cryptocurrency markets move at breakneck speeds, the fact that coronavirus has been making its presence felt for several weeks now means that some macro trends are already emerging. These trends are felt by the multitude of companies and operators in the crypto space, which are having to adapt while the situation is still evolving.
Exchanges are seeing record volumes on spot markets
The dramatic drop in the Bitcoin (BTC) price in mid-March doesn’t appear to have dampened the crypto community’s desire to trade. As prices steadily rose up to the beginning of March, 24-hour trading volumes were higher on average than at any time in Bitcoin’s history. In January, the token’s daily trading volume was around $20 billion, up $5 billion from three months earlier, according to data.
However, since Bitcoin took a nosedive on March 12, its daily trading volume has barely dipped below $30 billion. A similar pattern can be seen with the Tether (USDT) stablecoin, which now exceeds BTC by trading volume. Although the pattern hasn’t replicated across other major altcoins, exchange operators seem to concur that demand is currently high despite the pandemic panic having pushed prices down. Jay Hao, CEO of OKEx, told Cointelegraph:
“We have always been closely monitoring the trading performance since the virus outbreak started in January. Interestingly, we have noticed a boost of almost 20% in trading volume across OKEx in general, although there is no specific pattern. Given that OKEx has…