Impact of COVID-19 in the Crypto Market

In significantly less than three months, the novel coronavirus (nCOVID -19) transformed from just one of the regular virus outbreaks in recent memories right into a global pandemic, threatening to cause severe and drastic changes in the world’s most significant problems as we know it.

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Many have termed the latest pandemic as the not so anticipated “World War III,” because it continues to spread across countries and continents. However, there have been specific actions taken. These actions were to curb the aggravating situation and ensuring the globe doesn’t arrived at an impending halt in virtually every sector.

Impact of Covid-19 on World Economies.

Educational institutions, travel industry to public events, every little thing is either postponed or in limbo, which is inevitably going to affect businesses at every turn. Thousands of cases and deaths have been recorded globally, and with the mere thought of this pandemic maybe not going away anytime soon, stock markets begun to take many hits in terms of new lows.

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The S&P 500 index hit a brand new low since 2008 when the world plunged right into a financial crisis. The crypto market has even become more volatile and has also experienced one of the worst sudden declines in its history. By the end of March 2020, there was a 6% loss in price, which occurred in the space of 24 hours.

Being one of the most affected nations by the coronavirus, as well as one of the largest crypto markets in the world, the United States had its treasury experience a new low. Investors drastically moved from “risky” assets to much “safer” assets like gold and oil, which have experienced a spike since the pandemic outbreak.

Impact of Covid-19 on Crypto-mining.

With China and South Korea owning significantly more than 70% of the mining power of bitcoins (the most substantial cryptocurrency), you can easily say that the massive effect was expected the moment the virus began to just take…

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