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Impact Of Covid-19 On The Crypto Market

Covid-19 is a global pandemic that has impacted numerous economies, finances, banks, and businesses.Most people believe that cryptocurrency is immune to covid, yet it has had an impact on cryptocurrency, both positively and negatively. Since covid hit us, bitcoin has skyrocketed.

Let’s examine the Positive and Negative Impacts of COVID-19 on CryptoCurrency.

 

Positive impact-

  • Prices had dropped by half by March 2020, reaching as low as $ 3,780. Since then, Bitcoin has exploded in value and appeal as a result of the global financial crisis.
  • The positive feelings drove Bitcoins and Altcoins to new highs, breaking multiple previous records. Bitcoin currently has a market cap of $1.1 trillion, accounting for half of the $2 trillion
    cryptocurrency industry.
  • Cryptocurrencies, on the other hand, have proven to be a solid asset in these difficult times, while other commodities have lost value.
  • Cryptocurrency exchanges continued to grow their company and their numbers despite the catastrophic pandemic. This also resulted in the establishment of new Bitcoin exchanges.

    Negative impact –

    •  Indeed, since the outbreak, the market has risen. However, other analysts feel that this sharp increase will not endure indefinitely. Bitcoins are not a safe haven in the same way that Gold and Silver are.
    • Cryptocurrency is still uncontrolled and unknown. As a result of the threat looming over the crypto market’s head, sentiments are turning negative.
    • Many countries have yet to accept bitcoins as a standard. Yes, it’s still mainstream, but this surprise outbreak has swayed some investors’ opinions against Crypto.