Humanity has not experienced the havoc caused by Coronavirus throughout its history. Our current situation is nothing less than a disaster. It appears that the only way for survival is sustenance. While lots of businesses and commodities suffered during the coronavirus period, coincidentally, the cryptocurrency market, on the other hand, was not affected by the Coronavirus pandemic.
To date, Bitcoin has risen from approximately $7000 in March 2020 to more than USD 54,000. The fortunes of investors have doubled or tripled within this time. Some people made millions this year, and some were made billionaires according to Invest with Bitcoin System
It’s inappropriate to attribute the growth of the crypto market to this global epidemic. We must examine all the facts and statistics to see how COVID-19 has impacted all areas of the crypto market.
Positive sides of the coronavirus on cryptocurrency
Even though volatility is an inevitable part of the market. Nevertheless, people are still buying cryptocurrency, which has made the market more attractive among people.
As of March 2020, the prices were down by half, reaching as low as $ 3,780. In the aftermath of the pandemic, Bitcoin has become a huge source of popularity and income.
There has been way too much bullish sentiment that pumped bitcoins and altcoins, past several existing records. Currently, the market cap for Bitcoin is $1.1 TN, which comprises over half of the global cryptocurrency market.
Despite the drop in the value of other commodities, cryptocurrencies proved to be a reliable asset during this difficult period.
Cryptocurrency exchanges in India continued to grow their business despite this deadly coronavirus outbreak. In addition to that, new Bitcoin exchanges opened up in India as well.
Negative side of the coronavirus on cryptocurrency
Well, since there is no such thing as a single-sided coin. There must be other aspects of the currency that has shrunk because of the Coronavirus if the value and market have increased.
The stock market has increased since the outbreak. However, it is predicted that this sudden increase would not last by some analysts. Bitcoin is far from being a haven like silver and gold.
Cryptocurrencies are still unregulated and uncertain in India. Since the crypto market is dealing with this threat hovering over its head, sentiments are turning negative.
Many countries have yet to accept Bitcoins as a norm. While cryptocurrency is still mainstream, the recent outbreak has turned some against it.
On a positive note, cryptocurrency is still a reliable investment as well as a haven. As of now, the market is quite nascent. The reason for this is that the value and consideration increased in response to the pandemic. But due to the existing scams and liquidations issues, it can lose its value at any moment.
The results have not yet been released. In the case of legalization, it could reach all-time highs, but if the rules go against the favour, it could have severe consequences.
Bottom Line
To solve all these negative issues with cryptocurrency, one has to turn to regulation. The phenomenon of cryptocurrency is certainly becoming more mainstream, although many countries still don’t accept and regulate it. Countries must act quickly to establish firm rules to control cryptocurrency, given its potential to transform the financial landscape.
If there’s one thing that the pandemic has highlighted: bitcoin and altcoins aren’t just hypotheticals in today’s world; they have real value. There is no doubt about it.
