Possible Effects of Coronavirus on the Crypto Industry
The Coronavirus Pandemic is global. It’s everywhere and the impacts are being seen in every industry, worldwide. All the trading markets, including the stocks and mutual funds, are seeing a tremendous drop because people, as well as businesses, are greatly affected by the ongoing pandemic.
The crypto industry is also not untouched by the effects of the coronavirus. In the past week or so, we have seen many popular cryptos like bitcoin and ETH drop in value.
So, what does this mean for the crypto industry at large and how will it impact the future of cryptocurrencies, projects, companies, and investors. Let’s try to find out through our analysis of the cryptocurrency market during the Coronavirus pandemic.
Coronavirus Impact on Cryptocurrencies
Crash in Stock Markets
One of the major impacts of the ongoing Corona outbreak is being seen on the stock market, where the price of almost all the equity shares/holdings has dropped drastically in the past weeks. The debt funds are also not doing so well. The same behavior is being observed across the stock markets of all the countries. This is likely to have an impact on the finance industry as a whole.
A temporary drop in Crypto Prices
In recent days, we have seen a big drop in the price of cryptocurrencies across almost all the exchanges. The reason is simple, people and businesses are too busy dealing with the COVID-19 pandemic that they have no time to focus on cryptocurrencies, which has caused a drop in the demand and therefore price. But, this is not anything unusual and something we haven’t seen before. We know that the prices of cryptocurrencies will be back as soon as the market is back on its feet.
The Corona pandemic has affected the economies of both developed and under-developed countries alike, all of which are now struggling to keep going. Therefore, it’s only natural to see a drop in the interest in investments. But, as we know, the market will be back soon, and so will cryptocurrencies.
Good News for Cryptocurrencies
Amidst the ongoing global pandemic situation, there has been some goods news for crypto enthusiasts and investors. Since the stock market is dropping, more investors are now attracted to crypto investments. Since cryptocurrencies are digital, they are not severely impacted by this outbreak.
Now that people are at home and have enough time on their hands, they are spending time learning about cryptocurrencies, blockchain, and other related things, both as a way to improve their knowledge and become a better crypto investor. So, the interest in cryptocurrencies has certainly boosted due to the Coronavirus pandemic.
Another good news is that since the price of many major cryptocurrencies has dropped recently, this is the best time to invest in cryptocurrencies and projects. For instance, you can now buy the Titan coin at a lower price than ever before. And we know the coin will be back with a bang, so you can be assured of huge profits.
Among other things, the movement to regulate cryptocurrencies is now stronger than ever. With India and Korea taking important measures to not only legalize but encourage crypto trading, it is only a matter of time when we see more countries joining the crypto innovation.