Coronavirus outbreak has led to massive destruction of human lives, closure of schools and colleges, disruptions in business ventures. While major businesses are waiting for the storm to pass by, crypto markets, too, have been affected negatively by this pandemic. Swinging rates and reduced usage of the crypto markets are the natural outcomes of this major outbreak. Major cryptocurrencies like Bitcoin have taken a downfall following this pandemic stage. Let us take a look at how these crypto markets fare in this pandemonium season.
The coronavirus has disrupted not only people’s movements but also the global economy. The global economy has taken a gradual hit following the lockdown of developed nations like China and the United States of America. Let us take a look at the cryptomarket stats during this season.
The response of the Cryptomarkets due to Coronavirus pandemic:
Cryptocurrency trading knee dropped below $9000 for the first time since January 2019.
The most expensive cryptocurrency, the Bitcoin fell as low as $3650 on March 12 but regained a price of $5200 in the next few minutes.
It must be noted that the price of a bitcoin on March 5 was $9075.
Prices have dipped low due to this outbreak leading to an overall loss of about $50 billion approximately in the crypto market.
The value of cryptocurrencies like Bitcoin, Etherum, etc., have all plunged to 40% than it was a month before.
Reasons due to the downfall of the crypto markets:
Plunge in oil prices: The impact of coronavirus has witnessed a dramatic plunge in oil prices due to the lockdown of countries like Russia and Saudi Arabia. The production of crude oil has been reduced in these countries following the pandemic outbreak.
Inconsistency in the market: It can be noted from the above facts there has been a huge inconsistency in the market. The varying prices of Bitcoin from $9075 to $3650 and rising back to $5200 has left people confused. People are baffled as to what will happen next in this inconsistent market. This inconsistency in prices has made investors rethink that local bitcoin is a risky asset to possess.
Experts’ take on the cryptomarkets:
Rupert Douglas, the Head of Business Development and Institutional Sales at Koine, has stated that although the prices of Gold and Bitcoin rallied in the previous months, big swings are anticipated in the market.
“Truly did not see that coming. I thought it might act as a safe haven asset”, stated Andreas Antonopoulos, a cryptocurrency educator following the inconsistency experienced in the market.
Brian Armstrong, CEO of Coinbase, has expressed his reaction towards the market as, “Surprised we’re seeing the Bitcoin price fall in this environment, would have expected the complete opposite.”
What is expected next in the market?
The situation has left cryptocurrency owners in a dilemma of sustaining Bitcoins. The coronavirus pandemic is still expected to take its toll for a month or two. Notable inconsistencies are to be expected in the market. Cryptocurrency exchanges will continue to have disruptions for a few more months.
With the Global Economic downfall stepping in, owners are cautious of what to do next. Waiting for the storm to pass by can be an ideal way to prevent undesirable losses in the market.
The market of Local Bitcoin:
The market of local bitcoins clones can be highly scalable and efficient in these times. With peer-to-peer exchange and two-factor authorization, users, as well as business owners, can be benefited from the market. A local bitcoin app development can be an ideal business venture to set foot upon. While popular cryptocurrencies are failing to rise in this pandemic season, people can shift their attention towards the local Bitcoin market.
Inconsistencies in the prices of these cryptocurrencies are continued to be experienced in this pandemic season. People are in a state of fix following constant rises and falls in the crypto market. LocalBitcoin app development can pave the way for investors to look upon as popular cryptocurrencies have failed to impress.
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