After Shock Predictions About Coronavirus (COVID-19) on Cryptocurrency

Coronavirus disease (COVID-19) has affected thousands of people since December 31, 2019. The vast majority of unhappy people affected (98 percent) are said to come from China. Their first outbreak is reported to have started in Wuhan, the country's Hubei province. The dangerous virus has recorded far more than 200,000 cases worldwide.

World Health Organization (WHO) Reports:

The WHO (World Health Organization) warns of continued transmission of the virus. The hysteria surrounding the virus is also at its peak. On March 4, WHO's Director-General, Dr. Tedros Adhanom Ghebreyesus:

“[…] But as you know, the COVID 19 epidemic is becoming more and more complex, even though the Ebola outbreak is decreasing. There are currently 92,943 cases of COVID-19 and 3,160 deaths reported worldwide. China has reported 120 cases in the last 24 hours. Most cases continue to be reported from Hubei Province. Outside of China, 2,075 cases were reported in 35 countries. Almost 90% of these cases come from only three countries. WHO now has a team in Iran that delivers supplies and helps the government respond."

Effects of the volatility induced by a Coronavirus (COVID-19) on the crypto market:

The disease was also found to affect the global economy in addition to global health. Traders face coronavirus (COVID-19) induced volatility in the market. Many are surprised by fears that the global economy will slow, which will affect the decline in stock prices. The S&P 500 Index has reportedly gone 10% red since January 2020.

In contrast, the over-the-counter (OTC) trading volume for crypto has increased. According to a trader, the market at Althena Investor Services in Chicago has seen a "significant increase" in trading volume in the past 60 days. The platform specializes in OTC client services. Many other major crypto exchanges have also reported the same increase in trading volume in the past few weeks.

Different versions of the coronavirus-stimulated economy (COVID-19) affect:

Coronavirus (COVID-19) has affected more than 90 countries around the world.

  • Australia:

This country is fairly close to Asian countries. Therefore, the chances of spreading the virus were expected to be high. In response, the Reserve Bank of Australia (RBA) cut interest rates on March 3 to address the likely market response to the coronavirus epidemic (COVID-19). The RBA will lower 25 basis points (bps) to 0.50 percent, the lowest percentage ever recorded.

In addition, Tilo Grieco, head of the OTC counter at ORTUS, Sydney, assured that there were no significant effects in the country.

The coronavirus (COVID-19) has not affected the Chinese crypto mining industry too much:
Jie Zhang, chief operating officer of Conflux-Yuan, said how most of the company's budget is spent on "curbing the virus." According to him, the coronavirus (COVID-19) has not affected the Chinese crypto mining industry as much. He explained:

"I don't think this poses a big risk to mining companies because mining doesn't require a lot of employment. I think most of these private money farms keep on working and don't hire a lot of people. That doesn't require a lot of personal contact."

Coronavirus post-shock (COVID-19) in cryptocurrency:

Reports show that the Chinese economy is expected to slow down and that the country's citizens prefer to store their opinions in USDT or DAI. Campbell Harvey, professor of international business at Duke University, disagrees. According to him, the crypto market will also decline sharply as traditional companies face a significant decline. Cryptography is "not a safe haven".

"No volatile crypto" as a strategy:

Traders are considering not having the volatile cryptocurrency to prepare for the coronavirus effect (COVID-19) in the cryptocurrency market. In this regard, Althena's OTC desk stated that they were managing a "very scarce inventory" and a "matching book" to escape the coronavirus (COVID-19) and affect trade. Rupert Douglas, Head of Business Development and Institutional Sales at Koine, said:

Although alternative stocks like gold and BTC have grown since the beginning of the year, they have not performed as well in recent days. As with volatility, the spirit is out of the bottle and big fluctuations are expected across all asset classes. "

The response to the coronavirus (COVID-19) is mixed. Some predict based on the slow impact of the disease on the traditional economy, such as, for example, the impact on US markets. USA And India, and others, are more optimistic about the crypto economy. Here at CoinMart, the coronavirus (COVID-19) did not affect the cryptocurrency market.

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  1. Wow interesting article. Even though I do not invest in crypto, it is surely good to know.

  2. I'm anxious to see what happens when this starts to get better. Thank you for the predictions.

  3. I am sure there are so many of us who are curiously waiting to see how the next few weeks unfold. Great information, definitely gives me some food for thought! Thanks!

  4. What such a great information. Everything will be worse at this moment but never lose hope.

  5. Nice! Another amazing article from you. As usual I learned something new from it. Thanks a bunch! :)

  6. I wanted to invest in crypto but never had much info. This is valuable though.

  7. I don't really follow cryptocurrency but this was an interesting read because I never thought how the Coronations would affect cryptocurrency.

  8. I don't know anything about cryptocurrency, I had no idea how it can be affected by the virus.

  9. I don't follow cryptocurrency. I didnt think the coronavirus would affect this, but I guess if it can affect the stock market, this is just like it.

  10. Bitcoin is up, but Litecoin is at like $39. I remember owning Litecoin at like $250 1.5 years ago. Coronavirus hasn't had as big of an effect on coin values as I would have expected. Crypto is not the new gold, and most of the mainstream world doesn't even understand what it is yet.

  11. My husband invests in crypto, I'll have to share this post with him

  12. I didn’t invest in bitcoin or cryptocurrency but I know the market is very bad for investments right now this is good to know

  13. I'm extremely interested to see how the coronovirus effects the US economy overall. Only time will tell. Thanks for sharing this.


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