What Has Been The Effect Of The Pandemic On Cryptocurrencies?

Introduction

The COVID 19 has evolved from health crisis to economic crisis as the word has closed theory economics gate to the outer world to stop the spread of infection. The economic crisis started with massive sales of the financial market.

After seeing the initial phase of the market, investors and traders were convinced to face financial problems, so they started liquidating their assets, resulting in economic failure on a large scale.

The pandemic took millions of lives and affected the trade and share market to the last strands. The price evaluation of everything in the market was below the red mark most of the time. There were stocks as well, which reached their yearly bottom.

When all the markets were down on their knees, the only industry that found the opportunity to bloom was the Crypto trading industry. Even after the initial drop in the bitcoin Prices, Bitcoin was able to bounce back. This was the start of the mad bull run of Bitcoin. We are at the end of November 2020, and the price evaluation of the Bitcoin at the time of writing was $18,918.

The market is performing very well, and experts believe that Bitcoin’s price will surpass $20K by the end of 2020. If you want to be a part of Bitcoin’s mad bull run and want to earn profit out of this trend, make your investment at thebitcoinloophole.co

How Pandemic Affected Cryptocurrencies?

For most industries, COVID 19 was like a curse that deteriorated the whole market, but for Cryptocurrencies and Bitcoin, it was like a boon. The pandemic brought a Crypto-friendly environment for the people that encouraged more and more people to affiliate themselves with the crypto trade market. Over the last six months, the number of traders and investors has almost doubled in numbers. This shows how people have started trusting the Bitcoin investment.

Investment Opportunities

During the lockdown period, all the investment plans and assets were falling short of expectation. People have even accrued losses with the investment that they have planned to make a profit out of it. When all the investments failed to meet the expectation, Cryptocurrency found a way to capitalize on the investment market.

People who were not aware of the Banano Coin Crypto market soon became Crypto traders. This shows that to what extent people have lost their faith in the traditional asset and are looking for something new.

Increased In Regulation

With the increase in the adaptation of Cryptocurrency, the regulation has seen a significant boost. The number of traders and investors has increased two-fold over the last six months. Hence, the regulations are much smoother than it has been before.

With the advent of the COVID 19 pandemic, people were asked to go cashless with physical transactions to reduce the spread of the virus. This allowed the crypto transaction to seep into the financial transaction network. Today, people prefer Crypto transactions over traditional transaction methods.

Worldwide Acceptance

When the world declared an international lockdown to stop the spread of the COVID 19 virus, people were left with free time. People used these times to understand the new concept of finance, Cryptocurrency. With just the first two months of the pandemic, the number of traders and investors increased by almost 30%. Industries and retail shops started their business in Cryptocurrencies.

After six months of the pandemic, several industries grew around the regulation of Cryptocurrencies. This practice boosted the worldwide acceptance of Cryptocurrencies.

Trust In Bitcoin

Trust is the only factor that has kept Cryptocurrencies alive. If the traders and investors had not shown their trust in the Cryptocurrency value, then we might not have been aware of its existence.

Recently, PayPal also joined the Crypto trade market by introducing a new feature in the application to help the user trade in Cryptocurrencies. They are even planning to launch new features that will connect all the retail shops in the PayPal network to accept Cryptocurrency payments.

This has significantly boosted the morale and faith of the normal people on the authenticity of Cryptocurrencies.

Conclusion

If we see the pandemic from the Cryptocurrency perspective. In that case, we can undoubtedly say that 2020 has been a successful year, and the pandemic has played a major role in the increased Cryptocurrency market.

What are your thoughts on this topic? Do let us know in the comment action.