The one thought and word that strikes humanity is Coronavirus. But, we can get through this pandemic crisis with crypto skills. In this crypto series, let’s learn how much impacts of corona pandemic has stamped its footprints in the crypto and blockchain environ!
The world is under complete lockdown, not only in terms of health and environmental factors but also economically down. Analysts address the unexpected negative incidents as “Black Swan,” and undoubtedly, the Corona spread is one in this digital era.
BTC value was reported around $9k at the beginning of March, but as of now, the value has declined to $7k. The volatility of cryptocurrencies is presumed one, and the investors are beginning to spend their savings on the crypto coins. Hence, the crypto space addresses coins as Gold 2.0. Some of the novice crypto-traders involve themselves in the cryptocurrency wallet development process with open-source platform resources in this leisure period.
In this blog, let’s jibber-jabber on the impacts of corona pandemic in crypto space!
Impacts of Corona Pandemic in Crypto Space
Swap to paperless economy
COVID-19 virus is believed to spread through objects such as currencies, papers from the infected person. Hence, the Bank of Korea and many other countries quarantine the currency notes for two weeks and then transfer them. The federations are imposing the public to transfer money through digital applications like POS or crypto payments to avoid contact with objects. Hence, the small, medium, and large scale businesses have shifted their transactions to cryptocurrencies.
The entire economy faces downfall, and the investors are much more careful about their spendings. The prominent investors started focussing on venture capital investments than crashed ICO markets. The development processes of crowdfunding tokens are still in place, to launch in the crypto space after the pandemic ends.
Significant Conferences Declined
When the Coronavirus radiated out of Wuhan, China, it’s no more the health crisis of a province. As soon as the World Health Organization(WHO) announced COVID-19 spread as a pandemic, the significant mass gatherings have been canceled. The Ethereum Conference held has affected the participants, and thereby meetings planned on the March have been postponed to other schedules.
Remote accessibility is no wonder.
Crypto space works with remote conferences and meetings. As investors, developers, and other professionals have embraced remote systems right from the beginning; the crypto space is much more comfortable on its page. The crypto start-up projects have the practice of working on distinct time zones by patching up with their clients, thereby overcoming the hindrances faced by other industries.
Stable Coins are much more Stable.
The price volatility of fiat and cryptocurrencies have attracted the world towards stable crypto coins like Tether, USD Coins. Many crypto-traders have swapped their crypto coins to desired stable coins in recent days to maintain the stability of their investments. The demand for stable crypto coins is growing rapidly in recent days, and soon it may hit the roofs!
Coronavirus is absolutely an unseen “Black Swan” that has to be wiped off from the world as soon as possible. The world strives to return to the digital revolution and the leftover economy. Humanity just believes in the almighty and sets its silence, social distancing to vanish this virus!
Soon, let’s come out with flying colors and let other lives in the universe enthusiastic as in our lockdowns! Stay home and upgrade yourselves in the crypto sphere with us!