Coronavirus The Epidemic Affecting The Cryptocurrency World

Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.
  • Coronavirus is not only under the single province of china, but it is also a significant risk of economic security. 
  • Bitcoin, which has gone from as a repository on the site mass technology of cross-border capital movement.
  • China can also receive more than hundreds of millions of new users, maybe who are physically limited by a transaction with fiat currency.

The protective assets of china are somehow affected by the spreading coronavirus that may be the cause of the price fluctuation in the digital world. So here is the reason why it can go up in the price shortly and why there are chances that it can have a drop in price sharply. 

As the rapidly spreading coronavirus already affected the several parts of China and some other Asian county, at this movement, there are already a list of 630+ infected people and the list raising day by day. And possibly this epidemic may affect the value of various assets.

As per the Goldman Sachs analysts, maybe the cost of Brent crude oil will drop almost b $3 due to the cancellation of some flights at some of the airports.

Lots of opinions are in the beginning to fulfill the functions of a “protective asset,” and which also indicates the burgeoning value of cryptocurrency during the global shocks. 

Even in the time when the cryptocurrency rose sharply at the beginning of this decade, many attributed this rose as the military conflict between U.S.A and Iran.

How is the virus going to affect the price of Bitcoin?

China is one of the dominant players in the cryptocurrency market. China has a robust administrative system that imperatively solves any of the problems. Coronavirus is not only under the single province of china. It is a significant risk of economic security. 

The consequences could be the most serious if this epidemic gets out of the hand of china and give a high level of corporate default. The robust measure will be there by the regulators, and also there should be restrictions not only on the movement of people but also on the capital. 

Also, China can also receive more than hundreds of millions of new users, maybe who are physically limited by a transaction with fiat currency.

We can’t ignore that the mining farm can stop the complexity of the network will drop, which also be used by other countries. Also, it is too early to associate such a local event as a new infection in china with the cryptocurrency market. 

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