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- Global finance has seen some massive shifts caused by the worldwide coronavirus pandemic, COVID-19.
- Despite all of this current volatility, analysts do believe that bitcoin will eventually settle down.
- It’s essential also to consider the global ramifications of cryptocurrency beyond just the COVID-19 pandemic.
Global finance has seen some massive shifts caused by the worldwide coronavirus pandemic, COVID-19. Stock markets have been tumbling in the past few weeks, and economies look set to struggle for the remainder of 2020. But while traditional stocks have fallen, cryptocurrencies such as bitcoin appear to have weathered the fallout reasonably well.
What’s much more important for margin traders is that the volatility is back. Bitcoin, ethereum, ripple – all major cryptocurrencies are back in the game. The cryptocurrencies fell drastically early in March when everybody escaped any financial markets (including gold and bonds) and turned to cash.
Make sure you benefit from the unique opportunity and trade cryptocurrencies actively in the weeks to come. The next deadline is the bitcoin halving that should take place sometime in May.
Bitcoin has frequently been referred to as a haven asset – immune to the real-world factors that cause the stock markets to plummet. It has been notably compared to other assets such as gold and stocks and has seen significant jumps of 10% during days of this crisis. However, this classification has been questioned recently, with bitcoin also decreasing sharply in value. The cryptocurrency fell by at least 30% throughout five days earlier in March, and this indicates that it is not as impervious to the effects of COVID-19 as previously thought. This sharp drop was almost certainly a result of the global pandemic, as people sold off assets.
Despite all of this current volatility, analysts do believe that bitcoin will eventually settle down. Although it is currently trading lower than it was at the start of the year, it has made massive gains amidst all of the sell-offs. Regardless, this may have wider implications for the future of bitcoin and other cryptocurrencies. If it can no longer be considered a haven, then it is just as risky as any other investment. Even after this global financial volatility dies down, bitcoin can no longer enjoy
It’s essential also to consider the global ramifications of cryptocurrency beyond just the COVID-19 pandemic. In a world that is becoming increasingly aware of the dangers of global warming and unsustainable consumption, bitcoin can be considered a problem. Before COVID-19 captured the worldwide focus and altered day to day life, the climate change movement was gaining traction.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
