Trading Crypto and Coronavirus.
The proliferation of coronavirus or Covid 19 is an unprecedented event, increasing from 1 month to 1.5 million cases and worldwide in a few months from China’s Wuhan. As the pandemic progressed, mass hysteria began to hit global financial markets and global financial markets, and the crypto currency market became a victim.
The volatile crypto-market hit a huge blow on March 12, and the market crashed in a matter of days. Bitcoin [BTC], the world’s largest cryptocurrency, embarked on an unregulated experiment and, like a pack of dominoes, the entire crypto market followed suit. When the stocks began to move across the board, the world of stock market panic awoke. In fact, the market refresh has removed the safe asset – even gold.
Although everything is connected via the Internet, the virus infects these exchanges and requires their physical offices to be shut down immediately. In fact, some exchanges recommend their employees to work from home, while others do not see much difference because of the culture of working remotely.
However, the CoinDCX business has been largely unaffected since the shutdown, but the number of transactions in the market is mainly due to panic sales in the wake of the market collapse.
As exchanges continued in a decentralised mentality, miners could not. When volatility entered the crypto market, its impact first appeared in the hash rate of cryptocurrency. China accounts for 65% of Bitcoin’s computing power, and the country is the epicentre of the virus, which significantly affects miners and mining farms.
Mining equipment manufacturers face delays in production and distribution without mining trouble. With bitcoin in the corner, miners are looking for the best mining models. However, due to delays in production and distribution, the business will stop. The most affected businesses are mining machine manufacturing, Yang said.
Since mining is not profitable for miners, BTC’s inflation is fuelling the fires, and many choose to avoid it until it breaks down at least. As the mining strain adjusted, the Bitcoin network seemed to be gaining strength again.
Meanwhile, other services and businesses that offer crypto are inactive, especially after the collapse of the crypto and stock market. Due to the travel ban announced by many countries, blockchain and crypto meetings around the world had to be canceled or postponed.
Tourism has been adversely affected by many travel restrictions. Such meetings were canceled when Shen Yu Young tweeted on March 11 that he had tested positive for coronavirus after attending the ETH London hackathon on February 28. Torres Labs co-founder Young attended a meeting in Paris on March 5 in London.
Ripple is influenced by the Real Time Wholesale Settlement System, Currency Exchange, Remittance Network and Ripple Labs Incorporated. According to data provided by its on-demand liquidity service, liquidity on the platform has increased since the crypto debacle hit the market.