The coronavirus epidemic has affected every race of life including the world economy. The impact of coronavirus can be seen in all the businesses running around the globe. The cryptocurrency market is one of the largest markets in the world and it has been affected by the impacts of the coronavirus epidemic in a very uncertain fashion. Bitcoin is one of the most commonly used cryptocurrency. The prices of Bitcoins have been suffering lately because of the uncertain situations created by the coronavirus epidemic.
Swinging of bitcoin value
In this time of coronavirus, Bitcoin has faced some of its worst as well as the best times in history. In the month of March, the market value of the cryptocurrency has been increased to $9,000 USD. In the same month, the value has decreased to $4,000 USD. Such a huge swing of the cryptocurrency was last seen in the year 2017 when the market exploded suddenly.
The rates of Bitcoin cryptocurrency are the most surprising thing in the world of digital marketing. One day the rates are touching the sky and the next day they are seen lying on the ground. In the time of the coronavirus pandemic, the Bitcoin cryptocurrency was seen moving in a wave pattern this has benefited the traders on one hand, while on the other hand, some investors had faced dark times. The fluctuations in the rates and trading values of Bitcoin cryptocurrency are a bit opposite to other local currencies including U.S. dollars.
World economy and coronavirus
The coronavirus pandemic has affected the world economy in a negative manner but it was seen that the holders of the Bitcoins were on the safe side. Although this trend was not permanent and kept on changing depending on the spread of the coronavirus pandemic. A rate increase of around 80 percent was also seen for the Bitcoin cryptocurrency.
It was said that Bitcoin is the least impacted cryptocurrency with respect to the coronavirus pandemic. Digital analyst and critics around the globe always suggest the traders not to trust any prediction about the value and rates of digital currencies
Comparison of local currency and cryptocurrency
As we know that COVID-19 has impacted the Fiat currencies of the world. A decrease in the price and the value of the U.S. dollar was also seen. Due to such an uncertain situation traders and investors around the globe were seen investing in the e-markets. Very strong and prominent growth in the rate of Bitcoin was seen during the first week of the coronavirus pandemic.
This fact was also confirmed by the CEO and co-founder of a cryptocurrency trading platform. In the month of March 2020, the rate of the Bitcoin to the currency was seen to increase suddenly.
Bitcoin cryptocurrency along with much other digital currency is one of the most unpredictable currencies around the globe and no one can claim they are sure about the raising of falling of the prices of the respective currency. More details is on this Bitcoin digital official website.
Wave pattern of Bitcoin in March 2020
It was seen that the value of the Bitcoin cryptocurrency raised around 20 percent as compared to the last value recorded and this increase was done only in 24 hours this record is related to March 19, 2020.
This increase in the rate of the Bitcoin cryptocurrency was followed by a sudden decrease which was the worst value of the digital currency in the past history. The coronavirus epidemic has created a situation of emergency around the globe and this emergency has massively impacted all the trading and dealings around the globe.
The dramatic suffering of the market values of Bitcoin cryptocurrency has created a history. Even on normal days, no one can predict the upcoming value of any cryptocurrency but this trend was very prominent during the pandemic coronavirus epidemic.
A number of analysts and critics around the globe claim that all the digital cryptocurrencies do not follow the regular trends which are being followed by the local currencies. This statement is proven true when we see the fluctuating values of Bitcoins during the time of the coronavirus pandemic.
Conclusion
The trade value of the U.S. dollar decreasef in the time of the coronavirus pandemic due to a number of confounding factors. One of the leading causes of devaluing of the dollar during the coronavirus pandemic was unlimited financial easing steps taken by the U.S. Federal Government so that the economic load infused by the coronavirus pandemic can be waived off. It can be concluded that this time of coronavirus pandemic has created some of many unexpected and uncertain times with respect to the rates and values of the Bitcoins.
Story by Scott Mccall
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