The outbreak of coronavirus has indeed made a massive impact on the economy and people’s livelihood. With the ‘new normal’, it might be difficult and challenging to find a new job. Fortunately, the internet bombards us with a lot of work-from-home and investment opportunities. And cryptocurrency is never out of the list. Yet, can we really expect a major boost in the number of investors?
Cryptocurrency is having a moment again
As you have guessed, yes. Cryptocurrency is once again paving the online market due to the panic caused by the global pandemic. It was in February when Bitcoin and other cryptocurrencies got the highest frequency since September 2019. Investors used the market as a safe haven in selling off their stocks and protecting their wealth.
Interestingly, some countries that debarred crypto or declined to accept it as money now start to adopt these digital currencies in their own financial courts and laws. Zimbabwe, for example, declared in March that it is building a regulatory structure for cryptocurrencies. Thus, it is allowing it to do business with local banks. Bitcoin is one of the top cryptocurrencies that capitalizes on increased price since the beginning of the outbreak, followed by Ripple and Ethereum.
Coronavirus also affects the crypto market
While some countries have reported a sudden improvement in the digital currency price since COVID-19 first threatened the public, some crypto markets were negatively hit by this pandemic.
The cryptocurrency equipment becomes vulnerable to inadequacies since there is minimal movement in the mining farms. Quarantine and isolation are considered the root cause. For instance, South Korea and China hold more than seventy percent of the cryptocurrency mining power. But at the end of March, it has seen a significant drop – around fifteen percent. For more information you can visit here Crypto Group
While Bitcoin experienced a push upward in mid-February, it has suffered from the largest drop in the past 7 years. It has plunged more than fifty percent to 3,600 dollars. Ethereum, on the other hand, has been hit by the pandemic. It was down over sixty percent. And the third most traded cryptocurrency, Ripple, is not exempted. It went through the piercing drop – more than thirty percent. This is considered the Ripple’s biggest plummet for a week since November 2019.
Now, what does it mean for traders?
The volatility of digital currencies makes them quite appealing and exciting for traders. Yes, it is tough math – trial and error. While at home, you can use this as an opportunity to monitor the condition of your preferred currency. Several trading platforms give users some heads-up in case there is a sudden drop or increase in the price. This way, you can lessen intense volatility and therefore, perfectly manage your losses and gains. Experienced cryptocurrency traders and tech-savvy individuals will not only benefit from investing in the crypto market. All kinds of traders are welcome to try their luck and boost their income in the long run.
Protect your investment with these coronavirus scams
Scammers always find ways to attack potential targets and seize those valuable assets, especially in today’s fragile situation. They take advantage of people’s qualms and fears. To avoid becoming a victim, you should watch out for phishing scams. These are fake websites and emails that trick users to reveal their private information. Never indulge yourself in such an activity. Do not open any malicious links or attachments you are not familiar with.
Keep your computers always up to date too. Have an updated web browser, security software, and operating system for extra assurance. Moreover, choose a reliable storage solution for keeping your information. offline wallets or cold storage is mostly recommended for holding cryptocurrency since it is not easily accessible online. Hardware wallets are another viable option.