Topic: How Will the current pandemic affect the crypto market? (Read 1003 times)

The pandemic will turn out to be beneficial to the crypto market, than all the other way around. This is largely because people practicing social distancing measures imposed by governments around the world, will demand crypto for cross-border payments. It's much cheaper (and sometimes even faster) to send money to anyone around the world using crypto than Banks themselves. This will trigger massive demand for crypto across the market like never before. While COVID-19 had a negative impact over the world's economy, the effects on crypto have been little to none. After a month of despair, crypto quickly recovered to prices before the pandemic. In contrast, stocks have been on a constant decline in price since COVID-19. Some stocks have seen a slight increase in price, but they're not in the same position as they were before the crisis (AFAIK).

As long as crypto remains resilient and impervious to events in the mainstream world, it'll be constantly demanded by people worldwide. Now that Bitcoin experienced its “Third Halving”, it should only be a matter of time before it goes all the way to the moon. Once that happens, altcoins will experience new ATHs on the market. The pioneer cryptocurrency greatly determines the future direction of the crypto market. If it's on the "green side", so will other altcoins on the market. The same thing happens vice versa. The fact that crypto operates 24/7 without censorship or downtime, allows people to enjoy an alternative financial system that's a haven against the traditional banking system of today. With digital payments becoming the norm of mainstream finance, COVID-19 will do more good than harm to the crypto/Blockchain industry. Just my thoughts

Basic price analysis could tell you that bitcoin is viewed as a very high risk asset compared to traditional financial asset classes. There is no right or wrong, its just what investor perception is.

After equities sold off heavily in late Feb - mid March (falling from ~3300 to ~2200), BTC waited a few days but followed suit in an even more volatile fashion (falling from ~10,300 to ~5000) in a matter of days.

Clearly, when investor sentiment is risk-off, they are not hodling BTC, its only the die-hard cypherpunks and tech nerds and 'moon' boys that continue hodling.

The idea that bitcoin was completely uncorrelated with the rest of the market and could potentially act as a safe haven during times of economic trading market. Blockchain intelligence firm Psychoanalysis has found that the COVID-19 pandemic and global economic contraction is affecting Bitcoin consumer habits in surprising ways.

I don't think whales would want to be behind the smaller ones. The power of whales to manipulate the prices is on different level now, I don't think they are losing with the market volatility right now. The progress of the market that you are saying is not seen with the price but on its application on the real world, just for example the pandemic that we are having right now, we could take this as an advantage to promote the non-contact transaction with cryptocurrencies which might be an eye opener for those who still believe that crypto is a scam.

I believe that decentralized market is designed inversely with the centralized market, not just it is created for hidden identity transactions. Thus, the struggling centralize economy has shown good effects with the decentralized one.

I can understand how you see things current happening is because of the word I highlighted.

You think bitcoin can only be manipulated by the whales, maybe you are right but this market has improve and has progress already.
Even in stocks there are people who manipulate, our market is just worst and that is the reason why we see some big pump and dump or the high market volatility, but together if people will adopt with it, it will make this market stronger and the manipulators power will decrease.



Or the decentralized market could also grow if the economy will struggle as our economy is based on a centralized system where our government could be corrupting it, printing money that will only make the future of fiat look bad.

This pandemic allowed many people to turn to online activities such as online shopping, banking, and other transactions. And most likely, they have come across cryptocurrency during this time. With that said, though the virus affected many or almost all of us in many aspects, it did crypto good. And I'm also hoping that with all those statistics, this is a step to adoption.

And the most positive thing is that COVID-19 did not entail the closure of enterprises and unemployment. This once again proves that the demand for cryptocurrency does not depend on the world market and human activities.

People may believe in crypto, I think step by step they will know how online transactions is as important.
Though I think fiat will will never be obsolete. Fiat is still important as a stock even if there is inflation. Not everyone can transact through online today. There is a possibility that fiat and crypto may have the same value in the society.

It even got below that division of two, but the price was able to rebound after a short time. I don't know what's going to be next after this Halving, but the price has been slowly going down since the halving took place. It was getting close to the $10,000 mark and all of a sudden it started getting down, currently at $9,100+. It seems like the demand is less, and this is likely to cause some miners to drop out soon if they are not covering up their expenses from mining.

We all already know what might happen if a huge number of miners should drop out, and there are already some of them that can't mine again after the Halving took place, because they are using weak miners, like the Bitmain S9. It seems pandemic panic is slowly getting settled down. People may get back to work but with all precautions against corona spreading; it means economics of all country may get back to working but with some glitches which will reflect into crypto space as well, hopefully in positive manner.

Looking at the current situation can we say that crypto didn't cared about the virus, or is it the halving that made it go up?
I mean it doesn't have to be neither or doesn't have to be either. But there are two things at hand, either it could have gone down because of the virus (which it did for a while but recovered) and only recovered because of halving. Or maybe it could have gone down because of the virus but people realized it is smarter to keep your money at bitcoin than fiat so it went back up.

I am not sure which one is it, or not even sure if these are the only two options that caused the uptick. That is the sad thing about bitcoin, there are downs and ups and we never really know 100% what caused it, we can speculate about it but we can't know for sure.

It seems that in just the beginning when the virus strikes when cryptocurrency badly affected but other than that it continue to pump all over again. I think it because of halving event that have been occured, it balance the people trading and investing towards the panic selling of crypto due to the virus. Some people might seeks another way to earned money and study crypto with the time they stay at home because of these reasons crypto become hype.

Pandemic is really affecting our economic and even in crypto market. Base on my own analysis,people in crypto world will sold what they have in crypto just to provide their  daily needs and it will cause a little down slope in crypto graph.Also if some personality that hold bitcoins and other crypto are one of the victim of covid 19.
In other side,many people that already know how to trade will surely enter in crypto world to invest just to earn during this time that almost a lot of people had no work. But only those with capability to invest because mostly suffers from covid 19.
But despite of this pandemic only one is sure...crypto market will still move positively and the ups and down in market value is just normal.

crypto clearly has its own path and is actually not directly affected by the pandemic, but perhaps individuals are somewhat disturbed, they are investors. resulting in not as many investors as when normal. they themselves are experiencing the fear dilemma which may have a direct impact on life.
but with the pandemic gradually beginning to be controlled it will provide enthusiasm for investors to move freely to start being active again.

With or without the pandemic, the Cryptocurrency industry will move positively, we have build an industry that are strengthened with a proven technology there is a widespread demand and so many companies are adopting it now, this pandemic will only last a year in my opinion so this is not something that can harm the Cryptocurrency.

It will also negatively affect crypto like other financial markets. The problem lies in money. When the pandemic comes and the economic crisis will come later, we humans must flee to preserve capital first. at that time no one would care about bitcoin, because it did not bring real value to society so it was just a tool to manipulate the whale. everyone will get cash and will no longer care about the coins. Remember, if the economy is good, then decentralized markets can thrive.

Have you seen the bitcoin movement a week before the halving schedule?
If you see it then you would not say that it did not affect the price of bitcoin because bitcoin had rally and pump to $10,000 because people got hype on halving.

Well, what you said is same as what I think. This pandemic has affected all of us in different ways but from the news that I have read, Covid-19 economy actually fuels the faith of people in crypto.

The news is about the study conducted by The Tokenist regarding the growing trust of people in crypto (btc in particular) over traditional investments (gold, stocks, real estate). Compared to the adoption of crypto in 2017, the trust of people grew to 29% after three years.

From their survey's respondents, 78% are millennials. 14% of those millennials already owns the asset. And "60% of the respondents felt that [crypto] (btc) is a positive innovation in financial technology."

With all that figures and results from the study, I must say that the pandemic affected crypto market positively. I just hope that when the crisis is over, people's trust in crypto will grow even more and eventually lead us to mass adoption.

(Here's the link for the aforementioned news: https://news.bitcoin.com/covid-19-economy-fuels-faith-in-crypto-trust-in-bitcoin-over-banks-increased-3x-since-2017/)

   Negotiation we think alike, pandemic had positive effects on crypto-market. Which was expected, due
several reasons many of us don't like to talk about positive side for us here, while others have huge
problems, but that's a reality. While world was closed, crypto-currencies didn't stop working for a second,
everything was like before, available 24/7. It's advantage for us here, and many people saw that crypto-currencies
are better in then fiat, we just need to wait all other to accept it and we will have a mass adoption.

The impact of the epidemic has not been felt on the crypto market The price of Bitcoin is rising due to this epidemic Everyone is leaning towards crypto because everything is closed. In that case, the demand for Bitcoin is increasing and the price is increasing so half of the event has come This is good news for Bitcoin and is going to have a positive effect on the crypto market The virus can no longer break the crypto market.

Altcoins were negatively affected in price just like Bitcoin. After all, they have much more volatility than the pioneer cryptocurrency itself. They tend to follow Bitcoin's footsteps on the market. When Bitcoin experiences a dip in price, so will other altcoins. The only difference is that altcoins' prices fall at a faster rate than Bitcoin. Since COVID-19 has encouraged people to practice social distancing measures, crypto interest/demand has sparked like never before.

I believe that the current pandemic will turn out to be more beneficial to the entire crypto market, than anything else. Online e-commerce and digital payments have been on the rise since COVID-19 took the world by storm. The more people become interconnected, the more crypto and Blockchain technology will be discovered. Compare the current crypto market vs the traditional stock market, and you'll notice that the former is the true winner. Considering that crypto is decentralized, it seems that negative events in the mainstream world have little to no impact on its price. With the third Bitcoin taking place last week, things will be exciting for the whole Blockchain industry in the upcoming months. Just my thoughts