Definitely this pandemic covid19 crash the economy of several country and that's a factor that affects the situation of crypto market. Maybe after this pandemic the crypto market would be stable again and back into a good situation, hoping for the recovery of the crypto market.
It is not really the pandemic that affected the market price of cryptos or the market situation itself but thr actions made by people in order for them to be saved from the situation, more of an indirect effect. Many investors pulled their investments the moment lockdown procedures have been implemented because their daily needs should be more prioritized. And that I think is the primary reason of the recent decline in the market price. But I doubt that the situation would continue because we can already observe recovery to both crypto industry and people of diffetene countries at this moment.
Definitely this pandemic covid19 crash the economy of several country and that's a factor that affects the situation of crypto market. Maybe after this pandemic the crypto market would be stable again and back into a good situation, hoping for the recovery of the crypto market.
In reality what is seen is that the current co-pandemic19 has destroyed all of the company's production activities in a number of countries which could have resulted in the economic downturn in all sectors including the cryptocurrency space sector.
Indeed, the economic status of different countries have been reflected to this industry which is not surprising to know. The recovery in the market price of cryptos might be a sign that those who were negatively affected by the recent problem are also starting to recover.
Looks like the corona virus will affect cryptocurrency too, I think that price will fall a lot, because people will need money and will sell Crypto, what are your thoughts about that?
No direct correlation between the pandemic and the price movements in crypto market. In fact, the people in crypto space has already gotten over the panic selling of essential stuff including few crypto assets as we all prefer to have cash in our hands in this dire situation. The market is slowly recovering now, maybe because of the halving that turns optimistic people to buy again at the lowest possible figure.
As the number of infected people grow, I didn't notice any relevant movements of the price over the last few days.
Most people have bought bitcoin and crypto as an investment. Though some of the unfortunate may need to sell their coins due to financial situations, most have crypto as one of the ways of saving and investment. Most people would get through with what they have and won't sell the coins on loss as it's a market that can correct faster than any other.
To put it simple, that financial situation is what we are seeing at this moment. In some places, this situation promotes survival.