The effects of COVID-19 on cryptocurrencies: negative & positive

[Nostoman]

Lockdown is going on all over the world during the epidemic. At that time various shopping malls, companies, factories, restaurants were closed. As a result, every country has suffered at least a little. In other words, the economy of many countries has collapsed.

At the time of the epidemic, human life was in a state of disaster. Lots of people have died in the epidemic. Many cryptocurrency users have died. I saw in a news where it was said, the CEO of a project has died. Many such news are unknown to us.

There were two types of changes in the cryptocurrency market. A group of people began to believe that cryptocurrency would be destroyed. But a little currency survives.

The positive side of the cryptocurrency market during the epidemic is that a lot of people were leaning towards the cryptocurrency market. Many coins were in good condition in the cryptocurrency market. The cryptocurrency market was not damaged by the epidemic. But during the epidemic, people joined the cryptocurrency market to find a source of income.

The downside to the cryptocurrency market at the time of the epidemic was that there were plenty of new projects in the market. Market conditions began to improve. At that time, the team of many projects killed the investors and left. Their official news revealed the damage.

[highnayem34]

It's hilarious moment right now. I was invested money and lose money in a way I didn't expected. But before Btc pumping i started futures trading and manage to take profit.

[highnayem34]

First phase I got negative news now positive. Now pandemic goes & recovering crypto market. Binance launchpad is awesome for this. I hope you also recover your miss or lose money.

[dragononcrypto]

First phase I got negative news now positive.

Really?

[MrSpasybo]

Lockdown is going on all over the world during the epidemic. At that time various shopping malls, companies, factories, restaurants were closed. As a result, every country has suffered at least a little. In other words, the economy of many countries has collapsed.

At the time of the epidemic, human life was in a state of disaster. Lots of people have died in the epidemic. Many cryptocurrency users have died. I saw in a news where it was said, the CEO of a project has died. Many such news are unknown to us.

There were two types of changes in the cryptocurrency market. A group of people began to believe that cryptocurrency would be destroyed. But a little currency survives.

The positive side of the cryptocurrency market during the epidemic is that a lot of people were leaning towards the cryptocurrency market. Many coins were in good condition in the cryptocurrency market. The cryptocurrency market was not damaged by the epidemic. But during the epidemic, people joined the cryptocurrency market to find a source of income.

The downside to the cryptocurrency market at the time of the epidemic was that there were plenty of new projects in the market. Market conditions began to improve. At that time, the team of many projects killed the investors and left. Their official news revealed the damage.

+1 thanks for the helpful sharing
The pandemic has both negative and positive effects, but nonetheless neither of us would expect it to happen. The crypto market is only a small part of the economy, if people continue to die from epidemics and the economy continues to decline, crypto cannot thrive.
All hope is placed in the vaccine, hope everyone will be safe.

[robert20]

Yes these things are right. But i think positive sides are more effective. Because of covid 19 many people are using crypto as a cashless payment system. Moreover people are getting more knowledge about investing in crypto. These good sides are more important to me.

[shadowdio]

With the condition of the cryptocurrency market now, I would say positive, this covid-19 is not really affected in the market. All cryptocurrency was already reached in high price. I though this pandemic will be affected the crypto market because the economies were down but crypto market is opposite. Seems people trying to make money in cryptos.

[emmybd]

Though at first, the Covid-19 pandemic hit hard all over the world, Cryptocurrency thrived well for a relatively new currency. While the stock market saw its greatest dip since 1929 Bitcoin’s price was curtailed to around 5500 USD, which is quite low what it was worth. Coming back to today, it has bounced to around 18,000 USD.

Since Bitcoin is now beating all other institutionalized assets, the interest in bitcoin has been increased. Virtual money has been looked upon as a sanctuary of safety as businesses have been enhancing their digital platforms hence eyeing bitcoin as a lucrative choice. While Banks are heightening their crypto-based resources, PayPal has enabled customers to choose cryptocurrency as a possible choice to cash. China, being a major adversary of the cryptocurrency industry, also voiced its assertion, stating that Cryptocurrency is the leading asset during the pandemic. And it has been proved so, as well.

[Senin]

I would say that the coronavirus pandemic has had a more positive impact on the cryptocurrency market than it has brought negativity. During this period, being in isolation, people became more interested in cryptocurrency and entered this market. States are also interested in digitized currencies, based on the fact that cash is the carrier of the coronavirus. In addition, the impending global economic crisis has become really obvious, and here the cryptocurrency is also a lifeline from inflation.

[tervel]

More than one year into the pandemic, crypto  market seems to have boomed. For instance, when the pandemic erupted, Bitcoin could be purchased for about $7,300. Today, the very same token costs more than $37,500. Other leading cryptocurrencies e.g. ETH, showed similar, or even greater increases.

[gurunanakji777]

In my country, crypto users increased when people start working from the home. Most of them have plenty of time to spend in the crypto market. Even many of my friends asked me about cryptocurrencies and some of them invested in top coins holding and trading as well. You are right many projects are unable to do offline meetings to reach potential investors because of covid protocols they need to follow On the other hand Economic pressure is there many of them have limited money to invest so they are investing wisely but I must say after covid userbase of cryptos increased. Most of them who lost a job in the crisis are trying their luck in the cryptos.

[nicecrypto]

I believe all points are valid but as you said, it is a doubled face thing. I believe that the covid-19 lockdown made more people looked into another aspect of investment and earning even though we had a bit of a dip during the time which I believe was a fud from whales too to accumulate more, overall I believe it was more positive than negative.

[gabbie2010]

The positive benefit effect on cryptocurrencies outweighs its negative effect during Covid-19 pandemic as far the prices of cryptocurrencies is concerned the price experienced a  bullish run although although in the wake of the first lockdown early last year the price dumped but afterward there was a massive turn around of the market probably due to more people learning more about cryptocurrencies and investing in it.

[Astra]

From the current perspective, I regard the impact of the coronavirus pandemic on cryptocurrency as more positive than negative. The negative influence of the cryptocurrency was felt in the price plan only during the period of the official announcement of its distribution, after which such an allegiance was no longer felt. Since then, we can say that such an impact was generally only positive. Although some projects also complained about forced restrictions, these complaints were not systemic. In general, the forced isolation forced people to become more interested in and engage in cryptocurrency. This also applies to states and their bodies. This has accelerated the transition of society to digital currency.

[tervel]

There was positive Impacts of COVID-19 on Cryptocurrency. The volatility of the market is inevitable. Still, people were buying cryptocurrency that has made the crypto market appealing among the crowd.