The Impact of Corona Virus Disrupts the Crypto Industry in China.

[pugman]

Is there anyone who buys items on AliExpress? Most of the deliveries shipped from China are currently blocked or at least retarded with the virus.
I'm waiting for something for near 2 months.

I watched a documentary yesterday, citizens have different applications to see who's infected in your street, it's a real-time map. The streets are empty, they control your body temperature on every corner of the streets, before going into a supermarket, etc. All the restaurants are empty.
They interviewed a worker saying it's like 1 month since he hasn't gone to work. I believe they never got so long holidays there

It is not only the crypto industry in China (with mining machines shipping retarded, mining staffs in quarantine, and who knows what), it is the entire local economy that is directly impacted, and all international companies sourcing from China are indirectly impacted as well

Yep, it's absolutely madhock crazy. Funnily enough, despite the fact that this whole epidemic has caused global panic everywhere, countries are still scared to put a travel ban on China because they are scared of China.

The crypto and the stock industry on the other hand are lowkey suffering(The Dow Jones fall for instance). But at the same time, a pharmaceutical company who's said to have a vaccine tested for Corona in the month of April had their stocks almost quadruple in the past week. The markets will go the same way, it's basic economics, demand and supply changes over time as the ever dynamic industry changes and responds. People react towards the change,regardless of how big or small it is.

It's kinda the same in South Korea too, they have a live tracking map for all the people affected with the virus with the names being redacted for obvious reasons : https://coronamap.site/

[DLiiMa]

one day before lock this thread. i hope all of you will understanding.
positive coment, positive thinking

Be a Smart people

[awik p]

one day before lock this thread. i hope all of you will understanding.
positive coment, positive thinking

Be a Smart people

Of course I would like to write something positive in order to raise the mood of people, but we must face the truth, since the situation with the coronavirus epidemic is difficult not only in China, but also outside this country.  Already today, the Prime Minister of Italy has announced a quarantine statement for the whole country where borders are blocked.  And Israel, in turn, applies 14 days of quarantine to all who enter the country.  Of course, this situation affects almost the entire business, both large and medium, and small, which will lead to certain financial problems and to another economic crisis.  Based on this, in any case, the virus affects companies that are related to cryptocurrency, as well as miners that support the network.  But for the sake of fairness, you need to voice the good news consists of the fact that they have already found a vaccine for the virus, and I hope that such a difficult situation will improve.

right, such as mining activities in cryptocurrency, of course requires support from other infrastructure, such as the internet and electricity. of course many people are involved in the supply of electricity and the internet, if many workers in the sector are infected with the virus, then the smoothness will be disrupted. and this certainly affects the price of cryptocurrency

[senin]

Since the spread of coronavirus and the need to take the necessary protective measures significantly violates the usual life of people, the world economy suffers from this. If this virus continues to spread at the same pace, it could trigger the onset of a global economic crisis. Already predicted that the damage from coronavirus could amount to 2.7 trillion dollars.
The virus negatively affects all markets, including the cryptocurrency market. However, it is hardly worth saying that this market is collapsing. Even in such a peculiar country like China. The cryptocurrency market is falling, but this process is temporary. The virus will be defeated and cryptocurrency will develop further.

[Negotiation]

The coronavirus has spread throughout the world and it has become an epidemic If the timely vaccine is made it can be cured and China's economy will not be disrupted. And the downside is that the impact of the coroner virus will hamper China's crypto industry because the virus is causing many people to become ill and losing their ability to work will only disrupt the crypto industry.

[Meowth05]

It really affects their crypto industry because their is definitely a shortage for workers because there are lockdowns to prevent the further spread of the contagion. Not only do their crypto industry suffer but also their morale, people are becoming desperate when this is the time that should be more optimistic. I hope this problem won't last because this will cause a serious plummet in the crypto market.

[Janation]

Of course, even one of the largest crypto mining companies in China was forced to close just because of the said epidemic, the NCov.
The global economy has really effect on the market's stock even in the virtual market it is also affected. Not just only by that, all online merchants have also announced delayed shipping due to the epidemic virus.
I hope someday everything will be okay.

I don't understand why would they be closing it because of the epidemic.

It is not like they can't run it with the epidemic ongoing. If they couldn't all of those miners, they could just run some of them so they would keep on mining. Another thing is that, why would it disrupt cryptocurrencies when it can be used in times like these. Offline payments or fiats can be used more often since people are inside their houses scared of the disease.

[Railai]

I was expecting that in moments of cryses BTC will show its glory but so far it is just a dissapointment. My hope is that with all these limitations cause of covid19, bank transfers will start moving slower and people will buy btc or crypto to pay for liquidities. Tho, this is not happening yet

[TheGreatPython]

As long as a Blockchain company is what we are talking about here, I don’t really see anything wrong with working from home. Most Blockchain jobs are remote jobs, the only ones I think might be affected are the mining companies. I don’t really know how bitcoin mining farms works, but I think they have to be there to manage their farm or something.

But as for others, like exchanges and wallet companies, there is the possibility for their staff to work from home. Just like Exodus, their staff work from home, if you check their website you will see that. Another cryptocurrency company is Xapo, majority of their jobs are remote jobs and they work with Slack.

[ssamotoev]

I was expecting that in moments of cryses BTC will show its glory but so far it is just a dissapointment. My hope is that with all these limitations cause of covid19, bank transfers will start moving slower and people will buy btc or crypto to pay for liquidities. Tho, this is not happening yet

Your expectations are not realistic. What you are saying is quite similar to expecting for instance eth to move separately from btc - you want btc to move separately from whole stocks market which is not happening.
So btc would fall anyway in current situation

[gaston castano]

i think now, the effect impact on economy on around world, not only stock, forex, and another comodoty,
even in crypto we also get this effect.so this is very terrible,now that all economies are down, some people
will use that moment to take advantage of this very deep decline.

[imstillthebest]

i think now, the effect impact on economy on around world, not only stock, forex, and another comodoty,
even in crypto we also get this effect.so this is very terrible,now that all economies are down, some people
will use that moment to take advantage of this very deep decline.

so you think that is bad when people use this opportunity to buy and hoard  ? its not actually bad but its benficial in crytpos because in that way the value can easily returned while it was bad to buy and hoard medical stuff and other basic needs because that will make you selfish because the stocks of those items easily goes down and as a result others cant avail  . this is the situation that are still happening   .  panic buying here and there   . this impact is huge on china but other countries slowly get infected too or got affected too  .

[bitgolden]

It is basically impacting in priority way and nothing more. They have something much more important to deal right now so they can't really make anything about crypto for the time being but that is about it, nothing more. I personally do not really think that we should worry about bitcoin or crypto in general right now and the price etc etc because whats going on around the world is a rare thing and not going to happen too frequently.

We are going through some rough patches as a world and 2020 has been a bit foggy but overtime we will definitely see an improvement on prices and of course China going into bitcoin a lot harder as well, just gonna take some time that's all. When you are dealing with stuff that are more important these things are not really becoming priority.

[Kurokonobasuke]

As my own perspective and based on what we experiencing right now. Not only the china has an impact of corona virus because when the pandemic coronavirus are spreads throughout the world many countries are get infected to it and the crypto industry are also effect, all the currencies are drop at a lower price. In minimizing the impact of virus is to use the crypto currency instead of fiat currency, as we noticed it is easily spread the coronavirus through physical things and if we use the crypto we can prevent the virus from spreading it.

[fabiorem]

The halving will deliver the coup of grace in many of these mining companies.

Then there is Shelby's FUD from one year ago, where he predicted a massive stealing from SegWit addresses.

Bitcoin is navigating in murky waters right now. Being submitted to the stock market, to derivatives speculation and now the industrial impact from the shutdowns shows bitcoin is in a iron ordeal it never saw before.

[abhiseshakana]

As my own perspective and based on what we experiencing right now. Not only the china has an impact of corona virus because when the pandemic coronavirus are spreads throughout the world many countries are get infected to it and the crypto industry are also effect, all the currencies are drop at a lower price. In minimizing the impact of virus is to use the crypto currency instead of fiat currency, as we noticed it is easily spread the coronavirus through physical things and if we use the crypto we can prevent the virus from spreading it.

The characteristics of cryptocurrency are unique and because of their decentralized and anonymous nature, but cryptocurrency has a volatile value (except Fiat-backed Stablecoins).

Statistically, China is a huge market power but it is difficult to conclude corona correlation with the cryptocurrency market in China. What is certain is that the corona effect is hitting all industries in both the real sector and the market both conventional and cryptocurrency markets.

In addition, investors in these uncertain conditions generally cash their assets and prefer to hold fiat money as a form of protective action not to their assets but to the safety of their souls. Continuation of this is that they prefer to use e-money or digital payment instead of cryptocurrency (because of the volatility) to avoid the use of physical money that has the potential to be a corona distribution medium.

The risk of using physical money during the Corona Pendemi also encourages the government to accelerate the creation of stable coins or CBDCs as a precautionary measure if the pandemic is prolonged.

[carter34]

now that all economies are down, some people
will use that moment to take advantage of this very deep decline.

Yes it is a time for people who are smart to do some good return because there is no way that price will not pump after this time that economy is down. When countries come out of this, they will pump in money into their system which means investment will come back and cryptocurrency too will have its own share of it.

[ethereumhunter]

The impact of Coronavirus not just happened in China, but it occurs in all countries, and all of them trying to solve the problem first before they can recover their economy. But I don't know if that is also impacting the crypto industry and blockchain in China because I think that they don't just have their server in China only, but they also have another server in another country. I am sure that even if their business in China is down, they can still running from the other country.

[criza]

There are significant number of sites and news saying that China now have less to zero number of infection a day, and the price of Bitcoin from the end of the month of March have been steadily growing from the dump to $3,500+ value. I think this events does explain why even if there is a worldwide quarantine implemented by each country, the development in the price of Bitcoin still continues up to this day. China is a big country, and it hosts a large community of Crypto currency, and the possibility regarding the recovery of the Bitcoin price might be rooted from the recovery of China.

[ultrloa]

There are significant number of sites and news saying that China now have less to zero number of infection a day, and the price of Bitcoin from the end of the month of March have been steadily growing from the dump to $3,500+ value. I think this events does explain why even if there is a worldwide quarantine implemented by each country, the development in the price of Bitcoin still continues up to this day. China is a big country, and it hosts a large community of Crypto currency, and the possibility regarding the recovery of the Bitcoin price might be rooted from the recovery of China.

Yeah they have 0 new cases for the past of days but unfortunately they have new 39 cases yesterday and you can read the information

Here: https://www.channelnewsasia.com/news/asia/covid-19-coronavirus-china-increase-cases-1-more-death-12612430

and seems they are not done yet with the virus since provably the 2nd outbreak will come if they didn't contained it. But I'm curious if this event will really give an effect since maybe we still in danger zone but hopefully we cannot see a big crash if the case will turn into worse situation again.