How Will the current pandemic affect the crypto market?

[Abiky]

If I could place a bet it would be on crypto, fiat is going down. It's my conclusion! This economic model is not sustainable, here on forum we discussed some theories and I remember one thing, next big economy crisis (like the one in 2008) will bring governments and banks down. Little over 10 years and here we are, this will be bigger crisis than previous one, and this time some things will change! Before people had just few choices with their money (gold, bonds, real estates, other precious metals...), but now there is this thing bitcoin with entire crypto community behind and many other coins! It's not just about crypto as currencies, it's about what crypto represents! Be your own bank, do with your money what you want, you don't need third party services to control you and rip off you every time you wish to send some money!
Pandemic is a bad thing, I don't like when people suffer, but this is the chances for people who survive to start doing things in different way. We need to start paying attention on each other, on nature around, not on banks, politics and wars!

I also think the same way. During the financial crisis of 2008, it was shown to the world that Fiat backed by central banks was poised to failure. The "bankers" may try to manipulate the system for their own benefit. But, people will notice that it's not worth holding Fiat anymore due to astronomical levels of inflation. Crypto was created for a purpose, and that is to serve as an alternative to the world's current monetary system. Since the "trust factor" is eliminated, everything is based on mathematics and cryptography in order to ensure a resilient system that can withstand any negative events in the mainstream world. Without a central operator, risks are reduced like never before.

It seems to me that crypto will be here to stay for the foreseeable future. The COVID-19 pandemic has only accelerated interest into crypto/Blockchain technology and CBDCs than all the other way around. If this goes on for years, we might see a bigger market capitalization for the world's leading cryptocurrencies. The reason why the pandemic has little-to-no effect over the crypto market, is because the ecosystem is decentralized. Things would've been worse if crypto were to be completely centralized. Due to the distributed and decentralized nature of crypto, trades can continue flowing 24/7 without interruption (unlike the stock market). The pandemic will only encourage governments to launch CBDCs, while crypto benefits from mainstream awareness. Just my thoughts

[Reatim]

As I've seen so far, Altcoins doesn't looks like they are being affected by this pandemic going on..

Meaning Only Bitcoin is affected?i think you are totally wrong on this one mate.

Look at the charts of all top 20 currency and you will find that still Bitcoin dominating the market and all altcoins only following BTC movement.

There are chances that some are pumping(in which common here when whales are trying to bag money from noob investors) but the majority?only moves when btc shows some strength so it means?altcoins are still waiting for the top coin bull.

[MCobian]

In my opinion, the current pandemic has only a short-lived effect on the crypto market, the evidence is that the price of bitcoin is getting better
until halving occurs. After bitcoin halving right now the price of crypto has dropped a little more, but this is somewhat normal because of the price
correction beforehand for can go higher. As we know the spread of corona can not be stopped and the vaccine has not been found, but does not
affect cryptocurrency prices. I predict crypto prices will continue to rise until next year, because during the corona virus there are must financial
transactions digitally so that it can prevent the spread corona virus and cryptocurrency can be used for payment solutions.

[Gheka]

In my opinion, the current pandemic has only a short-lived effect on the crypto market, the evidence is that the price of bitcoin is getting better
until halving occurs. After bitcoin halving right now the price of crypto has dropped a little more, but this is somewhat normal because of the price
correction beforehand for can go higher. As we know the spread of corona can not be stopped and the vaccine has not been found, but does not
affect cryptocurrency prices. I predict crypto prices will continue to rise until next year, because during the corona virus there are must financial
transactions digitally so that it can prevent the spread corona virus and cryptocurrency can be used for payment solutions.

I disagree that if stopping the spread of Corona, transferring money through online bank accounts is still easier as almost everyone owns one, crypto or bitcoin is still not the best option, very few people know about this solution and the government still doesn't agree with crypto. However, I still support the idea that crypto will continue to grow during this pandemic because Corona blocked people's traffic and work, the need for money to become more urgent, crypto as the best method of making money online will get more attention and get more new investments

[Hemady17]

In stock, a lot of changes went when covid spread around the world. Due to the fact that there are corporations who run in making foods and services. So, because there is a locked down, this corps might go down because there is no customer and employees.

But in cryptocurrency, I think the market doesn't affected very much by pandemic. Instead, it goes in upward movement even in small percent because halving and other people forced to see the market situation.

[Yatsan]

In stock, a lot of changes went when covid spread around the world. Due to the fact that there are corporations who run in making foods and services. So, because there is a locked down, this corps might go down because there is no customer and employees.

As of now we can generalize that the pandemic have already affected everything, and when we say everything that means every thing. You could easily see the huge decline in employment rate more than hundred of millions? billion? from that we'll know that we are going deep far from what we expected. But now w are slowly recovering, I can tell it from what China is trying to imply they conquered the virus and made the recovery rate of 90%

But in cryptocurrency, I think the market doesn't affected very much by pandemic. Instead, it goes in upward movement even in small percent because halving and other people forced to see the market situation.

There is no data that we can see so there would be no truth about that ,but if we put it on basic terms we can say that pandemic has an effect to the crypto market since its casualties are onto people which composes the crypto market.

[brotherwood12]

it affect , but not crash instanly i think , people withdraw after a month and after they realize how serious this pandemic was and the price slowly going to crash

[Vannie12]

I think due to the Quarantine period and pandemic, people will patronize the use of decentralized transactions.
The market may move from time time during this time and more people will realize the importance and use of such cryptocurrencies.

[Botnake]

I think due to the Quarantine period and pandemic, people will patronize the use of decentralized transactions.
The market may move from time time during this time and more people will realize the importance and use of such cryptocurrencies.

not sure if that would really help for online transaction, what I have in mind is that since the world will be in economic crisis, the value of our fiat will decrease and therefore we should be looking for a good investment opportunity to protect our money from inflation and crypto or bitcoin is the answer for that, at least for people who believe in crypto.

[aioc]

So, it's like most lockdowns are making people go into trading and bringing more users to cryptocurrency trading.
Do anyone think the Coronavirus will reshape the cryptocurrency economy or blockchain industry positively?
I will also like to see more explanations if there is.

I'd like to think that it's positive because we are still moving although the movement is slow we are still moving and the huge drop when the news of pandemic has erupted is now over and it's like back to business in the Cryptocurrency market, we need more good news to come for the market to move fast.

[michellee]

it affect , but not crash instanly i think , people withdraw after a month and after they realize how serious this pandemic was and the price slowly going to crash

People already realize that the pandemic is a serious thing that happens in almost country, so they concern with their health. We know that the crypto market is affected by the pandemic, but gladly, the crypto can survive until now, and the crypto market trying to rise again. And with the halving moment is already happening, people are waiting for the next bull run that can happen in the market.

[lumeire]

it affect , but not crash instanly i think , people withdraw after a month and after they realize how serious this pandemic was and the price slowly going to crash

People already realize that the pandemic is a serious thing that happens in almost country, so they concern with their health. We know that the crypto market is affected by the pandemic, but gladly, the crypto can survive until now, and the crypto market trying to rise again. And with the halving moment is already happening, people are waiting for the next bull run that can happen in the market.

bull run requires new money in the market to happen, and with the lockdown still implemented and people loosing their jobs, this idea might be very much not possible in the near future. But the Crypto market might rise after the end of this pandemic or when the country wide lockdowns are removed, but until then bull runs happening not seems possible at all.

[coinfinger]

Well, people could stay at home and do stock trading as well, they can stay at home and do forex as well, they can stay at home and basically trade everything at home nowadays because there is no need to actually go outside for these.

But they prefer bitcoin a lot more, they prefer crypto a lot more as well. Why? Because crypto became a lot more personal and individual for humanity and everyone feels like they are actually doing something themselves, it allowed people to take their own future into their hands and that feeling is freeing to everyone, they feel like finally they can decide their own future instead of some stock broker in wall street who is trying to make some money from their trades regardless of what the outcome will be for the investor.

[FanatMonet]

When buying altcoins, you need to be very careful about them, with a large share of analysis than is acceptable in the case of Bitcoin.
As I was told by 1 person who rose very much in 1 year, if not less (with 1 BTC, he did 20-25). You need to buy coins that are waiting for any improvement or an important decision. It is advisable to buy 4 months before that moment, when most of the market is still free.

[cosmofly]

I don't think this pandemic will cause many people to believe in the crypto market. Cryptocurrencies have long been labeled as a market full of manipulation and fraud, completely true and therefore no one wants to participate in this market. When the pandemic comes and stocks fall sharply, it will be an opportunity for investors to pour money into businesses that have cheap stock prices. most people will not pay attention to crypto, because it still cannot help the economy better.

[michellee]

it affect , but not crash instanly i think , people withdraw after a month and after they realize how serious this pandemic was and the price slowly going to crash

People already realize that the pandemic is a serious thing that happens in almost country, so they concern with their health. We know that the crypto market is affected by the pandemic, but gladly, the crypto can survive until now, and the crypto market trying to rise again. And with the halving moment is already happening, people are waiting for the next bull run that can happen in the market.

bull run requires new money in the market to happen, and with the lockdown still implemented and people loosing their jobs, this idea might be very much not possible in the near future. But the Crypto market might rise after the end of this pandemic or when the country wide lockdowns are removed, but until then bull runs happening not seems possible at all.

Maybe that is one of many reasons for the market not to start to increase or start the bull run. I think when the lockdown is removed, and people can back to work or get the new work, the market will change too. And maybe that is a good time for the price to get started the bull run. So we hope that will happen soon, and we can make a lot of money again.

[marlo1001]

Even halving is not affect the btc price. I dont think that this virus is a good news for btc. A lot of people are writing that this could be a good chance for btc but actually people and laws are still not ready for mass adoption

[tbterryboy]

Lol and who said that altcoins were not affected by the pandemic? When the price of Bitcoin fell from $10,000 to a very low of 3k to 4k, a lot of altcoins were also affected, especially those of them that correlate with Bitcoin in price, they even got divided by half. So, don't say that altcoins were not affected by the pandemic, it's just a few that were able to stand.

But despite that Bitcoin was affected by the pandemic, it still recovered within a short time and still shows signs that there is going to be further increase as time goes on. In my opinion, bitcoin somehow managed to defeat the pandemic situations but gold and bitcoins must need to boom when stocks are not performing well. It means we can expect more rapid growth for bitcoins in coming days.

[davinchi]

Market didn't start to bull? You do realize that during a pandemic when there are tens of millions of people who are unemployed, at least that much on unpaid leave, and hundreds of thousands of people dead, we are still above the price we started. When this all started we were around at 9k, and right now we are above that price.

Hence what I am trying to talk about here is not the fact that bitcoin is going up, which I agree since the halving there wasn't much change, but the fact that it didn't went down neither, people could have realized profits and get out, but they didn't we are still pretty high. Specially in days like this, having bitcoin at this rate is amazing and I do not think we need to be going up to consider this a success, staying the same is good enough for me.

[Abiky]

Lol and who said that altcoins were not affected by the pandemic? When the price of Bitcoin fell from $10,000 to a very low of 3k to 4k, a lot of altcoins were also affected, especially those of them that correlate with Bitcoin in price, they even got divided by half. So, don't say that altcoins were not affected by the pandemic, it's just a few that were able to stand.

But despite that Bitcoin was affected by the pandemic, it still recovered within a short time and still shows signs that there is going to be further increase as time goes on. In my opinion, bitcoin somehow managed to defeat the pandemic situations but gold and bitcoins must need to boom when stocks are not performing well. It means we can expect more rapid growth for bitcoins in coming days.

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