The Effect Of COVID-19 On Bitcoins Market

effect covid-19 bitcoin market coronavirus bitcoins market crypto

Introduction 

The pandemic outbreak of COVID-19 in late 2019 has resulted in a huge financial loss in 2020 and for years to come. The outbreak of the pandemic has resulted in both the physical and mental breakdown of every human being across the world. Time has stopped but the Coronavirus outbreak has flamed up more. The rich are not getting richer but the poorer are getting poorer. 

What Changes Might Be Seen? 

The investors have become very naive after the pandemic struck hard all over the world. The flow of currency in the economy is almost stagnant and nothing as of now could improve that to make it better. However, if we try to understand the financial loss in a better way then we might see that there has been a huge selling pressure on certain traditional avenues. The fear of the lack of liquid currency has led to making money the king of all. 

Printing more and more dollars has become impossible to beat the situation hence some experts have advised to take up promotion for bitcoin in these hard times. The greenback is going to be demolished in order to maintain the balance between demand and supply in the country. However, the present situation will lead the dollars to give away their own worth as it seems that it will collapse soon. Bitcoin is gaining more priority as all other sectors are losing their charm from it. You can also check some of the sites like thebitcoinrevival.com for detailed information. 

This is why many experts are saying not to save, in fact, this is the time to invest in gold, bitcoins and other metals. Amidst all things, the bitcoins and the cryptocurrencies have stayed strong. But while talking about bitcoin prices, we must say that there some limitations and some extra measures must be taken. The technical base of the bitcoin must be understood in order to trade or use bitcoins at all. 

If we try to analyze the American dollar in the current scenario, then we would see that the currency that is reserved is getting more powers. This is the result that has been deciphered the previous month after testing the support which was below 100 and 99. As the fatality rate has started to increase and the government has no other option but to inject more and more money in the economy the result of which lowered the value of the American dollar. This kind of condition in the economy has been termed as Hyperinflation. 

The demand has increased immensely and the pressure to survive during hyperinflation is even more. This is why the government is printing more notes to keep up with the demand which is very difficult to be stopped. All other national currencies are running behind in the race as US currency is already leading it as a gainer. But the question remains how long will the greenback survive like this amidst forceful money injection in the economy. 

This entire system may seem to give you some cash and many may raise the question on it as to why do they even need the free cash but they must also know that not everyone in the economy would earn the same amount of money. Now then the next question would be it is rational to accept this free cash? However, the answer is yes, as long as it is available it has to be accepted otherwise the entire system would be affected making the rich richer and the poor poorer. 

Crypto Conclusion 

Overall, in the past week, the price of the bitcoins has raised high and it is trending to raise even more. The upward arrow of raising money trend has shown hope to all the bitcoin users to invest more.

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