It was hardly expected that the year 2020 would prove to be the unlucky year for the whole world. You are better familiar with the reason why is it so. Yes, it is none other than coronavirus. The dreadful disease came from China and got spread to the whole world downpouring tragic fall in the economic system. Many big and small businesses have been badly affected by this dreadful virus. Many sectors including health, aviation, tourism, industry have come down. People who were inquisitive to buy cryptocurrency in India or for the Bitcoin investment plan got stuck with their plan as corona has not spared even the cryptocurrency too. It has become pandemic trouble for Bitcoin.
The most popular crypto coin, Bitcoin has been to a very extreme historic phase due to the persisting impact of corona in the big countries like the U.S. The pace at which this disease has risen was not expected by anyone. The pandemic trouble for Bitcoin can be witnessed with its loss of value around 50% in one day. The dominant coin crashed down to $4K since March. However, it managed to recover the losses by bouncing back around $6K.
The current falling performance of Bitcoin made some analysts denying the fact about the latter crypto coin to become a safe-haven asset. A crypto trader has also witnessed a major fall in the value of Bitcoin and other cryptocurrencies. Amid the corona crisis, there has been an initiative for adding blockchain solutions for worldwide health policy to deal with the persisting problems caused by a coronavirus. This would prove helpful in tracking out the hospitals, globally that are efficient in treating the patients suffering from COVID-19.
Apart from trouble for Bitcoin, deaths caused by coronavirus is becoming a profit-earning for some developers through coronacoin, a new cryptocurrency whose running price is around $0.01. Based on the rate of new death cases caused by a virus all around the world, the supply of this coin gets down after two days. The reputation of Bitcoin once had an image of being a safe-haven during financial fall down. Today, coronavirus has proven to be pandemic trouble for Bitcoin leading to falling in its price.
The rising cases of Covid-19 made the government take an extreme step with a solution of lockdown, where people are being forced to remain confined to their homes making their life difficult to meet their necessary needs. The situation has become so worrisome for the investors that now they are unable to bestow their trust upon Bitcoin. This is yet another trouble for Bitcoin, where it is losing its trust among the investors, who now no more consider it to be a safe- haven in crucial times always.
Conclusion
The pandemic trouble for Bitcoin caused by coronavirus is a matter to think about. People who were curious about the easiest way to buy cryptocurrency have now come to standstill. It is because COVID-19 has blocked all the hopes of investing in cryptocurrencies. After all, like other essential sectors, cryptocurrency has also been affected badly. Not only Bitcoin, but other cryptocurrencies also came under its influence. Now, will global famed cryptocurrency, Bitcoin regain its lost glory by becoming a safe-haven during the financial crisis? Can Bitcoin win back investors’ trust? Well, let us see and wait.
