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How Has COVID 19 Affected Cryptocurrency?

How Has COVID 19 Affected Cryptocurrency?

19 Nov 2020

Reading Time: 2 minutes

Let us be real here. 2020 has been the worst year.

The beginning of 2020 was terrible with the bushfires consuming 20% of our bushland and destroying thousands of homes. This also causes residual smoke to flow through cities. In one case, it caused the town of Goulburn to have the worst air quality in the world, beating out places like Mexico, India and China.

Now, we are starting to get back some semblance of normalcy and getting our lives back on track, but COVID did devastate our country and left millions without jobs. Because of this, the government sent out stimulus packages to help those who are affected. This was great but we will be feeling the financial backlash of this for years to come.  

How did the COVID epidemic affect cryptocurrency?

Most of the countries in the world went into complete lockdown around March. We saw non-essential business closed down and unemployment skyrocketed. Along with this, there was also a stop operation in non-essential work like sport and any form of gambling. This played a part in what happened to cryptocurrency.

Did COVID have a negative impact on cryptocurrency?

When looking at the year-long graphs of Bitcoin, Maker and Ethereum, we can see a trend of them all dipping around March. This happened because people were losing their jobs. We can put that down to people not buying crypto which caused the price to drop drastically. Though, after the pandemic lockdown, people all picked up and steadily increased their buying over the next few months.

Governments around the world handed out money to those who are affected. It became clear that there would be some form of recession after this pandemic. This will give rise to people wanting to invest in cryptocurrency.

The perfect storm for Bitcoin

As with the other cryptocurrencies, Bitcoin dropped to a year low in March but slowly picked back up after more people became interested in cryptocurrency. It was soon after this that Bitcoin underwent its halving event which made obtaining Bitcoin through mining much more difficult. This spurred on a higher price as the supply was being cut down, but the interest was slowly increasing.

This might have been the start of the bull market that we are seeing in Bitcoin right now. You could say COVID was a terrible plague that ruined most of the world but it had a positive impact on cryptocurrency. More people were buying and betting on it during the lockdown period.

All major cryptocurrencies are set for a fantastic year in 2021. Bitcoin is looking like it will break its own highest price by the end of the year. It has never been a better time to be a cryptocurrency investor.

To keep track of all the major cryptocurrency prices, click here and use our crypto tracker and stay up to date with all the latest cryptocurrency news.

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