Coronavirus Influences Trading within the Cryptocurrency Market

The Cryptocurrency market is changing following the onset of the deadly coronavirus virus ‘Pandemic’ which started in late 2019. Data indicates a significant shift in the trend of trading with the cryptocurrency markets for periods before the outbreak of the coronavirus and periods after the outbreak of the virus.

COVID-19 Causing a Shift of Trade in the Cryptocurrency Markets

Cryptocurrency markets have faced increased volatility since the outbreak of the deadly coronavirus. According to the World Health organisation, the COVID-19 strain which was first reported in China has spread to very many parts of the world crippling economic activities and causing lockdowns in many big cities.

The CDC and the WHO are now facing fears that the virus could spread and cause a pandemic affecting the entire globe. This fear alone is crushing stock prices on the world market. The S&P 500 index has remained in the red zone by more than ten percent since the onset of the Virus. 

On the other hand cryptocurrency over-the-counter (OTC) trading improved since the outbreak of the Virus. Within the last two months the volume of OTC traded cryptocurrency consistently increased. This indicates that more people are getting more interested in cryptocurrency amidst the fear of the highly contegeos corona virus.

The Impact of CoronaVirus on the Global Crypto Market

While the true impact of the COVID-19 on the cryptocurrency market varies geographically from one country to another, the scale of the virus remains catastrophic. Australia, a country with more dependencies on Asian economies devastated by the virus is less affected by the impacts of the Coronavirus. 

Traders in preparation to embrace the CoronaVirus pandemic are daring not to hold their crypto deposits given the high market volatility. The Virus has not only affected prices in the stocks market and Bitcoin but also high valued commodities like gold and oil. The corona strain is still raging and it’s worst effect on the crypto market may still be far ahead.

The Virus with Its Own Cryptocurrency

Coinidol.com, a world blockchain news outlet, reported that a group of anonymous developers are going to launch a cryptocurrency called CoronaCoin. This new crypto would allow people to bet on how many people get ill or killed by the disease. All data will be registered on the blockchain, therefore, the supply and the price of CoronaCoin will depend on the number of diseased. 

Around 20% of the coin’s monthly supply will be forwarded to Red Cross to help deal with the consequences of the COVID-19 as well as to support research of a possible cure or vaccine.