After the epidemic of COVID 19, governments all around the world were eligible to expect the future exception and took specific violent measures to contain the extensive incurable virus.
Since the proclamation of the International lockdown. Many countries have already raised the lockdown to soften up their economy, some of the counties are yet following the lockdown to diminish the number of COVID-19 cases.
Presently, the total number of COVID 19 cases in the earth is well over more than 7.27 million and the total number of confirmed deaths is over 413,000.
The entire explosion followed by the International lockdown vacated a huge mark on the world’s economy. This made different nations to call off the lockdown to resume their financial business. By the time they commenced with the trade, the world’s economy had already been mortally destroyed.
In this proclamation, we will discuss the execution of the cryptocurrency trade market and how it was affected by recent events.
What is the Meaning of Cryptocurrencies?
Before we begin with the digital currency and crypto trade market, you will require to have a good idea of “what are cryptocurrencies”. Well clearly speaking, cryptocurrencies are decentralized digital currency that no government has power over.
Cryptocurrencies are rooted in blockchain technology that works on the public archive’s doctrines. According to this precept, the data can only be encrypted. Everybody can see the data, but no one will be prepared to change anything.
This same doctrine is used for the cryptocurrency’s transaction. Methods like crypto exchanges, investment, CFDs, extraction are used to obtain from the cryptocurrencies.
Now you know what cryptocurrencies are and how they work in the trade market, we can now begin with the real objective of writing articles.
Volatility of Cryptocurrency
Cryptocurrency has ever been known for its high volatility. It is due to its high volatility, that traders and investors have shown their curiosity to invest in cryptocurrencies. For traders who trust in” high risk, high gain”, the cryptocurrency trade market is a great place to use their money.
Before the explosion of the novel coronavirus, the total market of the cryptocurrencies was better than $318 billion. But after the eruption of the COVID 19, the total market value of the cryptocurrency chopped down below $120 billion.
Other cryptocurrencies like Ethereum and Ripple were also decreased by 66% of their total market value. This big failure was due to the people liquidating their digital assets to overcome the lockdown period. If you are interested in bitcoin trading you can visit Bitcoin Compass.
Bitcoin a safe Paradise
There was a duration when bitcoin and the other cryptocurrencies we’re supposed to be a safe shelter for investment. Subsequently the introduction of the cryptocurrency in the trade market, traders, and investors we’re having the second opinion to investing in cryptocurrencies. It was a quiet slow transaction, but the traders began shifting their investment to their crypto trades.
The crypto market was running smoothly but then arrived in 2017. This year has already signified its presence in the trading history. This was the year that ensured the highest price examination of the Bitcoins. Everyone was surprised by the outcome; this made the trader and investor transform their portfolio from other assets to the crypto assets.
The currency exhibition has actually left a big scar on the global market forcing industries to close their doors. In the centre of this disaster, cryptocurrency was able to execute well enough to maintain the trader’s confidence.