Due to the unfortunate wake of the pandemic COVID-19, the whole world and its economy has been adversely affected. The outbreak of said virus has caused so much destruction, almost in every country. All the trade services amongst the Nations have been hindered. A large number of individuals lost their respective jobs and till date the situation is being more deteriorated.
So many people across the Globe have been infected by the said virus and so many lives have been lost due to the same. No country has been left untouched by the pandemic COVID-19. Due to the hindrance caused by this virus all the sectors of the society which directly affects a Country’s financial situation and economy, have been completely imbalanced.
Who has declared this virus as a deadly virus that can be easily transmitted from one person to another, as similar as a normal cold or cough spreads? In this present article, I am going to discuss the adverse effects of COVID-19, over the functioning and value of Bitcoin and other forms of Cryptocurrency.
Has the value of Bitcoin declined?
As discussed above, all the sectors of the Society have been affected adversely and Cryptocurrency is also one of those sectors. Due to the widespread communication of this virus the price of Bitcoin has also affected. If we peruse the fluctuation in the price of Bitcoin during the last few months, it can be easily drawn out or understood that the COVID-19 had acted as an evil and had caused so much distress.
A rapid downfall has been witnessed in the price of Bitcoin, since the wake of COVID-19. The price of Bitcoin in the month of March 2020 was around $8,100 and at present i.e in the month of August 2020 the price of Bitcoin is around $11,000. In between the price of Bitcoin swung unprecedentedly. If you are seeking more information pertaining to the same you can visit Daily profit
Factors that caused price fluctuations.
There are a few which are attributable to the price fluctuation of the Bitcoin and other cryptocurrencies. As the trade market started getting affected because of the wake of the virus, complete shutdown of cities, states, and even countries took place, because of which all the offices, transportation facilities, day to day outdoor activities were prohibited and being a reason the stock market and other investment platform’s working was hindered and the same consequently jeopardised the interest of all the potential investors. Investors started selling their respective share of Bitcoin in a hot and haste manner, due to which the price of Bitcoin was declined in between. The only reason behind the said action of the Investor was the requirement of money to meet their day to day expenses.
Despite these big price fluctuations, Bitcoin has not disappointed its Investors. At present the price of Bitcoin has arrived at its growing rate. Moreover, Bitcoin has been ranked as one of the most easily liquidable assets among all other Investment options.
From the perusal of the above-written content, you must have understood one fact, that despite the adverse effects of Coronavirus on the entire world, cryptocurrency is still in the race and also turning out to be the best amongst other Investment platforms. If you are in a dilemma as whether to invest in Bitcoin or not, then I hope this article answers all your questions. Bitcoin has successfully survived the COVID-19 and has duly shown its reliability. Hence, making investment in Bitcoin indeed a smart move you would make.