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Corona, This single word has been threatening the whole world. Countries all over the world are taking top-notch preventive measures to protect themselves from this killer virus.
We all know, China is the birthplace of Corona and how this deadly virus shuttered its Economy. As of now, more than 2000 people died and 70,000 Chinese are affected by this virus.
The World Health Organization, says that the world must prepare for Pandemic.
Thus this virus impacts the loop and corner of the globe and there is no wonder in its impact in the cryptocurrency market which gives birth to the Corona Coin.
Corona Coin is the kind of token build on the Ethereum platform. This token is designed in the way, as the virus spread increases, the value of the token increases simultaneously.
It is the world’s first blockchain that tracks the spread of the coronavirus and this lets the world know the real statistics regarding this virus. The ultimate goal of this Blockchain is to create awareness about this virus.
How does it work?
The Initial supply of token starts from 7.6 billion based on the world population. For every 48 hours, a specific number of tokens are burned in corresponding with official WHO statistics. This deflation process is to hike the price of the remaining tokens, The more the tokens are burned, the more the value of existing tokens increases. The token holder can gain benefits if the price of the token increases. Till now, 600 tokens are sold.
Is it moral?
You might think, is this humanity to make money from a victim's death?
The Blockchain team has given clear explanations for this.
They confess that 20% of the profit is given to health care organizations
The team is the tie-up with biochemists to develop medicines for this virus.
They also admit that some greedy people encourage the spread and give spam information to earn more money and their team has taken the necessary steps to reach their motto.
Thus, Technology does not fail to give solutions to our Issues. Thus the Giant in Tech, Blockchain technology stands with us in the most crucial war against the Corona virus.
Like the sides of the coin, it has two aspects,
It leads to the growth of new blockchain technology and it adversely affects Bitcoin price.
Down of Stack Market
The Price of the Bitcoin drops 3% recently, and its current price is 8889 USD. It is the historical price fluctuation in bitcoin.
The pullback made a huge impact on the Stock market. This market pullback wiped out the profit made by DOW(Dow Jones Industrial Average) 2020 which is the stock market index that analyzes the performance of stock exchanges in the USA. And another stock index that analyzes 500+ companies stock in the USA has fallen up to 3.7%.
Jim Kramer, CNBC host pronounced, Now stocks are too toxic to touch. Many US-based, as well as global companies, depend on the Chinese market the sudden shut down of lets to the huge market fluctuations.
Glod price POP as Bitcoin price drop
Many Crypto Analyst believes that traditional assets such as gold, silver are inversely coordinated with the digital asset.
To highlighted the above statement, Currently, the gold price rose and Bitcoin price drops, This makes us realize the interconnection between Traditional asset a Digital asset
This coronavirus, global market fluctuation, bitcoin price drop, sudden hike in the price of the gold make us realize the hidden interconnections among the overall global market.
Coronavirus - the killer virus not only affecting humans but also making huge fallen to the kingdom of cryptocurrencies all over the world. The price of bitcoin has faced a sudden hedge in its growth. Why does this happen? The main reason is the virus originated from china and has spread with big waves inside the country. On the other hand, China is the leading country for bitcoin and cryptocurrency-related transactions. As the virus spread over the country people are not able to continue their daily work, as usual, this caused the countries economy and stock market to witness a huge decrease. Investors are afraid to invest in the china market, china based crypto exchanges, stock markets, and many countries have stopped importing or exporting goods with china. All these things made the Chinese finance market and hence the bitcoin market fall down. If the virus were stopped before spreading to other countries, the global market could have been isolated from this much of a disaster. But, sadly, the virus has now spread to more than 30 countries, this made the huge wreck to the global finance market.
We accept the current situation of the cryptocurrency market is worse than before, but the truth is, this is not going to be continued.
If you check back the history of bitcoin, and the cryptocurrency industry you may have witnessed the industry has crossed over a lot of hurdles. Here are some reasons that have been a bottleneck to the growing industry.
4.Hacks and Scams
5.Security Issues over the exchanges
7.The arrival of New Blockchains and Cryptocurrencies
8. And now the Coronavirus
But the truth is, bitcoin and its troops have been troubled for a particular period of time if any of the listed reasons occurred over the globe. When the situation becomes normal, the industry will automatically start to pick its growth path. So, what we are trying to say is, this impact of coronavirus is not going to create an end time for the cryptocurrency industry. So as cryptocurrency enthusiasts we all should wait for the situation to become normal.
Bitdeal Concerns About the State Of Crypto Industry
Bitdeal, as a blockchain development company, is concerned about the growth and fall of the cryptocurrency industry. Also, we are taking responsibility to free the investors and cryptopreneurs from this hectic situation by portraying the positive sides of the cryptocurrency industry. Business people still have a lot of possible ways to start their cryptocurrency or blockchain business.
Hey Peeps !! This is Anushya an enthusiastic and energetic individual who persists in the field of Blockchain and Cryptocurrency for more than 4 years. At present, surviving as a Business Consultant and Blogger at Bitdeal. I am fascinated towards the upcoming trends and technologies in the digital globe. Stay tuned with us to move forward with innovations in the crypto industry !!
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