The world is experiencing a major disruption in economic activities due to the coronavirus effect. In the midst of this financial chaos, what is Bitcoin, Ethereum and Litecoin?
As the days go by, Covid-19 continues to destroy at an alarming rate, affecting millions of people worldwide. This effect is enormous that the World Health Organization (WHO) announced on March 11 that it was a pandemic. The world is experiencing a major disruption in economic activities. So in the middle of this financial chaos, what is the world of Bitcoin (BTC) and the crypto world?
Since 2010, Bitcoin has introduced the crypto world to the financial market and assumed leadership. Believers in Bitcoin have grown, and this number has risen as more investors turned to Bitcoin, a faster and safer alternative from the fiat money system.
But again, the BTC that was about to climb up stumbled. With the coronavirus epidemic, which began to spread from the beginning of the year, BTC, which increased to 10 thousand dollars in February, fell to 8 thousand. Then, when it fell to $ 4 thousand on March 16, it climbed up again and climbed to $ 7 thousand on March 20, which means a 75% increase in 4 days. So for sure, we are in a tremendously volatile time for Bitcoin.
While financial markets are subject to sharp losses worldwide, central banks will pump liquidity into the markets, possibly causing the fiat to fall in value. On the other hand, BTC has a limited supply