How Coronavirus Affects The Cryptocurrency Market

The coronavirus epidemic is now officially global. Countries with a big number of infected are under lockdown, restaurants, cafes, and other public places are closed, and conferences are canceled.

The current situation has severe effects on the world’s economy and financial markets. And the crypto market is no exception. In fact, the price of the most popular cryptocurrencies dropped, people are panicking and selling their coins, and, apparently, a coronavirus-related coin even popped up on the market.

So, let’s see how coronavirus is affecting the cryptocurrency market.

Crypto miners are working on coronavirus research

coronavirus cryptocurrency miners

CoreWeave is the largest U.S based miner on Ethereum blockchain providing GPU accelerated computer solutions.

During this crisis, the company has decided to fight back against coronavirus and help out with treatment research. According to the article published by CoinDesk, CoreWeave redirected its processing power of 6,000 computer chips in an effort to help to find a treatment for coronavirus.

The processing power of the computer chips is used to find coronavirus-related information that can be helpful in finding an antidote. As a result, thousands of computers around the world are connected to form a supercomputer for coronavirus therapy research.

Cryptocurrencies’ rates fell

coronavirus cryptocurrency price

On March 12, bitcoin’s price fell below $6,000 for the first time since May 2019. Experts claim that one of the reasons for the fall in price is the collapse in the oil market and the news that the coronavirus has become a pandemic, which caused a lot of panic around the world.

But bitcoin isn’t the only one. Other cryptocurrencies are in similar situations: Ethereum fell by more than 25% , Bitcoin Cash – by 30% , Litecoin – by 23% , and Ripple – by 17%.

However, analysts believe that the restoration of cryptocurrency market is just a matter of time.

Coronavirus-related cryptocurrency coin

coronavirus cryptocurrency coronacoin

Believe it or not, CoronaCoin showed up on the market recently. It’s a cryptocurrency whose price would be raised as coronavirus spreads. In other words, its price depends on the number of people infected or dead because of coronavirus.

The coin’s tokens will be burned every 48 hours, based on the number of new cases, while the total number of CoronaCoin tokens is based on the world’s population.

Still, a certain dose of mystery surrounds this new and controversial coin. Almost all information about CoronaCoin is unverified.

Rumor has it that the cryptocurrency’s team consists of seven people. And, apparently, people are already investing in this coin because they believe the coronavirus will continue to spread.

However, before investing or buying the CoronaCoin, please complete your own due diligence about the project.

Final words about coronavirus effect on the cryptocurrency market

At times like these, it’s more important than ever to stay calm and don’t panic.

Yes, the crypto market is affected just like almost any other market, but things will balance out. The prices are already getting back to normal and everyone (including crypto miners) is united in finding a coronavirus antidote.

What’s more, this is the perfect time to stay home, trade your coins, diversify your portfolio, and collect airdrops.

And don’t forget to take care.

***

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