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The coronavirus outbreak has changed everything in our world. It wasn’t
expected as much as the crisis in 2008, it almost hit suddenly. With the
whole world trying to survive this terrible illness, the financial
situation is not becoming any better. The recent crash in March that was
called a Black Thursday impacted the crypto world as well.
If the most popular cryptocurrency in the world - Bitcoin was sold at a price higher than 9.000 dollars, after the crash it was sold for a little more than 4.000. It nearly dropped half of its price. Even though it is not the first crash of the cryptocurrency market, it was a sudden one.
After things will get to relative normal, which won’t happen in 2020 in terms of financial situation, some cryptocurrencies will survive the outbreak of coronavirus while others might not recover from it.
Simple users and investors like Bitcoin since it is out of reach of a
standard system. Bitcoin as well as other similar cryptocurrencies are
decentralized assets that are controlled not by one individual or
government etc., it is controlled by all users of a blockchain.
Not to mention that cryptocurrency won’t be devalued like any other currency might be. Since there is only a certain number of bitcoins which means that no one can create more bitcoins, so it won’t drop in value drastically.
These are only some of those reasons why investing in Bitcoin or other cryptocurrencies is preferred by so many people throughout the world. But as for becoming a true rival of a traditional monetary system, do Bitcoin or other cryptocurrencies have this potential? Yes, they do have the potential, but it’s not as simple as people might hope.
Even though Ethereum coins, or as they are commonly called ETH, has a
good claim to become money, stablecoins might become a rival to ETH. It
might be a weird thing to say since the increased popularity of
stablecoins is good for ETH. But some experts claim it might have some
Currently the market of exchanging stablecoins is at its highest and most would think that it is good for ETH since the more people use stablecoins, the more they need ETH. But this is not exactly the full picture. As it is reported, stablecoins market is estimated at 3 billion dollars. And at the same time the transfer of stablecoins needs the Ethereum platform. Meaning, that growth of stablecoins means the grows of using ETH.
But is it good? The truth is that there are advantages and disadvantages of this process.
After the so-called COVID-19 crash in March, most cryptocurrencies are
now recovering from it. As it is known, before the crash in March (Black
Thursday), the price of 1 BTC was higher than 9000 dollars. After the
crash it was 4107 dollars. Due to some circumstances like the outbreak
of coronavirus and oil price wars, all the cryptocurrencies has suffered
from this crash.
But even though the crash has significantly impacted the world of cryptocurrency, it is almost back to normal. If you look at the data provided by BTCBIT.NET, you will see that currently (April 27, 09.36 UTC) the price of 1 BTC is 7720.90 dollars. Even though the market is currently experiencing the lowering of exchange rates, the prices are almost back to normal.
Exchange of cryptocurrency has been one of the most popular ways to
invest money. Bitcoin is one of the most popular cryptocurrencies so
people are more willing to invest in BTC. A lot of people are used to
exchange their real money for Bitcoins on such platforms as BTCBIT.NET
where you also can find information about current BTC market. But now,
the trading volume has reduced due to some current circumstances.
Cryptocurrencies are established on cryptography. This is why developments in cryptography often have wide-reaching impacts on blockchain technology as a whole. This article examines some opinions of industry experts on what the latest advances in cryptography are and what the implication is for cryptocurrencies.
There have been several movements into payments over the past year. More users are beginning to explore the use of cryptocurrency in payments. Interestingly, more altcoins are also coming for bitcoin (BTC). Ethereum, EOS, ADA, EOS, XRP, and several other altcoins that were considered initially as only utility tokens are now being considered as payment options. Several third-parties are also beginning to build payment services around them.
Recently, there has been a recent debate in the world of cryptocurrency about the possibility of control, censorship, and surveillance in cryptocurrency. Using Bitcoin as a model, there was a recent debate on cryptoverse about the topic, and some top stakeholders in the cryptocurrency world were part of the conversation.
Recently, Bitcoin took an unprecedented dive. The coin plunged by about $600 in only a few minutes. However, as minor as it might seem, the plunge led to about 15 of the 20 largest crypto assets go down by about 5% from the previous day.
The price drop was noted to have started around 21:45 UTC. Within an hour, Bitcoin dropped $800. This plunge in the price of Bitcoin led had some severe effects. For one, reports predict that over $100 million was liquidated in terms of long contracts on only BitMEX during the time of this plunge. Also, Joe Vezzani, founder of LunarCRUSH, a crypto social analytics platform, reiterated witnessing some 7-10 million liquidate longs come through.
Bitcoin was founded over a decade ago, and since the inception of the
cryptocurrency, it has stood the test of time and is still currently a
major coin in the cryptocurrency industry despite several others that
have emerged after its development by Satoshi. Over the past decade,
several changes have occurred to bitcoin in trying to make it better
suited for mainstream adoption. This article explores Bitcoin’s files
and how the whole thing started.