It doesn't matter where you are on part of Earth, you may get an aware and know the impact of the COVID-19 pandemic. But, Coronavirus has made a negative impact on the various industries like tourism, retail, shopping, education, stock markets.
But it has create a great chance of doing business in online and earn more profit without any struggle with the help of digital currencies. In this article, we will consider how this epidemic corono virus has affected the blockchain industry and how it will affect the development of the cryptocurrency industry.
Raising Funds Becomes Difficult
Since the Initial Coin Offering (ICO) market has actually crashed, blockchain startups are now mainly seeking to attract venture capital. However, rapid spread of the coronavirus and the uncertainty surrounding the global economic space, this method of attracting investment has also caused much controversy in the past few weeks.
Another comfort prospect of Pandemic
In Blockchain Industry:
The positive side of pandemic is that many startups, cryptocurrency projects, and their customers have actively embraced remote interaction from the beginning. Therefore, the global shift to remote work will not cause serious damage to the blockchain industry. Eventhough the blockchain industry can develop in this format without compromising the quality of interaction between the parties.
In Cryptocurrency Industry:
The cryptocurrency industry may be one of the best areas for effective communication in different time zones, maintaining productivity and remote command management. Although employees in other industries can hardly adapt to new conditions, most cryptocurrency startups can already work remotely.
In future Prediction:
In the near future, the demand for virtual, fast, global, secure, cheap-to-use digital currencies will increase significantly. Experts add that people and companies will need an architecture that enables them to trade with lower counterparties Risk and higher security for making and receiving payments.
Crypto Trading Volume rise in India !!
After banking crises, Covid-19 locks down- Crypto trading volume has rapidly increased.
In India Mumbai the world’s second-most populous country, is increasingly embracing cryptocurrencies in the middle of domestic economic issues and the nationwide coronavirus-related lockdown.
Activity on exchanges immediately picked up
It has been noted that the significant increase in cryptocurrency trading volumes on exchanges catering to Indian clients due to the clarity on cryptocurrecy legality in India offered by the Supreme Court’s ruling,” said Ashish Singhal, founder and CEO of cryptocurrency exchange CoinSwitch.
India noted a spike of 800% in trading volumes in the past 48 hours on Casha- Crypto banking services platform Cashaa. In first 24 hours, the platform has registered with 600+ BTC's.
Indian traders makes into the rush, that Every trader was looking forward to take advantage of the time window on digital currencies offered by the Supreme Court’s ruling.
Crypto Exchanges Open for 24-7
Due to the, Investors interest in bitcoin is likely sustained by round-the-clock trading, in contrast to Indian equity markets, which operate from 9 a.m. to 3.30 p.m. Monday to Friday. Further, it is a decentralized, peer-to-peer, and borderless payment mechanism designed for situations like the ongoing coronavirus pandemic.
One the COVID-19 pandemic theory is, "The longer people can’t go outside to conduct their business, the more useful BTC should become because "it can be sent and received from the safety of one’s home,” Justin Gillespie, CEO of Titus Investment Advisors and bitcoin trader, told CoinDesk.
If the volume of growth seen over the past month is anything to go by, investors' interest certainly looks to have picked up.
Wazirx Trading Volume has raised:
“Within a span of 30 days, daily trading volume on WazirX has increased by 60 percent and the exchange has received a total amount of 100 crore rupees ($13 million),” WazirX CEO Nischal Shetty said.
CoinDCX Increased Exchange Volume:
Meanwhile, cryptocurrency exchange CoinDCX has witnessed a 78.36 percent increase in trading volumes in BTC/INR pairs. “We also had a trading competition that saw 800 BTC volume in BTC/INR markets,” said CoinDCX’s chief executive Sumit Gupta.
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