Hey, all!submitted by Changehero_io to CryptoCurrencies [link] [comments]
The sole purpose of this post is to give an outline of the things happening in crypto during the outbreak of Corona. The article is meant to share information and doesn't support any coin and is not meant to instigate FUD in the community.
Please comment your thoughts below and it helps us in delivering better content.
Thanks in advance.
The Convoluted Story of Crypto and CoronavirusThe recent Coronavirus outbreak in China has brought businesses to a standstill. It cost hundreds of lives and sent shockwaves to the entire world. On the other hand, the cryptocurrency market witnessed huge gains in early February and took a nose-dive in the last week. These series of events does bug everybody if the epidemic is impacting crypto. In this short post, ChangeHero will reveal what is happening to crypto amid this epidemic.
According to the World Health Organization Coronovirus disease (COVID-19), was first reported in Wuhan, China on 31 December 2019. A Bloomberg report suggests that there are 82,302 confirmed cases and 2,802 deaths worldwide, but China has been the most affected. In measures to contain the spread, the Chinese government has locked down cities and restricted the free movement of people which made the factories and businesses to shut the doors. The steep in the factory output has taken a toll on the Chinese economy and also threatened the global economy. Industries such as manufacturing, oil and gas, tourism and supply chain suffered the most. In the same vein, crypto is also not immune to this virus.
China has a history of crackdowns on cryptocurrencies and exchanges. On the contrary, they are spearheading the blockchain adoption race and working towards digital currency, quickly go through this article for more info about China and cryptocurrencies. Moreover, the top five mining companies — AntPool, BTC.com, BTC.top, F2 Pool and ViaBTC are based in China. These firms control almost 60% of the hash power in the Bitcoin network. Mining farms are the first to be affected by the outbreak and a few representatives of these firms expressed their concerns on Social Media. Many stated that the government has cut off the electricity, supplies and also drove away workers from mining facilities. It reflected in the difficulty of bitcoin mining, a measure which indicates the effort required to solve the math in finding the block. This measure is adjusted once every two weeks and in the last difficulty correction, the measure rose only by 0.52% which is significantly lesser than the previous corrections of 4.67 and 7.08.
Mining may soon turn out to be a not so profitable activity, credits to the Bitcoin Halving. Bitcoin will undergo its third halving event somewhere around May and the block reward will be slashed to 6.25 BTC. It leads to tougher and unfavourable economic conditions. To boost their chances of surviving, miners are gearing up with advanced machines. Yet again, China is one of the largest suppliers of the mining equipment. Coronavirus outbreak has also locked up the doors of the factories and the companies have postponed the deliveries. Although there is a significant impact on the crypto mining industry in China, Bitcoin hash rate has seen a negligible change.
To restrain the spread of the virus, the Chinese government has halted the distribution of Yuan worth almost a Billion Dollars. Meanwhile, the S&P 500 Index and other traditional markets have also recorded their worst performances due to the epidemic. Crypto community was quick to react and hinted that digital currency can fix this. Big names in the crypto sphere like Binance and Tron have also pledged support to the coronavirus victims. Moreover, the epidemic has spread a sense of terror amongst the community and led to the cancellation and postponing of the conferences and public events.
Amidst the crisis, CoronaCoin, an ERC-20 token was launched with the ticker NCOV. Though the website states that the token is meant for charity, it’s approach has shocked the crypto community. The cryptocurrency has a total supply equal to the world’s population and the tokens will be burnt every 48 hours, proportionate to the number of casualties. The concept of investors benefitting with the spread of the virus poses serious moral questions on this project.
Impact on the crypto
Bitcoin kickstarted the new decade with a massive bull run and crossed the ten thousand dollar mark in early February. Many have contributed this to the upcoming halving and some connected it to the coronavirus outbreak. Things didn’t fare well long for crypto and the whole market crashed and lost a whopping 50 Billion Dollars in the last week of February. The epidemic has indeed affected the people and processes behind the crypto industry but it is still unclear if there is a correlation between the coronavirus and the crypto market prices. Nevertheless, the notion of Bitcoin as a safe haven during the crisis still exists but hasn’t been proven yet, at least for now. We hope the crisis will end soon and peace be restored. Until then, all our strength to the effected, families and businesses around.
Upvote if you have liked the article and comment to spark a discussion. Follow ChangeHero for more of such articles and updates in crypto.
The article was originally published on our Medium profile and reposting it here for more reach. Thanks for understanding.
Plus, Binance’s Brazil communications lead, Mayra Siqueira, said bitcoin has a reputation problem in her homeland. Before the pandemic, people overwhelmingly associated cryptocurrency with scams ... Supply: Adobe/methaphum In what’s introduced as the primary US felony case involving bitcoin (BTC) that has a tax part, a software program engineer was sentenced to 9 years of jail for 18 federal felonies associated to his scheme to defraud software program big Microsoft, his former employer, of greater than USD 10m. The convict used […] Bitcoin Network’s Mining Difficulty Sees Largest Epoch Drop Since 2011 Bitcoin Volatility Expected to Rise After the US Presidential Election SEC Changes Rules, Making Fundraising Easier for ... In an era of increasing economic uncertainty, surveillance, specialized cybercrime and hacking, knowing how to hide bitcoin safely has become a paramount Binance Coin Price; Monero Price; MimbleWimbleCoin Price ; How to; Trade Boasting a community of over eight million people, eToro is one of the leading global trading and investment platform – and it specialises in cryptocurrencies. Although there are more than 1,200 assets to trade on eToro, which was founded in 2007, it is in the crypto space that it is particularly popular. The innovative ... The best exchange for Bitcoin Gold currently, in terms of daily trading volume, is Bione with a BTG/USDT exchange pair. Among other notable exchanges, we find the likes of OKEx, Bithumb, Binance, and Bitfinex. All the latest Bitcoin Gold news and listing announcements are available on the official website as well as social media channels.
[index]          
Digital Asset News Liam O'Cashidey Cory Stevens RTC 2021 Forex Lens Inc Auspicious Agile & Blockchain Yet Another Nick Bitsource AML Solutions Chris Charles Roman Geber David Chosrova Stuart Niven ... Bitcoin Halving 2020 in 15 days, Daedalus 1.0 Released by Cardano ADA, Truffle Teams Up With Tezos ZTX, Binance Chain Adds Ontology ONT pegged Assets, Withdraw on USD Crypto.com, Vechain VET ... Bitcoin Technical Analysis & Bitcoin News Today: Binance will launch Bitcoin leverage trading. This mean that Binance will compete with BitMEX and Bybit. Also, I'll use technical analysis on the ... My Second Channel: https://www.youtube.com/channel/UCvXjP6h0_4CSBPVgHqfO-UA -----... Join Our NEW DeFi Class And Learn How To Make Money With #DeFi!: https://bit.ly/2K4PYhi Ready To Take Your Crypto Trading To A New Level? Join Our OMNIA Service And Let Us Make Crypto Investing ... NEW CHANNEL: https://www.youtube.com/channel/UCH9HlTrjyLmLRS0iE1P4rrg I also play video games! https://www.youtube.com/channel/UCvXjP6h0_4CSBPVgHqfO-UA -----... (미스터트롯결승전) 작곡가+인생곡미션 최종정리. 임영웅,영탁,이찬원,정동원,김호중,김희재,장민호 1인 정밀분석![기자형의 ... The latest bitcoin news and more! The data suggests a new bitcoin trend (2020) related to the relationship between bitcoin price and people's likelihood of spending their BTC. ChainLink's LINK ... In today's video, we take a look at the binance expected acquisition of coinmarketcap and whether or not this is good for crypto. If you would like to be highlighted on my channel please reach out ... Aprenda como comprar Bitcoin com cartão de crédito na BINANCE BRASIL ! A Binance é uma bolsa internacional de moedas que fornece uma plataforma para a negoci...