The COVID-19 pandemic has dealt a painful blow to the global economy. A lower consumption caused by quarantines played havoc with global markets, as well as collapses in crypto-assets ratings.
The Bitcoin rate at cryptocurrency exchanges in England began to decline at the end of February. On March 12-13, there was a real collapse. The Bitcoin fell below $4,000 level for a short period.
Other coins followed this trend. E.g., Ethereum cost was $244 on March 6. Then six days later, its value dropped to $106. The Litecoin price was off more than 8%.
What Are The Reasons
The collapse was possibly caused by the high interest in crypto-assets among traditional investors. Moreover, large players like JP Morgan started investing heavily in blockchain technologies and related projects. But by the start of the pandemic, this process had not yet gone too far. That’s why “buy bitcoin in England” investments were still viewed as a side property.
The collapse of stock markets hit popular methods of income for investors. They rushed to get rid of “buy bitcoin in United Kingdom” assets in favor of supporting the core industry. The passage of the “whales” created a chain reaction, which led to an exchanges rates decline.
What Market Experts Says
While news reports regularly talk about coronavirus, the volume of over-the-counter (OTC) operations at professional crypto trading platforms is growing.
“Over the past 60 days, we have seen a significant increase in trading volume,” says Michael Leon, one of the professional cryptocurrency traders at Chicago-based Althena Investor Services. This company specializes in serving over-the-counter customers. OTC is also growing at cryptocurrency exchanges in United Kingdom and other countries.
COVID-19 was affected differently in the crypto markets. For example, Tilo Griko, ORTUS OTC CEO from Sydney, said that “there are no obvious outcomes in Australia.”
One of the tactics is not to store excessive cryptocurrency assets unless necessary. Althena developers say: “We have a minimal stock of coins, so the coronavirus cannot become a factor for us.” It seems that such a strict approach still justifies itself.
What’s Next?
The fall of traditional markets provides more attention to the features of crypto-assets. Therefore, the volume of “buy bitcoin in England” operations increased, as well as new money is entering the market. At the same time, for the crypto market, the main event remains the future halving of the award for Bitcoin miners.
Despite the fears, the crypto market would be strengthened. Besides, there are positive actions in the regulation of digital coins in many countries. Among other things, the latest cryptocurrency news was from India and South Korea. It will also have a positive impact on business development.
Moreover, large players are already being formed in the market. They will supplant smaller ones due to the lack of competitive products. Therefore, the situation in the “buy bitcoin in London” market will change significantly. Many assets will finally decrease their price, while others will show exciting growth. There will be cryptocurrency exchange tokens and coins of DeFi services.
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