Will COVID19 Play Spoilsport for Bitcoin Halving 2020?

April 2, 2020   (0)   Aditya Nagar

The year 2020 will forever be remembered for lethal Coronavirus or Covid 19 as it is also called. The disease originated from China has been causing havoc everywhere. This monstrous virus has hampered many businesses and stock markets globally. Still, there is no full stop for this pandemic rising disease. Now it has raised a question, will Covid19 play a spoilsport for Bitcoin halving 2020?

 

The dreadful impact of Coronavirus has dampened the whole financial system not sparing even the crypto market, which has sank badly due to its deadly outbreak. The most affected countries which have been badly affected by this dreadful virus are South Korea and China. These two nations are also popularly known as crypto nations. But with the impact of coronavirus, the economy of these two nations has severely weakened. Crypto experts have now become worried about Corona’s impact on Bitcoin halving.

Will COVID19 Play Spoilsport For Bitcoin Halving 2020?

The growing impact of COVID19 on cryptocurrency has raised the question about Bitcoin halving 2020. Every time there is a need for new mining equipment for Bitcoin halving. The existing equipment becomes no use for mining when the halving of Bitcoin takes place. The old equipment is replaced by mining farms to face challenges for the new algorithm. If the situation in China regarding Coronavirus will continue to persist, then nothing can save the Chinese economy from getting affected. It will undoubtedly drag Bitcoin mining farms impacting its ability to be at the close with demand. Apart from it, it might lead to possibilities of delaying in Bitcoin halving with the decrease in hash power.

Bitcoin Getting Affected By Coronavirus

Another example where COVID19 play spoilsport for Bitcoin halving in 2020 is the effect on dominant cryptocurrency, Bitcoin. Many people considered Bitcoin as a safe zone for monetary benefits, but the dreadful virus Corona splashed their hope when it dwindled Bitcoin by 15%.

However, if you deal in cryptocurrencies, then it is no new fact for you that GDP or interest rates do not influence the value of Bitcoin. The demand factor instead drives it. The price of Bitcoin remains firm, despite the fall in other markets.

No doubt, many traditional and crypto markets have seriously got affected by this harmful virus outbreak. But some experts do not find this disease to be the only reason for the recent drop in Bitcoin price. The deadly corona disease has indeed become the main responsible factor in the weakening of economic markets. Still, according to some financial experts, the price of Bitcoin might seek some positive indications.

Another Reason For The Fall Of Bitcoin

Bitcoin and other cryptocurrencies will continue to be getting affected until and unless there is no stoppage to this deadly virus, who besides taking the lives of people is consistently hampering the economic growth of countries. But there is another cause of falling of cryptocurrency. People are not able to access these digital currencies. The exchange of necessities like clothing and food with virtual currencies has become very complicated for them.

At the time of crisis, people opt for a familiar alternate option, which Bitcoin has so far failed to track it. The dominant cryptocurrency is still not being count upon by the people as it is far away from the status of familiarity. It is unsafe without mining support. Not being accessible to people can also be counted as one of the major reason for Bitcoin’s falling price.

However, in the coming time, if there is a possibility of the acceptance of cryptocurrencies, especially Bitcoin as a medium of exchange, then there can be some respite from the falling price. Once this dreadful virus meets its end, then it will be like a new dawn for crypto markets to come back on its track. And it will become more possible when people start trading for the Bitcoin and other cryptocurrencies.

Conclusion

Indicating to the current economic crackdown, we have to admit that yes, COVID19 play spoilsport for Bitcoin halving 2020. This dreadful disease has come from China as a monster. The way in which it has rooted itself, people are finding tough to imagine its end. If Corona continues to persist, then it will keep on dismantling the economic structure and businesses all across the world. It is unsure of predicting the end of this monster virus, but once it vanishes, we can expect cryptocurrencies and other economies to re-establish themselves. So till then, all we can do is to wait and watch.

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Aditya Nagar
Aditya Nagar

Aditya is enthusiastic about reading all about the Cryptocurrency and loves to get updated about the recent developments that take place in crypto industry.