What is The Impact of Corona On Ethereum Pricing

Aditya  |  Apr 10, 2020

In the past 24 hrs, the price of Ethereum during Corona outbreak has fallen. Just like other cryptocurrencies, this altcoin also could not save itself from the clutches of the deadly virus, which has dampened the whole economic system around the world. $125 is supposed to be the level of support for the falling price of this cryptocurrency. Not only this, but 30% of large sell-off has also been reported as per some sources. Besides Ethereum, Bitcoin, the other major digital currency, also bites the dust by falling to $6K approximately. This closely indicates the impact of corona on Ethereum and other fellow cryptocurrencies.

Following the impact of Ethereum investment during Corona outbreak, the alternate cryptocurrency is supposed to avoid the fall down below $100. The impact of corona on Ethereum pricing has affected the cryptocurrency so profoundly that it has crashed down much low in comparison to its excellent performance in February. The impact of corona on Ethereum has made it mark the worst percentage since the year 2018. The panic of the deadly virus is still creating havoc in the market.

Ethereum pricing during Coronahas, however, made a steep fall. Still, it is not the only concern as apart from cryptocurrencies, the whole global capital market and equity have been badly affected after the 2008 financial crunch. The impact of corona on Ethereum and the global stock markets had proven much dreadful in contrary to the Second World War when Adolf Hitler invaded France.

Countries like Italy has given rise to the panic of this dreadful disease in terms of lockdown. Besides this, the cancelling all air transport facilities from Europe by the US is also the example to be mentioned. Boris Johnson, the UK Prime Minister, even proposed the idea of conducting a meeting to address the issue of deadly coronavirus. The disease has been causing turmoil in cryptocurrencies and economic system.

A Brief Introduction About Ethereum

 

 

The idea of launching Ethereum goes to its founder Vitalik Buterin, who introduced it on 30th July in the year 2015. Being a programmer as well as a researcher, Vitalik is known to have worked in Bitcoin Magazine. The credit of Ethereum whitepaper in 2013 goes to him.

This intelligent programmer proposed the idea for the need of scripting language in Bitcoin. Vitalik came up with the idea for a new platform which must include a scripting language. Today, Ethereum is considered to be one such altcoin which can prove to be the closest competitor to Bitcoin. However, the impact of corona on Ethereum and Bitcoin have badly affected both these competitive cryptocurrencies.

Conclusion

Impact of corona on Ethereum can be observed with the fall in its price. But it is not the Ethereum which is the only affected cryptocurrency. Many other cryptocurrencies, including the Bitcoin. The dominant cryptocurrency has also fallen prey to the negative effect of this monstrous disease. Corona is still spreading its roots and is continue to dampen the economy of the world, including the stock markets. Till now, there has been no assurance about when this deadly virus will going to meet its end. If the situation continues to persist, then it is difficult to estimate the positive developments in the coming time.

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