How the cryptocurrency market is changing due to a pandemic

In early March, when the United States closed its borders with the European Union, almost all markets, including stock and cryptocurrency, suffered. Digital money has experienced one of the largest falls in history — the price of bitcoin in a few days fell by 50%, to a local minimum of $ 3800. This was since during the global shock, all investors tried to withdraw money in dollars to wait out volatility.

Now there is a trend, both to remote work and the growing popularity of digital entertainment. In the future, this trend will positively affect the consumption of IT products. This suggests that if people begin to travel less and be in crowded places, then free time will be occupied either by watching movies, or computer games, or online education. However, some experts, such as Netflix analysts, are sure that you should be afraid of the worst-case scenario and prepare for a major collapse of the digital entertainment market.

Experts believe that this moment is ideal for the wider spread of cryptocurrencies. Therefore, the well-known billionaire and head of Galaxy Digital, Mike Novogratz, has already stated that Bitcoin will reach $20,000. The development of digital money is also affected by the fact that the pandemic is forcing people to refuse cash.

An attractive market for cryptocurrencies exists in the USA and Asia. There, people can begin to use crypto more often. Pandemic and crisis have increased the attractiveness of crypto assets. This is the opinion of Bountyhub. Write in the comments what you think!