Is the Latest Coronavirus Update Affecting Cryptocurrency?

If you are a digital finance enthusiast, you may look at the daily Coronavirus update to help make investment choices. Following current world market trends is an important aspect of being aware of outside factors that alter investment prices. Since this COVID-19 pandemic, the global economy has suffered a great deal, affecting many different areas including cryptocurrency.

The Current Coronavirus Update

At the time of writing, there have been a total of 4.63 million confirmed cases of COVID-19 worldwide. Of these cases, 1.68 million people have recovered, and a total of 311,000 deaths have been reported. With these millions of cases, the highest number of individuals affected is in The United States.

Looking at the Coronavirus update for the US, a total of over 1.5 million confirmed cases have been reported. Over 339,000 individuals have recovered successfully, and there have been over 90,000 reported deaths from COVID-19.

The Latest Bitcoin Halving Event Amidst the Pandemic

Bitcoin just recently underwent through another predetermined scheduled halving event on May 11, 2020. This major cryptocurrency milestone happens approximately every 4 years or so after 210,000 blocks are mined. Investors were anticipating this upcoming halving event long before the COVID-19 pandemic encompassed the world. Once it began to spread worldwide, the world economy began to suffer, including the cryptocurrency market.

In the past when Bitcoin moves through a halving, prices fluctuate drastically, creating quite the stir in the crypto market. Over these past few months, many investors looked to the Coronavirus update to give them an indication of market movements. Not only do investors need to consider their Bitcoin tokens after halving, but also how the pandemic could alter results.

Cryptocurrency and the Coronavirus Scare

Even though the Coronavirus update monopolizes news headlines around the world, it may not always have adverse effects. The cryptocurrency market is one of the few global markets where the COVID-19 pandemic hasn’t annihilated digital investments. Although many cryptocurrencies have dropped and fluctuated significantly during the time of the pandemic, they are beginning to level out. Most digital finance investments haven’t had such drastic losses that many traditional markets have shown during this global economic crisis.

The cryptocurrency market has been relatively lucky considering other global economies. This minimal disruption could be apparent for many factors, including:
• Investors are choosing digital currency as opposed to traditional investments that are currently failing.
• Some crypto gurus consider digital tokens to be reputable assets like gold or silver.
• Many online exchanges now recognize traditional currency to purchase digital tokens, giving versatility to investors.

Investors Need to Still Take Heed

Even though cryptocurrency markets don’t seem to have been hit like other global markets, investors still need to be aware. Using daily Coronavirus update news can give indications of how investments may react in the near future. It is important to follow any outside factors that could contribute to the rise or fall of the digital market.

Do the research and take your time making sound investment choices with digital currencies. By investing time in cryptocurrency trends and projections you could avoid a disaster in your portfolio later.

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