The coronavirus epidemic has significantly affected the entire financial market as well as the digital currency market. It’s one of the worst bitcoin crashes on the market.
In spite of this, the Bitcoin market is in a stronger spot than the conventional market.
Many cryptocurrency traders have achieved impressive results during the pandemic. In fact, it is hard to predict what would be the status of the Bitcoin market post-pandemic.
However, the cryptocurrency experts of https://thebitcoincode.io/ have a positive view of the Bitcoin market. Here in this post, we will shed some light on the future perspective of the Bitcoin market.
Why Bitcoin is Popular?
Over the years, the Bitcoin market has outperformed and the demand continues to rise. There are a few reasons for the rapid rise in the popularity of bitcoin trading.
First of all, bitcoin is very volatile and offers good trading opportunities. If you can predict the movement of the graph, you can make a decent amount of money.
Second, bitcoin exchanges are open all day. As you know, other conventional markets such as the equity market, commodity markets have a closing and opening time during the day, but the Bitcoin market is open all day.
Another factor is that the Bitcoin market works in a centralized repository, making the identification process simpler than conventional markets.
The Effect of Coronavirus Pandemic on the Bitcoin Market
The COVID-19 flare-up triggered one of the most notably awful bitcoin crashes over the entire history of digital currency.
The conventional financial market, as well as the digital currency market, also experienced a sharp decline due to the coronavirus pandemic. The projection of the cryptocurrency market has gone down.
With this moment of uncertainty, many traders and investors have pulled out of the cryptocurrency market due to the coronavirus pandemic. However, some traders have done well and are still on the market.
Many of the day traders and scalpers are on the safe side, while long-term investors have suffered huge losses.
Effect on The Bitcoin Halving Event
Bitcoin halving is an occasion when the mining reward is halved, which ensures miners get 50% fewer bitcoins to validate transactions. This event .happen once every 210,000 blocks– usually at regular intervals (once in 4 years) – until the network has created 21 million Bitcoins.
This event is a big opportunity for traders to reduce the number of new bitcoins produced by the network.
Bitcoin halving reduces the supply of new coins and prices can rise due to high demand. In these cases, the price of the Bitcoin fluctuates, but the price becomes easier to predict in the months before and after the event.
In 2020, the event is expected to fall on the week which contains 18 May. 2020. The actual date of the occurrence is still not fixed as the time varies to create a new block.
The prices of Bitcoin have just risen. In spite of all, the non-traders predict that COVID-19 would affect the Bitcoin market, on the contrary, it remained a paradox to many real Bitcoin traders.
Many traders will get to know that the cryptocurrency market is simpler to deal with than the conventional market. In addition, the halving event will increase the excitement of Bitcoin traders.
This shows that the Bitcoin halving event is going to be a good opportunity for traders in 2020.
Nobody knows the true position of cryptocurrencies because of the uncertainty, but we hope that the price of Bitcoin will go up post-pandemic.
Some have come to the conclusion that bitcoin is a scam. We seem to disregard the fact that few components are operating for Bitcoin right now (COVID-19) and not against it.
If you’re a true Bitcoin investor, then you know what Bitcoin can offer, if you do it in the right way.