Global Crisis Triggers the Collapse of Bitcoin
The 12th of March — dubbed “Black Thursday” — was the worst day of the global stock market crash that began in February of this year. With Bitcoin selling for $7500 just a few days previously, the drop that it took as the weekend was approaching was staggering for traders and onlookers.
Early on the 13th, we saw prices decline by as much as 30% before plummeting to $3800 in just under 24 hours. Ethereum followed suit, falling lower than $100 for the first time since 2018. Users rushed to exchange cryptocurrency congesting the network and bringing it down completely for some time. The overall commission fees reached 5112ETH or $623,664 during this day alone.
Bitcoin’s current hash rate settled at 97.9 EH/s, which is a stark contrast to the previous week’s rate of 136.264 EH/s. Overall, the world’s first and leading crypto lost more than 30% of its output as a result of the crisis.
Ethereum’s Afri Schoedon Diagnosed with Coronavirus
Afri Schoedon went on Twitter to announce that he was tested positive for COVID-19 after speaking at the Ethereum Community Conference in France over the previous week.
“Given my symptoms and they manifested, I probably got infected during the EthCC conference or one of the side events. If you also have flu-like symptoms after EthCC, please check and stay home,” wrote Afri.
Earlier in the week, Torus DApp co-founder Zhen Yu Yong — another attendee of the EthCC — was also diagnosed with COVID-19.
Will Crypto Survive the Global Pandemic?
With the World Health Organization labeling the new virus as a worldwide pandemic, the crypto community is voicing concerns regarding whether or not their investments will be negatively affected by the health crisis.
Experts say that tokens might not escape a decrease in value. We’ve seen a sizable fall of Bitcoin and other tokens in the face of the fall of mainstream markets. A concrete connection that exists between that fall and the global spread of the coronavirus means that as the market continues to zig-zag, crypto prices may bounce as well.
What’s more, falling markets may lead investors to look towards more traditional and stable assets. If Bitcoin detangles itself from the situation at hand, however, it may well become a lifeline for people preparing a new global financial crisis.
Investing in a Crisis: Is Now the Best Time to Swap Crypto for Cash?
The 90-day Pearson correlation of daily BTC return hit an all-time high. The community debates on whether these hard times provide an opportunity to invest in Bitcoin or if users need to sell off all assets ASAP.
The head of Grayscale Investments and Digital Currency Group Barry Silbert says that he will be buying more coin, ready to invest at a time when prices are low. Silbert first made history when he bought BTC in 2012, the year when the very first halving happened. He is now considered to be one of the wealthiest people in the crypto space with his net worth surpassing some $500,000,000.
Not everyone is on board for buying BTC during a crisis. A popular cryptoblogger Plan B stated that, as he put it in a Twitter post, on days like this he switches off his monitors and goes for a run in the woods.
Consensus 2020 Will Be Held as a Fully Virtual Conference
CoinDesk’s Kevin Worth announced that their 2020 Consensus conference will no longer happen as a physical event as COVID-19 cases rise in New York City. The creators have decided that they will not be canceling the convention, but moving it fully online.
Attendees from all over the world will have the opportunity to attend the online conference free of charge and those who paid for tickets will be receiving a full refund. Creators expressed their hope for the conference attracting even more viewers with all speaking events available in a rolling live TV-like experience.