Recently, the Supreme Court of India lifted the ban from the use and trade of digital currencies in the country. This huge step taken to legalize cryptocurrencies in India is making it gain positive response from the Indian traders and investors around the world as well.
On the other side, the outbreak of the novel Coronavirus has caused widespread destruction across the whole world. It has left countries like China, Italy, India and other countries at a standstill. Coronavirus, also known as COVID-19, has affected the financial markets as well, including the cryptocurrency market.
The digital asset market spent the entire last week trying to recover from the damage caused by this pandemic. The current levels are remarkably lower to the heights achieved in February this year. Although, as compared to the stock market and world economy, the crypto market is making considerable progress.
Amid the Pandemic
To deal with the growing pandemic, some countries have totally shutdown like India, while some have imposed restricted movements. As a result of all these, the financial market is affecting a lot. Stock market, cryptocurrency market and the global economy are having a massive impact and are likely to get worse. Central Banks of some countries are cutting interest rates and printing more money to meet the demand during this period.
As mentioned before, compared to the broader financial/stock market, the digital assets market is gradually picking up the pace. Lockdown imposed in India made the crypto market roll down. This increased the uncertainty and unreliability in the cryptosphere. People didn’t predict that this would happen.
On the other hand, professional and experienced investors saw this as an opportunity. While the price of all cryptocurrencies including the famous ones like Bitcoin, Ethereum, Ripple, Bitcoin Cash and many others decreased, traders made use of this good time and invested in the valuable cryptos. Traders and investors as well, proved that cryptos are a better option for investment in this downward economy of India.
Hence, this resulted in increasing the market rate of the crypto world as compared to others. Experts of this field are believing that there is one more factor which helped in hiking the prices. During the outbreak of Coronavirus, people of China lost trust in their government and administration. This also made people invest their money into what they consider safe havens.
Famous Brands Entering the Cryptosphere
Some renowned international universities like Harvard University, Ivy League, Stanford University and many others are investing in digital assets. Some famous brands such as Starbucks, Samsung, Microsoft, Walmart, Expedia etc have started accepting Bitcoins and other cryptos as a mode of payment.
Not only this, countries such as Singapore, China, Ecuador, Tunisia have already launched their own digital currency. Japan, Russia, Estonia and Sweden are among those countries who are looking forward to launching theirs very soon.
The growing adoption of cryptos is expected to increase. When such well-known companies and brands link themselves with the crypto world, it can undoubtedly be said that a bright future of the cryptosphere can be seen. It will become an essential part of the financial revolution in the world.
Crypto Market Update
After the huge fall of cryptocurrencies, at present, BTC is trading at $6,593 with a growth of 11.44%. Other digital currencies are showing Green with Ethereum trading at $136 with a hike of 8.89%, Litecoin at $38 with 5.76% hike, Binance Coin at $12 with 8.25% increase etc.
Therefore, in conclusion, it can be said that the digital assets market is slowly rising. If you want to invest in cryptocurrencies, then this is the right time. Make use of this good opportunity to gain profits and other benefits of digital currencies.