The World Health Organization, or WHO, just officially classified coronavirus as a pandemic. At present, it is unclear whether Blockchain markets will be negatively impacted by this news, or provide safety from the storm.
Officially known as COVID-19, the WHO said coronavirus has spread enough globally to warrant classification as a pandemic, CNBC reported on March 11.
“In the past two weeks the number of cases outside China has increased thirteenfold and the number of affected countries has tripled,” Dr. Tedros Adhanom Ghebreyesus, the WHO’s director general, said at a press event, CNBC noted. “In the days and weeks ahead, we expect to see the number of cases, the number of deaths and the number of affected countries to climb even higher,” Ghebreyesus added.
There may be reason to believe that Bitcoin and other digital currencies could help to stem the spread of COVID-19 amongst users.
Cryptocurrencies, made famous for their digital method of value transfer, do not necessitate the handling of fiat cash — paper government debt notes that often carry germs from one person to the next. The digital and decentralized nature of the industry means that the blockchain space is not an inherent breeding ground for viruses.
Additionally, many projects within the industry function remotely — or, at least, with remote potential — allowing workers to avoid the spread of germs. This allows many Blockchain companies to continue contributing to the economy in a way that workers in other sectors cannot.
On the other hand, crypto assets could fall in value as a result of the newly-termed pandemic. Bitcoin and other decentralized assets have seen a sizable decline in the face of falling mainstream financial markets. A connection arguably exists between declining traditional market prices and the coronavirus.
Falling traditional markets also may have affected crypto prices as investors flock to more stable assets, according to experts.
If Bitcoin can decouple from the situation at hand, however, it may help the asset become a global hedge option for people facing financial crisis around the world.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||60.8%||76||$61 099.21||-0.30%||0.74%||$1 151 847 643 802|
|2||ETH||Ethereum predictions||68.4%||57||$4 083.71||2.56%||4.82%||$482 065 073 371|
|3||BNB||Binance Coin predictions||72.4%||60||$480.67||-0.49%||2.62%||$80 176 884 535|
|4||ADA||Cardano predictions||90.8%||12||$2.15||0.02%||-2.34%||$70 880 156 335|
|5||USDT||Tether predictions||96%||1||$1.000558||0.07%||0.05%||$69 612 945 849|
|6||SOL||Solana predictions||71.6%||54||$198.35||-4.94%||24.11%||$59 667 119 730|
|7||XRP||XRP predictions||70.8%||52||$1.088126||-1.24%||-5.66%||$51 083 527 283|
|8||DOT||Polkadot predictions||63.2%||79||$43.69||-1.31%||2.76%||$43 145 201 356|
|9||USDC||USD Coin predictions||95.6%||1||$1.000801||0.06%||0.09%||$32 549 535 289|
|10||DOGE||Dogecoin predictions||70%||56||$0.246378||2.64%||3.03%||$32 476 171 822|
|11||LUNA||Terra predictions||68.8%||65||$42.80||-0.97%||15.22%||$17 186 220 177|
|12||UNI||UniSwap predictions||74%||48||$26.39||2.35%||-4.01%||$16 144 167 003|
|13||AVAX||Avalanche predictions||69.6%||65||$65.39||-2.19%||9.22%||$14 404 285 656|
|14||LINK||Chainlink predictions||76.4%||47||$30.80||7.06%||9.07%||$14 200 072 797|
|15||WBTC||Wrapped Bitcoin predictions||63.2%||75||$61 145.48||-0.24%||0.77%||$13 561 619 013|
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