Cryptocurrency has gripped many people’s interests around the world. They are keen to search on any topic like ongoing ICOs listing and upcoming crypto events on websites like Cryptoknowmics. But ever since the emergence of COVID-19 in March, it has badly affected the people’s lifestyles including shopping, travel, and work. Share markets of many big nations like India, America, and China got badly affected. Somehow the rare assets did not get much affected by the dreadful virus. However, my main concern is to tell you whether COVID-19 proved to be an advantage for crypto trading?
In previous months, the value of precious assets peaked high in the market of the United States, but soon it came to a downside. Talking about other valuable assets like Silver, there was a surge in their prices. Investors were advised by experts to invest in such precious assets for a long time. But there was not much assurance about whether items like silver would sustain to bullish market amid speedy fall of market prices and INR. This indicated much lesser safety to invest in regular assets with one’s hard money.
No Serious Impact On Crypto Trading
Surprisingly COVID-19 had no such serious impact on crypto trading. It can be proved with an example through notable stability in the value of the top cryptocurrency, Bitcoin in the last months. It made an impressive upswing during February but came down in March. But according to Bitcoin expert, the rise and fall in the value of the king of cryptocurrency (BTC) have no connectivity to the COVID-19 pandemic virus.
The unpredictable nature of Bitcoin value was the outcome of a remarkable miner, who call it Bitcoin halving. Every four years, there is a possible happening of this activity with the mining of 210K blocks. Bitcoin halving had taken place around eight years back from now. At that time also showed the same swinging situation of Bitcoin prices.
To know further about Bitcoin Halving, one must know that it is when the rewarding of specific Bitcoin quantity is given to miners. They get it for mining 210K blocks. When this figure is crossed to an extra block, then that miner gets 25 Bitcoins, half the fixed Bitcoin number (50 BTC). Since 21 million is the specified quantity of Bitcoins, so halving activity will continue to take place every four years, till the time it reaches the upcoming year (2140).
Why Bitcoin Halving Is Important?
Bitcoin Halving is indeed very important, as it helps verify the Bitcoin quantity while circulating. Some of the crypto experts state about the instant swinging of Bitcoin value even if it has occurred already. According to the law of Metcalf, the value remains estimated amid an economic slowdown and uncertainty in fiat currencies.
Blockchain: Saviour Of Bitcoin From Economic Crisis
When it comes to securing the Bitcoins value, there is a specified range of numbers in comparison to fiat currencies. The framework of its underlying digital ledger, blockchain is crafted in such a manner that the mining of the coins will only be limited to a fixed ratio. Also, it will ensure minimum chances of any economic upheaval caused by any negative factors like COVID-19 to influence crypto trading assets.