Twelve months ago, we had no idea that the way we used to work and socialize would change dramatically. We had no idea that our social, personal, and financial lives would get affected by the Covid-19 pandemic.
It was a wave of change globally. For the very first time, people saw their plans getting smashed under this situation.
COVID-19 has affected us in all aspects of our lives. In the trading world, we saw volatility increase. The year 2020 has been nothing like before. There were fewer opportunities for people. Life was on hold. Even eating out was less attractive for several months.
The pandemic caused many to lose hope but at the same time triggered many people to ignite their futures. Many geared up to a fitness journey and went for solutions to the financial crisis. 2020 gave rise to more entrants into the online trading scene.
People were kind of bound to their homes. Many of them were victims of boredom and depression during that time. As a result, many people who were investors from in hearts got attracted to online trading both as leisure and business. It was a way to upgrade the stagnant savings and to kill time.
Cryptocurrencies being a Rescue
The cryptocurrencies were only a way to invest online. Over the years people had debated whether cryptocurrencies are a good option during inflation but there was no conclusion. However, the pandemic was marked by volatility of these virtual currencies but still, the rate of people investing in them increased at the same time.
Many people took help from these trading bots that in turn made their business to some extent as well. Bitcoin Digital Official had been a choice of many investors. Investing during such a volatile situation, these platforms helped a lot. Risks are part of life and so these platforms helped in deciding wisely.
For famous currencies such as bitcoin and Ethereum, volatility was high compared to the other virtual currencies. For other assets such as gold, volatility has been low. However, during this period crude oil’s volatility has been very high, even higher than these cryptocurrencies.
New Traders in Crypto World
As soon as the pandemic was announced, the broader digital currencies began to decline and lost more than half of their value. As soon as time passed many newbies entered the crypto world and many put their money into the trading procedures.
When there was a dark cloud on finances all around people thought of their future and started investing in such assets. However, with time the price rose and that benefited many people. So, the pandemic helped trading volumes to set records.
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Even the various renowned platforms hired new home-based working staff in April to guide investors that were pouring into the virtual world. Traders visioned cryptocurrency as being more stable through this pandemic.
During the pandemic, many people used cryptocurrencies for the sake of their health. However, very soon people will use them more because of the feasibility. Banks would jump to provide digital currency services because people want more contactless payments. Digital wallets will emerge to facilitate people during payments that do not include their names
Cryptocurrencies have given investors access to large amounts of money and now countries are considering legalizing them.
The coming years will see an increase in cryptocurrency activities. Many new laws can also come up front that would make it legal. Suitable education and awareness will help people understand and use cryptocurrencies more appropriately.