It seems like the health sector worldwide is failing to stop the Covid-19 as the confirmed cases are always increasing and now totaling to 7.7 million and the death rate is sitting at 428,000 with United State topping the list with almost 2.2 million followed by Brazil.
How are they affecting the crypto market?
Since Greater China and South Korea recorded new cases of Covid-19 cases 49 and 37 respectively this may have affected the crypto market as these 2 countries hold about 70% of the mining farms of crypto currencies so this might have impacted the crypto market and it is now on the bearish streak.
Currently bitcoin is down -3.3% as of today and Ethereum down by -5.12%, bch down by -4.38, USDT down by -0.13 and DAI is up +0.93%. The securities and futures also fell as a result of the new statistics and Dow jones fell with almost 700points and the US Dollar is currently falling against major currencies.
Which part of crypto market is safe currently?
As the rest of the crypto market is falling, something has been proven as people always had questions about, if you had checked well crypto coins fell will full whole numbers e.g. from 3% and above but on the stable coins USDT only fell with -0.13 which is a small margin and DAI is even up with +0.93.
So it’s a clear indication that in times of crisis it is not safe to invest on volatile crypto currencies as its value can be wiped out within a short period of time but with stable coins your value is not affected much, you might only see small fluctuations but you will be totally safe.
Possibilities
This might be the right time to invest and buy those crypto currencies that are down as there is a high possibility of them spiking up but it will be wise to spread your risk and put some money in stable coins and maintain your portfolio.
Conclusion
The new covid-19 increase affected the crypto markets as well as the financial markets and there are fears that if the cases keep on rising there are slim chances of crypto currencies to rebound soon so for now it will be wiser to research well before investing to avoid losing value of your money.
