Impact of Covid-19 on the Crypto Market

June 20, 2020

Covid-19 has transformed from a regular virus outbreak into a global pandemic within a period of 3 months. It has threatened the entire world population not only physically, but economically as well. Common banking systems have lost faith in people over the last decade, and the recent pandemic has only accelerated that impact. While the world economy has drastically come to a complete halt during this time, more and more people are turning towards the Crypto Market due to blockchain-inspired features like easy transfers and exchange of multiple currencies without linking any bank account or credit card.


The Increasing Trust on Cryptocurrency


According to journals by experts, it has been observed that people have started showing more trust in digital currencies instead of investing money in gold, real estate, and stocks. Due to Covid-19 impact and recent price fluctuations, perspectives of people have changed and cryptocurrency has emerged as a lucrative alternative to conventional properties and assets. They now perceive cryptocurrency as a long-term value store instead of a method of earning some quick money. They are now holding onto their currency rather than selling it immediately.


Reasons for Surge in the Crypto Market


·       Since Crypto is an industry that is born in the age of the internet, it is quite befitting for people who are well-versed with technology and don’t mind applying the latest advancements into their everyday activity.


·       During the times of lockdown due to the Covid-19 pandemic, Crypto Market can be handled easily from your laptop or smartphone. This means you can manage your finances and trade multiple currencies with blockchain payment systems without the need to link your bank account or credit card.


·       Cryptocurrency has given people an alternative solution to cash on the verge of a virus outbreak.


·       Crypto transactions can be made offline on smartphones using technical features of the concept.


·       Cross-border payments can be made without any fee paid to the intermediaries, that too in a fast and safe way.


Use of Latest Technology in Crypto Market


To make your Cryptocurrency transactions easier, safer, and faster, Crypto Market makes use of the latest technological features. Here are a few of them:


·       To provide instant solutions for currency transfer across the borders

·       To make the payments faster and cheaper without the need of an intermediary

·       To make the entire experience smooth and easy

·       To encourage adoption of digital assets on a global level, irrespective of their location and citizenship

·       To accelerate all blockchain processes with the help of latest updates and developments

·       Since logistics and manufacturing have been ravaged due to Covid-19 across the world,technological advancements are being made to revamp these areas

·       To decrease crime and corruption

·       To avoid fraud and manipulation

·       To monitor how funds are being used


As the world market has crashed and is predicted to witness wild fluctuations in the near future as well due to the pandemic, Crypto Market is seen as a reliable contributor towards trading and expanding. All in all, as the coronavirus affected global markets, the supply of Cryptocurrency started seeing growth.


ILLIAR SA makes use of the latest technological features to make Crypto Market easy and safe to use. With the help of emerging technologies like blockchain and artificial intelligence, they ensure that your data is kept safe and stable during your transactions, no matter you are a small, medium, or large enterprise investor. With their high-end technological solutions and experience in the industry, they thrive to bring the latest technologies in the Crypto Market.

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