Since the coconuts outbreak happened, the majority of the businesses are suffering from the losses, and people are losing their job, forcing them to rely on the government’s help. However, these hard times have brought something useful for crypto investors because the crypto market grew by more than $13 billion in the last few days. A few months ago, the crypto market overall was going downward because of the panic among crypto investors about the future of these currencies. However, the last few days were suitable for every investor in this market, since Bitcoin crossed the $10000 threshold for the first time since February.
Bitcoin’s prices dropped more than 60% during the last few months because of the government’s regulations on it. However, things are now changed, bitcoin inventors after so many months are feeling happiness since Bitcoin crossed the threshold of $10000. There are various reasons why the crypto market is performing so well even during the time of a pandemic situation, but experts have pointed out the key reasons behind it. According to analysts, Bitcoin, and other cryptocurrencies are surging up because of the expectation that they will be benefiting a lot during the inflation period.
The Crypto market is going up because the investors think Bitcoin will protect them during the inflation time, and the demand for it is increasing from the last few days. Another big reason is the anticipation of halving bitcoin. On May 12, it’s expected that the halving will bring new bitcoin into the markets, and will be limiting the supply for further, and that’s increasing the prices of current bitcoins. Some, on the other hand, believe some institutional investors are following the path of bitcoin, which is adding more reliability to bitcoin. Hence ordinary people are increasing their stake in the crypto market during the pandemic situation also.