The coronavirus has been officially declared a pandemic, and the whole world seems to the flooded with chaos these days.
Fear and uncertainty get a grip of the markets and investors don’t know where to turn these days, during such difficult times.
Coronavirus and the crypto industry
The WHO declared the fact that the disease is officially a pandemic on a global scale.
The financial sector has been massively affected by the news, but when it comes to the crypto industry, it is not sure how much it will be affected by this.
As cited by the Crypto Daily, the director-general of WHO, Dr. Tedros Adhanom Ghebreyesus said the following at a press event with CNBC, “in the past two weeks the number of cases outside China has increased thirteenfold, and the number of affected countries has tripled.”
He continued and said, “In the days and weeks ahead, we expect to see the number of cases, the number of deaths and the number of affected countries to climb even higher.”
There are a lot of people who are cautious about the future of BTC and more digital assets.
Bitcoin and crypto are the answer
Also, due to the enormous outbreak, lots of people believe that crypto is the answer, and it could help prevent the spreading of the virus.
The crypto market has been showing extreme volatility this year, and especially a few days ago, the most important coin in the market fell by more than 50% in only a couple of days.
At the moment of writing this article, BTC is trading in the red, and the most important coin is priced at $4,859.59.
Earlier today, we reported that even the famous fugitive Edward Snowden said that this is the time to buy BTC, and even he is considering it.
He believes that the massive selloff was triggered by fear and panic.