Impact of Covid-19 on the Cryptocurrency World
Cryptocurrency is gaining a lot of popularity all around the globe, and many new investors are looking forward to joining this trade market. But when you are a beginner, you must gain knowledge about all the aspects related to it. It is a highly volatile market, which means that the prices of each digital coin keep on fluctuating now and then, which is why it becomes crucial to stay up to date with whatever is happening in this industry.
Ever since the pandemic has hit us, investors have been worried about its impact on digital currency. Everything seems to have been disastrous ever since Covid-19 came into our lives. That is why a lot of people wanted to know about its impact on crypto coins. In this article, we will share how the Covid-19 affects these digital coins and much more information related to the cryptocurrency.
What Is the Impact of Covid-19 on Digital Currency?
Many kinds of research have been conducted to study the influence of the pandemic on the crypto world. It has been found that over the year since the breakout of the Covid-19, the crypto market has seen a considerable rise or boom. To keep this point some strong evidence, let us take an example. When the pandemic was about to strike, the price of bitcoin was about 7,300 dollars, and today, its cost has risen to 44,000.
Apart from bitcoin, other currencies have also shown the same trend, which means their prices have also been increasing with time. However, you must understand that this is a highly volatile market, and you cannot predict what will happen next. In the meantime, if you are looking forward to knowing the current insights related to cryptocurrency, then consider checking this out- go URL.
But why did the demand for cryptocurrency increase during the Covid-19? The main reason resides in the fact that digital coins can be traded all around the globe, and it is very different from the traditional financial system. The process of transacting cryptocurrency is straightforward and quick as compared to the conventional monetary system. Apart from this, the most significant advantage of such coins is that they record every transaction’s track.
During the pandemic where the traditional financial market faced a huge loss, on the contrary, digital currency has seen a rising trend. As explained above, there are several advantages of cryptocurrencies, but you should also know some of their drawbacks. It is essential to check the disadvantages before investing your hard-earned money in these digital coins.
Cryptocurrency has become famous for investors and has also become the point of attraction for cybercriminals. Fraudsters are always in the hunt to steal the identity of the investors and their money. Therefore, people need to understand this market well before making any final investment decision.
Best Apps to Invest in Cryptocurrency
Now that you have gained enough information regarding how the pandemic has influenced cryptocurrency, it’s time to move further and check out what applications you can use to make such investments. We have listed down some of the best apps to invest in digital currencies. Let us check out this rundown one by one:
Coinbase is one of the most popular and largest platforms where you can exchange digital currency. It is available in more than 100 countries worldwide and has got more than 56 million users. You can find various cryptocurrencies on this app, including bitcoin, ETC, Litecoin, USDT, BAT, etc. It is also a very user-friendly application, so you won’t face any issues while using it.
Rather than placing your cash in an investment account and accumulating as little premium as could be expected, you might need to investigate BlockFi. This exchange guarantees that you can acquire as much as 3%-7.5% interest on the digital coins that you hold.
You don’t need to make another portfolio to begin acquiring interest through BlockFi. You can utilize your current portfolio and procure as high as 4% interest on your crypto holdings. Any individual who needs to boost their premium in BlockFi should consider putting resources into stable coins like GUSD and USDC, which can bring you to profit up to 7.5%.
CoinSwitch Kuber is a solid, easy-to-understand crypto trade exchange in India, where you can trade more than 100 crypto coins like Bitcoin, ETH, Ripple, and so forth effectively, at the best rate, with an assortment of installment alternatives being advertised.
The clients can get to the pooled liquidity of the leading crypto trades in India to get the best rate and exchange immediately after finishing the KYC/AML systems. With a consistent client experience and an oversimplified UI, CoinSwitch Kuber App arises as the best crypto exchanging application in India.
Kraken is one more specific digital currency trading platform that allows you to exchange a vast load of various coins, including the most famous, just as some that are not regularly accessible on the standard monetary applications. Altogether, the trade upholds exchanging 87 cryptos. However, it doesn’t offer its administration to inhabitants of New York and Washington state.
Also, keep in mind to check the transaction fee charges before making any transaction. This application charges 1.5% of the fee, and these charges vary when you use debit or credit cards for transactions. To get rid of these charges, you can start using Kraken pro, in which the transaction charges reduce up to 0.16-0.26 percent.
To Sum Up
Cryptocurrency is ruling the world, and there is no wrong with it. But due to its volatility, it is tough to predict what will happen in this trading world the very next moment. So, always do your research before stepping into this trade. Make sure to keep checking the crypto charts for checking daily fluctuations in the prices of the crypto coins.