Hello. In this video, I want to talk about cryptocurrency trading and the coronavirus pandemic, which began in January 2020. The fact is that covid has disrupted some of the economies, such as tourism, hotels, rental, and sale of real estate, restaurants, beauty salons, massage parlors, and much more. However, for crypto trading, the coronavirus has brought tremendous benefits. Which one? I’ll tell you further, let’s get started!
Bitcoin and the coronavirus
At the height of the coronavirus, the introduction of quarantine, travel restrictions, crowds, travel, mass meetings, the closure of restaurants, and social events, all of this affected trading. Bitcoin and other cryptocurrencies in March 2020 fell significantly in price, from 60 percent or more. For example, BTC dropped from 10,500 USD to 3,782, Ethereum from 288 USD to 86, and BNB from 27 USD to 6.4. However, then the situation quickly began to improve.
The digital money, which had fallen in price, began to be actively redeemed, and within a month Bitcoin recovered first to 7,000 and then to 9,000 USD, BNB to 15 USD, and Ether to 150 USD. And until now – on January 31, 2021, coins continue to grow with a correction. So BTC reached 41,950 USD and then went for a correction of 32,000-33,000 USD, ETH reached the price of 1,475 USD, and is now trading in the range of 1,350-1,380 USD, BNB cost 47 USD, after which it fell to 44 USD.
Altcoins and coronavirus
Why do tokens continue to skyrocket in 2020 and 2021, despite the coronavirus pandemic? The first reason is that such industries as medicine, IT, industrial production did not suffer from covid. Cryptocurrencies belong to the IT field, which has evolved and continues to develop. Programmers are able to work on new protocols and projects online at home, anywhere in the world.
The second reason is that many entrepreneurs and ordinary workers who have lost a business or job, but who have retained capital for investment and a lot of free time, such people came to crypto and began to buy it. For 2020-2021, the number of individual traders in the stock markets, forex, and electronic money have grown hundreds of times, exceeding the indicators of previous years!
Cryptocurrency and coronavirus
All this suggests that the cryptocurrency market continues to live and develop. Prices for electronic money will continue to grow for some time, in particular for new projects. But it is worth remembering that the market cannot constantly grow, at least corrections of 30% or more percent will occur soon. As for the repetition of the fall as in March 2020, this should also be taken into account, and be prepared for anything.
What about now? If you have already bought and stored some kind of crypto for a long time, for example, BTC, ETH, BNB, it’s time to sell them and fix a profit and wait for their deep fall by 30% or more. If you are a trader, then there is no difference for you – the main thing is to fix the profit every day with transactions in Long or Short. And for convenient manual and automatic bot trading, I recommend using the 3commas platform.
The video about cryptocurrency trading and the coronavirus pandemic has been completed. Of course, covid has had a huge impact on the whole world, including the digital money market. Nevertheless, trading in tokens withstood and even received some development and incentive. Of course, there remains a risk that there will be a new asset drain like in March 2020, but the likelihood of making money is also high. Here we finished and see you again in the new videos on botcryptotrade.com