Cryptocurrency Stablecoins Thrive During Market Downturn and Panic Selloff

The cryptocurrency market has been in shambles ever since the coronavirus outbreak reached critical levels, however, the panic has been positive for the growth of stablecoins, which have grown by billions in market cap since the selloff first began a month ago.

Stablecoins Provide the Only Flight to Safety Amidst Coronavirus Crisis

The cryptocurrency market, like the stock market, precious metals, and basically any other asset across the world currently, are struggling to maintain valuations during a panic-induced selloff stemming from a global pandemic and sudden recession.

This month, all markets have been bleeding out, with Bitcoin dropping from $10,000 to $4,000 in less than a month, the stock market setting records for the worst trading sessions since 1987, and the valuations of precious metals have had years of growth eliminated in mere days.

Related Reading | No Haven Safe: Silver, Gold and Other Precious Metals Nosedive Alongside Bitcoin

Even safe-haven assets like gold have…