THE CORONAVIRUS’ EFFECT ON CRYPTOCURRENCY TRADING – Island Echo

The coronavirus pandemic continues to affect all walks of life, with everyone struggling to cope with what this means for what we think of as a ‘normal’ way of life. Schools are suspended, most businesses closed until further notice, and governments all around the world are looking to both mitigate the spread while also lessening the fallout from the disease.

Within the financial world, Yahoo! Finance reports that insiders expect the global stock market to enter into a deep recession. This means that some are now looking to cryptocurrency as an alternative trading method, however crypto remains as volatile as ever. News outlets have either been praising cryptocurrencies rise or predicting its fall, and this news seems to change by the hour.

The rise of cryptocurrency

As of March 24, CNBC reports that the crypto prices have risen to over £12 billion, which means their total value now amounts to about £155 billion. Bitcoin was up over 10%, while other cryptocurrencies such…