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Bitcoin slump in the Eurozone: “It could be worse,” warns the ING-Bank

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With the beginning of the second quarter of 2020, the Dutch multinational Bank ING has warned that the state of the economy could deteriorate in the Eurozone, before it improves. The economic downturn could lead to less individuals investing in Bitcoin.
The true economic impact of the Coronavirus pandemic have yet to be detected. A senior Economist at ING, says that the picture is now much clearer, however, we still know “surprisingly little”.

European consumer and business confidence at historic lows

According to a leading Economist for the Eurozone at ING, the European economy is in a “dire” situation. In an Update to the end of the quarter, Bert Colijn says that it will be better, but people should also be on the worse times prepared.

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In the above Video Colijn reported that information about the true state of the European economy are still sparse. The available data are derived from consumer and business surveys.
This, according to Colijn, although a gloomy Outlook on the economy, however, the full impact of the Coronavirus pandemic are not yet known. The ING Economist admits that the polls were largely conducted before the current level of movement restrictions in many of the major European economies.
Colijn reported that consumer focus clearly much more on their personal finances, their own employment and the avoidance of major purchases. In the economy, he notes that the PMI has fallen recently to the lowest level, the Eurozone has ever seen. Although the measure provides no information about the extent of the damage for the company, as it shows how many are affected by it.
The Situation looks bad, and how Colijn admits, it could get worse still. However, there is a glimmer of hope for a recovery. As a recent ING report shows, Europe is not affected as the USA of extremely rising unemployment.
Positive: The rate of unemployment declined slightly in February, even from 7.4 to 7.3 percent. In the meantime, the number of unemployment claims has increased in the United States is enormous.
In the past week, a total of 3.28 million people have applied for unemployment benefits – by far the highest number.
Nevertheless, ING notes that a rise in unemployment in Europe seems to be inevitable, as many companies have difficulties to maintain in the face of difficult economic conditions over the water. The Numbers of Visa and other major payment networks not suggest that people spend just as much as before the outbreak of the Corona pandemic.

The Bitcoin growth slows down?

As ING notes, rising unemployment in some countries, and the people are afraid, increasingly, unemployment. Many see crypto as a highly speculative investment, because it is obvious that the purchase of Bitcoin will also slow down.
Although Bitcoin has all the properties of an exceptionally safe Harbor, it will take probably many more years of faultless network operation time before BTC is widely regarded as such.
In the meantime, those who make the world Worry about the loss of their jobs seem to be hardly ready, fast-crypto positions.
Data from local bitcoins already show a slowdown in the purchase of Bitcoins in the entire Eurozone in the last few weeks. Although they are not the whole of the European market reflect, underline the downward trend.

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.