One might think, innocently, that the coronavirus has no way of affecting cryptocurrencies. After all, being in the digital world, it is possible to suppose that a disease could not reach to virtual currencies. Nothing could be farther from the reality, because the truth is that even though the cryptocurrencies are in the virtual world, its market is influenced by the actions that are carried out in the real world, affecting large companies Blockchain as Coinbase and Messari.
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Unfortunately, the coronavirus continues to wreak havoc worldwide. Infecting thousands of people in the territory of the people’s Republic of China, and starting to affect hundreds of residents of Iran, Italy and South Korea. What has substantially increased the speed of expansion of this disease. This has brought serious consequences for the global economy. To paralyse entire sectors within China, to avoid that the workers can attend to their jobs for the duration of the state of emergency. And disrupting in this way the global supply chains, and therefore impacting hundreds of companies around the world. Also, the coronavirus has also been influential in the crypto market in two different ways. In the first place, increasing the risk of a derailment in the international market, the coronavirus has driven investors to seek refuge in assets book value, as it would be the Bitcoin. By increasing the demand of the criptoactivo, and consequently its price. However, the second effect of the coronavirus would not be so good for the cryptocurrencies as the first. Since, as it has prevented thousands of employees in the affected countries go to work. Also it has been avoided that the companies related to the technology Blockchain so they can function normally. The coronavirus emerged in China, and has affected large companies in the crypto world as Coinbase
The case of Coinbase and Messari
Two of the cases most emblematic of the damage caused by the coronavirus on the crypto world, it would be the companies Coinbase and Messari. Technology giants Blockchain, which would be prevented from performing his work normally, due to the conditions imposed by this disease. So, after having shared the 25 of February the company’s plan to cope with the coronavirus. Now the CEO of Coinbase, announced via Twitter that it will begin to implement the next phase of the plan. In the several employees of Coinbase will start to work remotely from their homes. An attitude towards the coronavirus that has been emulated by Messari. Company that has criticized the handling of the crisis that has had the government of the united States. Announcing that, with the aim of safeguarding the health of its employees, it would begin to allow the remote work. At the same time it has decided to cancel the business trips of the company during the first quarter of the year. This would interrupt the normal flow of work at both companies, and therefore would impact negatively on the crypto market. A trend that could worsen as the coronavirus continues to expand worldwide, forcing companies to adapt in order to preserve the health of their employees. What makes this our Fact of the Day today here in CriptoTendencia.