While the coronavirus that destroys the financial market traditional, it is not without consequence on the market of crypto-currencies. According to a report published by Chainalysis, the company’s analysis of the Blockchain, the digital assets are very volatile on this, it assesses the impact of the health crisis on the cost of bitcoins.
Contents
Behavior changes amazing
While spending Bitcoin were always correlated to its price, the recent report of Chainalysis comes to show that this coefficient differs according to the categories of services related thereto. In other words, the purchase of bitcoins has dropped, but this caution was not observed for all users of the asset.
If the merchant services are relatively resilient in the face of price fluctuations, the amount of purchases has not dropped as some people predicted.
The flows of Bitcoin in the services game, crypto have dropped significantly, however this does not present a significant correlation with the price of bitcoin. In fact, even in an adverse economic environment, the promise of winning a large sum of money seems even more attractive.
Regarding the activities of the dark market, they show a stronger correlation with the price than ever before, which contradicts the previous report of the company.
The main factors of this phenomenon
Regarding market services, the report would have advanced that its indifference to the price fluctuation could be the result of the closure of local businesses during the pandemic. In fact, the bitcoin currently appears as the only alternative to obtain some services.
This is the dark market, this strong correlation could be due to a number of factors, namely, the increased difficulty of selling drugs, given that the cartels have more and more difficulty procuring product due to the pandemic.
It could also be that the vendors fear that they will be harmed in the future with payments in bitcoins that they receive today.
What do you think of this report, published by Chainalysis ? Respond in the comment section below.
(Be the FIRST to vote)
…