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How Coronavirus Affects the Crypto Sphere? Check out

If you are not living under the rock, then you might have come across the fatal virus that has taken the entire world under its grip. The news about this new virus–Coronavirus has spread wide afar and many countries have reported causalities.

Coronavirus, also renamed as COVID-19 (World Health Organisation), is the most novel virus spread in mainland China. The deadly virus already recorded around 1000 fatalities. It has also spread to other Asian countries and slowly spreading to other continents.

With such a large breakout, the crypto sphere is fretting over and some major changes are being made. Let me walk you through some adaptations, the crypto sphere is currently undergoing.

Bitcoin Farms in China have shut down

The Coronavirus has created a panic situation in China. As a result, the Chinese Government has shutdown the Bitcoin Mining farms in the country. Now the situation is that Chinese Bitcoin farms play a significant role in BTC mining. Analysts claim this will surely impact the coin’s price. The recent Bitcoin pump is a indication of this.

Bitcoin Mining Farm Shifted to US

To continue the outflow of Bitcoin and mobilize the stagnant Bitcoin hash rate, BTC Mining firms have been shifted to US.  

Cancelled Crypto Events is a Matter of concern

In the pandemic of Coronavirus,  many crypto events are either being cancelled or the participants are backing out. The TOKEN2049 crypto conference, planned for March 17-18 in Hong Kong is postponed to October in the event of the panic situation. Another situation that has come to light is Amazon withdrawing its name from the Mobile World Congress (MWC). Earlier, LG, Ericsson had decided not to attend the event. Amazon now states

“Due to the outbreak and continued concerns about novel coronavirus, Amazon will withdraw from exhibiting and participating in Mobile World Congress 2020, scheduled for Feb. 24-27 in Barcelona, Spain.”

As a result of these withdrawals, the MWC was called off.

Binance also put off the Binance Blockchain Week Vietnam, taking place from February 29 to March 4. No new date is yet announced.

Bitspark announced its closure

The Hong-Kong based Bitspark exchange has announced that it will cease operations from March 4, 2020. One of the reasons for its abrupt closure is Coronavirus, claims the George Harrap, CEO of Bitspark.

On the positive note, the crypto community is coming forward to aid those affected by this pandemic.

Introduction of Hyperchain

A crypto startup company announced the launch of Hyperchain. It will develop a blockchain-based program for contributions for pharmaceutical equipment to help hospitals in central China.

A crypto donation camp by Huobi and Solve.Care

Solve.care deals with healthcare benefits on blockchain technology. In collaboration with Huobi exchange, the firm has started a donation camp. This will provide financial support to Project HOPE, an organization that works with communities, health care workers and public health systems.

Chinese Authorities implementing blockchain to fight Coronavirus

AIOU, a project in the IOST (IOST) ecosystem announced a Charity Information Disclosure Platform, based on blockchain. This will offer transparency to the Chinese authorities regarding charity organizations. Moreover, Insurance companies are using blockchain to speed up payouts to people covered by the insurance against this deadly virus.

Although, coronavirus has brought the world, especially, China to its knees; the crypto sphere and other strata of the community are trying to fight the epidemic.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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