Home Finance Effect of Corona on Bitcoin! A Surging of 200 % In One Year

Effect of Corona on Bitcoin! A Surging of 200 % In One Year

by Biljana Denic

We all know that the year 2022 has been one of the most uncertain years in the history of the World. It’s been a horrible year. People lost their loved ones, some lost their jobs and some get sick to death. The year 2022 has changed a lot of things, it has changed the way people behave and react in certain situations. It has also changed the way of dealing and trades. The change that has been bought by the year 2022 is very prominent in the digital market also

Impact of Corona Virus

Source: wired.co.uk

In addition to this, the year 2022 has also affected micro and macro-finance to a great extent. The coronavirus pandemic has affected every walk of life including the world economy. Because the rates of the virtual currency were increasing at a very high-speed Bitcoin is one of the most commonly used cryptocurrencies thus it was also impacted by the increasing rates.

Impact on local and digital currency

Source: forbes.com

If we talk about the bank system and the trading market we can see that this year has taken everything so badly but this statement is not true for bitcoins.

This is a historical year for bitcoins. This year has benefited the bitcoins holders. This helped bitcoin to make a strong base for the upcoming future. Investors and business owners have started taking interest in the digital market, The central currency has fallen due to the financial crises of the year 2022. This is the reason why investors started moving towards more unconventional ways of doing investments and started taking more interest in bitcoins. The hype of the digital currency got real by the end of the year 2022 when the bitcoin cryptocurrency crossed the rates of 23000 us dollars. For more details check bitcoin-profit.org.

Comparison of Surge of 2017 with 2022

Source: pexels.com

Many people are also saying that this spike in the price of the bitcoin currency was last seen in the year 2017. It was a time when people got the chance to know bitcoin an digital currency in a more efficient way. As the media has started giving coverage to digital currency people have started getting curious about the mystery of digital currency.

Although the surge of the year 2017 was a lot similar to the surge of the year 2022 it was pretty similar in several ways. The price rate jump of this intensity was never seen before these two events.

But if you look deeply you will come to know that this surge is a bit different from the surge of the year 2017 because of the type of target population who is tracking interest in the bitcoin cryptocurrency. Bitcoin is one of the most prioritized virtual currency is being approached by several people around the globe. People have started gaining more interest in the digital currency because the conventional market was down and was about to crash. At such a crisis all the major investors started investing their money with the bitcoins by purchasing them. this was the lucky charm for them because by the end of the year 2022 the price of the bitcoin cryptocurrency gained a point that was shocking for the analyst.

The main difference between the year 2022 and the year 2017 was that in the year 2017 most of the investors were dealing with their tradings and investors. But in the year 2022, we have seen that some very big names have started trusting the networking of the bitcoin cryptocurrency. As we can see that recently, Paypal has decided to allow its users to hold and invest money by using bitcoin cryptocurrency. This spread of the bitcoin cryptocurrency has made some astonishing changes in the marketing and trading World.

Ups and downs in the Bitcoin rates

Source: investopedia.com

Another interesting fact about the rate of the bitcoin was sen and that was the wave pattern behavior of the bitcoin cryptocurrency concerning its price and rates The rate of the bitcoin got an increase of about 20% as compared to the rate that was seen at the start of the year 2022 and this increase happened in only 24 hours, this record is related to 19 March 2022. The whole situation took place in a very systematic manner. It was not magic but it was the influence of several factors.

As the rates of the bitcoin cryptocurrency were evident it was also seen that the uphill of the rate of the bitcoin currency was not constant at all. The rate of the bitcoin cryptocurrency has taken influence from a number of factors. It has gone down and up in a very surprising pattern. This behavior of the bitcoin cryptocurrency is not very surprising because the bitcoin cryptocurrency has a very elusive nature and because of this elusive nature it has seen a lot of changes in its rates and value throughout the years of its circulation

As the year 2022 moved towards the end it was seen that the rates and the values of the bitcoins started increasing at a very fast pace. The initial bitcoin worth 4000 US dollars, met a price of 14,000 Us dollars in the mid of the year 2022 and by the end of the year, in December this price was raised to 23,000 US dollars.

Bottom Line

The coronavirus pandemic has impacted the digital currency network. It has laid a base for a bright future of the currency. But this does not mean that the price of the bitcoin will surge more in the coming days. The reality is that bitcoin holders and analysts expecting a sudden decrease in the rate and the price of bitcoins. But we can not deny the fact that the year 2022 has lasted some long-lasting impacts on the digital market. As time is passing, traders and investors are becoming more and more interested in investing their money in bitcoins. People have realized the importance of digital currency and have started taking interest in it.