Did the COVID pandemic have a significant effect on the cryptocurrency markets? If you’ve been wondering how the virus played into the rises and falls of major cryptos like Bitcoin, Litecoin, Ethereum and others, you’re not alone. Millions of investors and traders who favor the virtual coins have kept a keen eye on price fluctuations since March of 2020, hoping to glean some knowledge about the relationship between the pandemic and the prospects of the major crypto coins.
Because so many people use mobile devices for instant trading of Bitcoin, and because the COVID situation is far from over, it’s good to dig into the recent past and see what has happened since early 2020 when the virus went global. Here’s a short overview of what active mobile traders need to know about this question.
The Early Stage
Cryptocurrencies had never been through a crisis like the COVID pandemic, so it was interesting to watch how the public reacted. Once April 2020 rolled around, it was as if the investors and speculators decided that BTC might be a wise store of value and a smart long-term bet. Prices began to rise slowly, reaching near the $10,000 mark and then eventually moving even higher once the summer months dragged out. By late August, BTC had hit the $11,600 point.
After the dust settled, and the economy, as well as consumers, began to process the fact that the virus was going to be around for a while, prices for most virtual forms of money rose sharply in early November. That’s when Bitcoin reached the $13,000 mark, a high at the time.
How Does This Affect Trading?
Is it possible to use this kind of information and learn how to trade Bitcoin based on what’s happening with the viral pandemic? This is perhaps the most interesting era for BTC because it appears to have gotten over the initial instability during the early days of the pandemic. Why is mobile trading so essential in a situation like this? Because you can’t rely on checking early morning prices and ignoring fluctuations for the rest of the day. It’s imperative to have a mobile device for trading so you can check prices, set alerts, and stay connected to the cryptocurrency market throughout the day. If an opportunity presents itself, you need to be able to move quickly, using your phone or other portable device to enter and exit trades.
The Nature of BTC Has Changed
It’s fair to say that many investors have begun to view Bitcoin as a safe haven and possible long-term store of value for at least a portion of their money. This was not the case before the virus hit. In a way, the test was a successful one for the world’s largest form of cryptocurrency. This might mark the beginning of an era where mobile traders, who have the ability to make rapid-fire transactions from anywhere, can take advantage of buying and selling a currency that is not tied to any national government. Perhaps all the talk we’ve heard for the past decade about cryptocurrency becoming the global form of exchange is finally happening.