Economic researchers indicated that the number of individuals owning cryptocurrencies has distinctly grown and witnessed surge in market amid coronavirus pandemic crisis. In 2019 around 1.5 million people invested in cryptocurrencies and now the rate has expanded to 2.6 million people.
The cryptocurrency’s popularity has increased in recent years because of advertising and media attention. In last year’s survey, around 58% of people didn’t have a clue what cryptos were and now the majority of people have heard about it.
The global economic turbulence caused by the Covid-19 pandemic badly shook the stock markets lately. The gains tail one of the steep declines in cryptocurrencies history, which saw a portion of its value in a progression of panic selling in the month of March.
However, in the same month, Bitcoins recouped from the unexpected misfortune and grew above $6,000. Various other cryptocurrencies like XRP, etherium, and bitcoin cash also observed a rise in value and investments by more people.
The coronavirus episode, which has currently witnessed more than 10,836,264 cases worldwide and 519,605 deaths which severely impacted the global market. The pound currency and US dollars experienced the worst decline in history.
The world has not witnessed such a severe downturn since the 2008 economic crisis and some national banks are now implying similar measures to forestall total recession amid covid-19.
The Financial Conduct Authority’s (FCA) recent study suggested that a stressing number of inexperienced investors won’t be able to bear the cost of the losses that usually occur in crypto markets and may fail to comprehend the associated risks, the Evening Standard reported.
People who were able to comprehend that bitcoin and other cryptocurrencies were chaotic and hence, unprotected ventures were bound to be from the C2DE social sector, mostly comprising manual workers, people on unemployed benefits and state pensioners.