After the WHO declared the Covid-19 a pandemic, the cryptocurrency market saw the fastest fall in market capitalization. The market cap fell down as low as $118 billion when I woke up in the morning and since then, there has been a minor recovery. The market cap is around $160 billion right now but nothing can be said about the near future.
As the threat of Covid-19 grows more and more, the market will see more volatility and I am afraid that the prices might plunge further but no one can tell you exactly what is going to happen.
Not only crypto, but stock market has also taken a huge hit and most of the stocks fell very hard. This is one of the most testing times if you are an investor but if you know the tricks, you might well come out making huge money in this market as well.
The reason for the market crash is that people want to buy essentials as much as they can and since they can't spend their bitcoin in the stores to buy stuff, they prefer keeping their money in their own government issues currencies. This tells you that Bitcoin is a long long way away from global adoption.
For some people, this crash might have opened new opportunities but for some people, this would have been a very bad experience. If you are here for the long term, this crash might not be a problem for you like it isn't for me but it does make a hole in our beliefs for a short period of time.
But don't fear, as the future is bright and you all know that. Just keep faith in the projects you have invested in and don't overthink. The ride may not be as comfortable as you wanted it to be nut you know where it leads.
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