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Is Coronavirus pushing crypto buying season?

Is Coronavirus pushing crypto buying season

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TL;DR

Even though the markets have been shaken to the core by the outbreak of the pandemic COVID-19, reports of increased crypto buying interest are surfacing.

The Fear and Greed Index is reporting bad fear sentiments, but Crypto.com, an exchange, and payment provider stated that the interest of people in cryptocurrencies had reached a record high.

The co-founder and chief executive officer Kris Marszalek, in this regard, stated that the volumes of the transaction on Crypto.com have now doubled from December to February, with the app downloads also reached a peak. In September 2019, almost a million users were on the platform, and the number keeps on getting higher and higher in 2020 despite COVID-19.

Is Coronavirus pushing crypto buying?

So far, many theories claiming that Coronavirus is not only pushing the new highs but also the crypto buying season are in play, and the Crypto.com theory is backed by numbers.

The Hong Kong-based Crypto.com offers services like app-based trading and crypto payment solutions via Visa-powered bank cards. In 2017, when it was called Monaco, the firm raised a total of $26.7 million in ICO. Then in 2018, it became Crypto.com after purchasing a domain name for about $10 million.

According to Marszalek, this latest robust growth could be the response to radical measures that are being taken by the central banks in order to stabilize the financial markets. As on Monday, the Federal Reserve has launched a quantitative easing (QE) with the scope of buying unlimited treasury bills and securities backed with the mortgage to aid the financial system of the United States of America.

It is worth noting that the retail investors persisted in their use of the platform Crypto.com, even when the market situation was miserable for less than two weeks.

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Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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