Think loud - Covid or crypto which one has been more stricking this year?

 

       Cryptocurrencies or covid what you think has been more striking this year?

From tweets of Elon musk to election rallies of different parties in West Bengal. The crypto and covid are going to be this big nobody have imagined that.

 

Can you imagine a single person can have this much influence on the crypto market? 

yes of course - The Elon musk.

The actual jump came in the crypto market basically for bitcoin. When bitcoin was shining on Elon’s bio. The spike was mind-boggling. Elon Musk tweeted one after the other about cryptos like bitcoin and dogecoin 

Here you can see how creative Elon Musk is with crypto tweets and memes  - https://twitter.com/elonmusk?s=08

Bitcoin and Ethereum, the two largest traded currencies saw their prices jump but that wasn’t the real surprise. Dogecoin, a meme currency started as a joke, saw its price shoot up as celebrities  Elon Musk talked about it

The fluctuation initially caused by Interest from institutional investors has also cast an ever-lengthening shadow on Bitcoin price workings. In the last ten years, Bitcoin has pivoted away from retail investors and become an attractive asset class for institutional investors. 

Economic instability is another indicator of price changes for Bitcoin. Since its inception, the cryptocurrency has positioned itself as a supranational hedge against local economic instability and government-controlled fiat currency. According to reports, there is a period of increased economic activity on Bitcoin’s blockchain after an economy hits road bumps due to government policy. Countries like Venezuela, which have experienced hyperinflation of their currency, have seen huge increases in the use of Bitcoin as a means of the transaction as well as storing wealth. This has led analysts to believe that the cryptocurrency’s price increases and global economic turmoil are connected to the 2020 pandemic shutdown instability on a global scale and galvanized Bitcoin's price, resulting in a record rally.

Crypto in India 

LEGAL STATUS OF CRYPTOCURRENCY IN INDIA

There has been a lot of confusion around the legal status of cryptocurrencies in India. This is because the government had proposed a bill earlier this year that had provisions to impose a ban on all cryptocurrencies including Bitcoin and Dogecoin. However, there has been no further development on that.

QUICK ALERT - The recent fall came after China decided to ban financial and payment institutions from providing cryptocurrency services. 

Bitcoin, Ethereum and Dogecoin were all in green (at the time of writing), while others also showed a positive

Check out complete news here - https://www.livemint.com/market/cryptocurrency/what-sent-crypto-market-into-a-24-hour-tailspin-11621531928694.html

Amidst these economic instabilities, India is experiencing a second wave of covid.

Indian is a big electoral country and we just had elections in West Bengal. 

On Jan 28 our prime Minister Modi said “India has saved humanity from major tragedy by effectively containing the covid 19” after that there were political rallies, mass gathering and religious festivals. No one has imagined that we are about to get a second wave hit with the most contagious Indian variant of covid. that is now present in other 44 countries as well according to the UN 

India’s infections began around mid-March and increased rapidly, reaching a peak of more than 400,000 recorded daily cases on Friday, 30 April.

As the trend of covid cases in other countries was lowering, we were at our worst stage in India. Health experts say the real numbers are likely much higher than what we are getting as statistics in newspapers, magazines etc

Not only covid diseases like black fungus and white fungus adding fuel to the flames

 

Now black fungus - Mucormycosis or black fungus is a complication caused by a fungal infection. It can also develop on the skin after the fungus enters the skin through a cut, scrape, burn, or other types of skin trauma. Cases of black fungus are increasing day by day. First found in Gujrat now present in Maharashtra, Madhya Pradesh, Delhi, Haryana, Uttar Pradesh, Bihar, Chattisgarh.

Check out complete news here - https://www.hindustantimes.com/india-news/black-fungus-states-with-highest-number-of-mucormycosis-cases-101621559394002.html

 

Conclusion

Whether it is covid or currency both have been beyond our imagination. I think in the future Elon Musk won’t have this much influence on crypto that he has now. Fluctuations are fine but crypto is decentralized if you want to invest take advice first. In India crypto will get a batch of being legal or not but I believe they will not be backed by any of the government banks even if they get a batch of being legal. Crypto can be one of the future currencies but would not able to replace fiat money.

Countries like India having a hard time due to covid. We all know our health systems are collapsed and crematoriums are full, dead bodies in Ganga and whatnot, cyclone, black fungus, white fungus, it’s like the whole Tsunami

Well we can just hope for the best and god will take care the rest 

Thank you