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Coronavirus impacts on blockchain and cryptocurrencies
In case you are not be informed… But I am sure, you are. The world and humanity are facing up to the COVID-19 usually called Coronavirus. This virus has made a huge impact on the world’s economy, sports and artistic meeting, etc. Obviously, this pandemic has an impact on blockchain and cryptocurrencies. Let us see together to that much it disturbs blockchain and cryptocurrencies activities.
In this article :
The fear about Coronavirus has attacked all financial markets. Indeed, international financial markets like NASDAQ, Dow Jones, CAC40, Nikkei 225 or FTSE 100 has known a massive drop. But, Coronavirus fear is also expanded to cryptocurrencies market because a lot of cryptocurrencies have seen their prices and their market capitalization drop drastically as Bitcoin, which was at 10.000$ in February and since the Coronavirus crisis has dropped to 5000$ (-50%). Ethereum has also known an insane drop because the cryptocurrency was at 280$ in February and it is at 120$ now. Hopefully, cryptocurrencies market starts to work well again because a lot of coins gained value. Hopping that will continue and gain more and more value in approach to Bitcoins halving in May 2020.
Crypto-mining factories are closed
China has a lot of factories and in particular crypto-mining factories. Large numbers of those factories had to close due to the COVID-19. Indeed, the government of China had to make difficult decisions to protect workers because of the pandemic, which was started in their country.
Consequently, Chinese mining farms had to close and all the rigs and ASICs have been forced to shut down. Chinese ASIC manufacturers just as Bitmain or Canaan, which are the top leaders on the ASIC market, had to delay their delivery and their after-sales services.
Coronacoin, the unacceptable shitcoin
Obviously some assh*les had to decide to take advantage of the actual situation to create a shitty cryptocurrency. The Coronacoin is a shitcoin which wants to speculate on his price depending on the number of dead and infected peoples due to the Coronavirus.
Every 48 hours, the total amount of coins, which is 7.604.953.650 at the start for the number of peoples on the Earth, is going to be reduced when someone dies because of the COVID-19.
In addition to the disaster in the moral code, the Coronacoin is also a scam! According to messages of the development team in their Discord, the shitcoin is just “ a pump and dump on retards”. You will understand that is a trash cryptocurrency… In conclusion, do not buy that shitcoin and do not support the project. That type of initiative gives a bad reputation on cryptocurrencies and blockchain.
Blockchain and cryptocurrencies events postponed
Owing to the fast contagion of the Coronavirus, meetings with a large number of peoples are not allowed. Blockchain, cryptocurrencies and DeFi (decentralized finance) events which should have had during that time have been cancelled or rescheduled and it is the case of :
Paris Blockchain Week
The french blockchain event which must take place in Paris on February 29th and March 1st will be rescheduled on 9 and 10 December 2020. Paris Blockchain Week was supposed to propose conferences with Changpeng Zeo, CEO of Binance, Bruno Lemaire, French Minister for the Economy and the Finance or also Kathleen Breitman, co-founder of Tezos and Coase.
More information about Paris Blockchain Week
Anon Summit, an Austrian Blockchain, AI and IoT event which must take place in Vienna on April 15th and 16th will be rescheduled on October 21st and 22nd.
CoinFestUK, which takes place in Manchester, is postponed to a not defined date. Don’t hesitate to follow their social media to take information about this blockchain and DeFi event.
TEAMZ Blockchain Summit
TEAMZ Blockchain Summit is a Japanese meeting which must be held in Tokyo on April 22nd and 23rd is postponed on September 28th and 29th.
The Bitcoin annual event, which must be taken in San Francisco, was very awaited. In particular, because of the Bitcoin halving in May. But, sadly, due to the Coronavirus, the event will be postponed to Q3 2020. It was scheduled to take place on March 27th and 28th. You can read the full statement here.
More information about the reschedule of cryptocurrencies and blockchain event here
Crypto-industry and crypto-community mobilization against the virus
Crypto-industry actions against the COVID-19
Some cryptocurrencies businesses have brought their help to fight against the Coronavirus. This is the case of Binance which through Binance Charity announced that they send medical supplies to 130 hospitals, medical teams and disease control command centers in the province of Wuhan, in China. They have also donated 1.5 million dollars.
Krypital, on his side, launched a charity donation to buy medical supplies for Coronavirus victims. Businesses like FUZAMEI and Hyperchain have developed blockchain platforms to improve the transparency, efficiency and traceability of charity actions and medical data sharing related to the pandemic.
Crypto-community actions against the Coronavirus
The cryptocurrency community can also take action in the Coronavirus battle. First, but the most essential thing, stay at home! Indeed, quarantine is the best option to avoid the massive spreading of the virus.
Then, the crypto-community can help researchers by joining on the Folding@Home program. The program permits to give your unused computational resources to scientists. This computational power will serve scientists to accelerate their searches and processes for beating out the Coronavirus
More information about Folding@Home
You can also donate cryptocurrencies to NGOs which acts for Coronavirus like the Red Cross. The help of the crypto-community will be always appreciated.
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Eric - Marketing & Growth
I’m in charge of Marketing at Cruxpool and of course it includes writing for this blog about cryptocurrencies. I also love the NFL and Fantasy Football