It’s been a world-wide pandemic that this COVID19 (Coronavirus) has affected thousands of people from different countries and it is rapidly growing at an alarming rate. The virus has emerged in Wuhan, China last year and it continues to be an on-going pandemic to different countries in the world. Plus, this has shown it’s effect on the cryptocurrency industry and we noticed some decline in the market these past days.
China is where the majority of the confirmed cases are and there are more than 80,000 infections have been reported in the mainland. To prevent further COVID-19 outbreak, the authorities locked down cities, restricted movements of millions and suspended business operations. Those moves that will slow down the world’s second-largest economy and drag down the global economy along the way.
In addition to that, countries like Italy, Iran, and South Korea reporting more than thousands of cases each. Other European countries like France, Germany, and Spain have also seen a recent spike beyond a thousand case and other Asian countries like the Philippines and Singapore have also followed through on locking down their borders, airports and transport systems.
COVID19 effect in the cryptocurrency market
The virus outbreak has become one of the biggest threats to the global economy and financial markets.
We saw a fall of Bitcoin (BTC) from 7493 USD to 4144 USD in just 24 hours last March 12 and TRON (TRX) dropped 9.5% into 0.009617 USD.
The fall in cryptocurrency markets is due to the governments worldwide continue to grapple with the new coronavirus that’s spreading rapidly across the world. Most investors are concerned about the global economic fallout from the coronavirus as businesses are disrupted and cities are locked down. Different countries have taken different strategies to control the outbreak of this virus such as the country of Italy, one of the worst hit-nations, shutting down shops and restaurants, and the U.S. canceling sporting events such NBA, NCAA, and MLB. Outside the two countries mentioned, most of the schools have been shut and people made to work from home to ensure the safety of everyone and avoid spreading the virus to more persons.
TRON price previously declined heavily below the $0.0135 and $0.0100 support levels against the US Dollar. However, as of today (March 17), we have seen an upwards trend and currently, the TRON (TRX) is now at $ 0.010794 which is up 4.48% at the moment.
Are we still going to see some fluctuations within the cryptocurrencies in the next following weeks? We will see and check if there would be a stable rise in the market soon.
Best time to purchase cryptocurrencies?
With the on-going pandemic showing effects in the market which led to the massive drop in prices within a 24-hour period, would this be the best time to purchase and invest in cryptocurrencies such as TRON (TRX)? It’s okay to purchase at the moment.
With the lower prices of cryptocurrencies, this would be the perfect opportunity to invest in cryptocurrencies and it reduces the risk of losing a lot of money, compared from buying it with the previous amount from the weeks past by. Though, there is an uncertainty that your investment would return in a timely fashion, as the COVID19 is still on-going and there is no timeline when would this be controlled or eliminated.
For now, this would still be a risk and you have to think carefully, as this is still a risk that would be either positive or negative in your investment.
Justin Sun’s Recommendation
I’m no financial advisor but I do believe now is a great time to buy crypto & #Bitcoin. Since we can’t predict systematic failures & crowd panic, don’t buy w/ $ you need now, only $ you can afford to invest for 1 yr. We’ll get out of this bear & into the bull eventually!
— Justin Sun (@justinsuntron) March 13, 2020
Justin’s tweet is very encouraging and he has a point. As previously mentioned, with the low price to purchase cryptocurrencies such as BTC or TRX, this would be a good time to purchase without breaking the bank. Also with the on-going quarantines in other states, I guess you’ll be able to have extra emergency funds as well.
At the same time, you’ll be able to afford to invest in different cryptocurrencies and plan strategies to get more of your investment in the next following months. Again, this would still depend on the situation and the duration of the COVID19 virus.
Do you think it would be the best time to invest? For us, basically it’s a yes and we all know that we are facing an on-going pandemic and it been tough for the past few days, but we all do believe that we will all get through this and get everything back to the normal again on our daily lives.
Let us know in the comments and share your thoughts about it. For more news and updates, see TronSpark’s website.