The market never came to halt like they did when the Covid-19 pandemic struck the whole word and almost every country was on lockdown and this whole disease brought chaos to the markets and companies closed and stocks fell hard including crypto currencies.
A few weeks back cases dropped in some countries and industries opened as there was a hope on the Covid-19 vaccines which were being proposed and the crypto currency market including the stock market came back to like as they were now all rising with Tesla and APPL reaching their all-time high and this boosted the Tech indices.
New covid-19 cases
On 17 June 2020 the US recorded almost 28 000 new cases of newly affected and a death record of 700. As of today the cases are now 2.2 million with an increase of almost 80000 cases and the death toll increased with about 2000 and this has brought so much fear and the indices opened lower. The London FTSE100 opened lower and has fallen by -0.55%, the Germany Dax is down by -0.2% and the US Standard and Poor (S&P500) and Dow Jones ARE DOWN BY -0.36% AND -0.65% respectively and they are expected to continue falling until there are new development.
China has recorded new cases but they are low as compared to other states and this shattered the hopes and confidence of full market recovery on the mostly affected countries.
Effects on the crypto market
With so many doubts on the current stock market this has given a green light on the crypto currency market as the major currencies are on recovery with bitcoin, Ethereum and Litecoin on the bullish streak and they have managed to recover the losses incurred at the start of this trading week and it is expected that they will continue pumping as they are now the safe haven. This will also increase the chances of a rise in the total crypto currency market capitalization and people will opt for crypto currencies which does not rely much on the economic and political policies.
Conclusion
With the current situation by the end of this trading week we will be expecting a full recovery on the crypto market because theCovid-19 cases has casted so much doubt on the stock market and it is expected to continue falling, as of the US dollar it seem to be capitalizing and regaining from other major currencies.
