In the pandemic’s early days, cryptocurrency exchanges experienced noticeable difficulty in weathering the economic impacts of the crisis. Bitcoin prices plunged 50% on a single day in March 2020.
However, since then, the cryptocurrency mood has brightened, and exchanges are enjoying increased activity in trading volumes, employment, and crypto-trends. To benefit from this change in cryptocurrency fortunes, look for exchanges that have a proven track record.
There are many different exchanges available to try or utilise such as Binance. Either way, it can be beneficial to look into cryptocurrency during this time of crisis.
Here is a roundup of cryptocurrency exchange performance during the COVID-19 pandemic.
Cryptocurrency Exchange Jobs Have Soared
While COVID-19 has forced many companies to lay off their employees in large numbers, cryptocurrency employment has flourished. Kraken, a San Francisco based exchange, recently filled 67 job vacancies in the wake of increased customer demand.
This number further jumped by 3% in February to 118.4 per million, according to Forbes.
Trading Volumes Have Climbed New Heights
Coinbase alone recorded $1.3 billion worth of cryptocurrencies inflows to the company’s digital wallets.
Since then, volumes have normalized. Exchange trading activity has decreased, which has stabilized prices. This recovery has catapulted bitcoin prices from $4,000 to $9,914.24, and set cryptocurrency exchange demand on an upward trajectory.
Dollarization Has Made Its Way Into The Crypto-World
One trend that has gained traction in the crypto exchange world is dollarization.
Despite coronavirus’s perilous effects on worldwide currency, USD’s popularity has surged.
Rightly, crypto companies have registered an increase in stablecoins popularity because of their ability to provide USD equivalent exposure. These possess cash attributes and allow peer-to-peer transactions without a middleman, completely on the basis of change in possession.
Cryptocurrency Exchanges Worldwide Are Flourishing
The pace of cryptocurrency trading has increased globally. In some countries, crypto-exchanges are enjoying an uptick in trading activity. Russian exchanges recorded a 5.56% surge in the last days of March, compared to February numbers.
The situation in developing countries is also looking up.
In Argentina, Bitcoin purchases climbed 1,028% in the last two years.
All these developing countries share a common element – troubled economies.
Bitcoin has provided a safe alternative, and cryptocurrency exchanges have benefited as a result.
Cryptocurrency exchanges have weathered the Coronavirus pandemic in grand fashion.