1. FBS broker >
  2. Blog >
  3. Why Trading Cryptocurrencies is the Most Progressive in the Era of COVID-19?
2022-06-30 • Updated

Why Trading Cryptocurrencies is the Most Progressive in the Era of COVID-19?

MRGC-2255 Crypto in the era of covid.png

The economic crisis caused by the COVID-19 pandemic has not only changed the way we work, travel, live but has made a significant impact on the global financial market. It has spared no sphere of modern life: all sectors recorded a large drop in the first quarter of 2020. For that reason, cryptocurrencies as an alternative investment have drawn the attention of many investors and traders now. Want to know why? Let us tell you the reasons for that.

Ever-growing popularity

As with any asset class, digital currencies were initially hit by the pandemic and dropped in price. However, it took a significantly short time for them to recover since many people started investing and looking at this emerging technology. For instance, when the pandemic began, Bitcoin, the world’s first cryptocurrency, could be purchased for $4970. Today, the very same coin costs more than $48 000. In addition, Ethereum and other cryptocurrencies have risen as well. This fact proves that cryptocurrencies should be taken under consideration, and trading it means following the most up-to-date trend.

Decentralized currency

You have probably heard of the most prominent feature of digital currency. It’s decentralized. Take a look at the following outcomes, which were highlighted during the pandemic.

Independence

Due to its nature and independence from central banks and governments, cryptocurrency has become an alternative source of funds and trading. Unlike fiat currencies and assets, cryptocurrencies are decentralized and not regulated by governments or central banks. In other words, if a crisis like the one during the pandemic strikes and central banks or political actors interfere with the market, it would not reasonably affect digital currencies value as much as fiat currencies or the Forex trading market.

No local restrictions

The very fact that you can trade cryptocurrencies from any place of the world alleviates potential liquidity constraints that can arise if local governments restrict trading activities as a part of a lockdown.

Digitalization

A shift from what was considered safe assets to digital currency has happened. For example, in the course of the pandemic, some investors prefer to transit their funds into Tether currency so they would be sure that their money doesn’t depend on major events or political issues.

More profit possibilities

To show you the extent of trading crypto nowadays, check the overall cryptocurrency market cap of over 2 trillion dollars and its daily trading volume of more than 100 billion dollars. There is a great potential for investment and speculation due to high volatility and dramatic price moves of digital currencies. And in addition, the cryptocurrency market is open 24/7, so that you can trade any time of the day, any day of the week. It’s pretty convenient when there is a strong need for earning money in these hard times.

Cryptocurrencies have taken an important position in the global financial market, and COVID-19 gave it a great chance to look at trading crypto from a very new angle. So keep up with the trends and try a Crypto account with FBS.

  • 1570

Be on top of your game

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera