The two big happenings in the world during the past decade are the innovation of the first cryptocurrency, bitcoin trading and the recent Covit-19 pandemic. Bitcoin’s introduction to the world in 2009 brought a revolution to the economic society of the world. On the other hand, the declaration of the Covid-19 pandemic in 2020 left the world speechless.

However, though these two matters have no direct relation, they both greatly impacted the world’s economy. Covid-19 has a significant effect on bitcoin’s growth indirectly. Additionally, the Covid variant Omicron also affected the cryptocurrency market. Due to the various Covid variants that were coming out as threats to human life, the economy and the bitcoin market were impacted.

Bitcoin pre-Covid-19 price history:

Bitcoin came into existence as the first digital currency and payment network in 2009 by Satoshi Nakamoto, a pseudonymous person or might be a group of people. The creation of bitcoin happened when the whole world’s economy was at risk.

Due to some unethical activity in the lending institutions in the US, all the financial institutions came under a dangerous situation one by one. Finally, when one of the most reliable and big financial institutions in the US, the Lehman brothers, declared themselves bankrupt, the world started suffering from the global financial crisis. As a consequence, people started losing hope in the traditional banking system.

At this point, bitcoin came into the market with a completely new payment system structure with its native currency that is only digitally based and has no physical appearance but can act the same as fiat currency.

The most interesting feature of bitcoin is that it is not regulated by any bank or government, so people have started accepting this system positively. They find themselves that they can rely on this network using them. They don’t have to trust anybody else with their money. Instead, they have the power to control their own money and send it to the receivers directly. Thus bitcoin strongly adopted the financial market.

In the beginning, bitcoin’s price was nearly zero, but as it started to become famous and people started accepting it, bitcoin’s value started increasing too. The first growth in bitcoin price was seen in 2017, over $13,000. After a downfall in 2019, also bitcoin raised over $12,000. However, after that, till 2020, bitcoin’s price was down. It was struggling near $12,000 to $10,000.

Bitcoin Crypto currency coins. BTC Gold bitcoin Bit Coins bitcoins on dark background. Bitcoins mining concept, Blockchain money technology. 3d illustration.

Covid-19 effect on the bitcoin market:

On January 30, 2020, Covid-19 was declared by World Health Organization (WHO) as a public health emergency that was a global concern. After that, on 11 March 2020, Covid-19 declared a pandemic disease that could spread to the world. And this declaration put the economy of the whole world in danger. When the lockdown was announced initially, the retailers and many companies shut down, affecting the economy pathetically.

However, very surprisingly, this pandemic declaration and even the lockdown affected bitcoin and the complete crypto world differently; rather, you can say the opposite way. After the pandemic declaration, the value of bitcoin started rising. It reached over $65,000 in October 2021, the all-time heist price of bitcoin now. In experts’ opinion, this surprising result might be that some people got the time to know more deeply about this new and amazing innovation and find the technology helpful. They started using the bitcoin network, which was a good thing because you can’t go and physically use the traditional banking system. The whole thing pushes the bitcoin-mania up, and the price also starts rising as the demand increases.

Omicron effect on the bitcoin market:

However, Omicron, a new variant of Covid-19, harmed the bitcoin market. Omicron was declared a vaccine-resistant virus, shocking to the people. Naturally, restrictions over people’s movement became even stricter than in the early generations of Covid, and as a result, the crypto market also crashed this time. The value of bitcoin fell nearly 7.8%, a big percentage compared to bitcoin’s price history before that.

Conclusion:


Covid-19 and Omicron had a great impact on bitcoin as well as the whole economy, but the advantages that this digital currency network is providing to the people can’t be deniable. Whatever economic situation the world faces, decentralization, direct fund transfer, fast and easy transactions, and finally, the ultimate security are bringing people more towards this technology. And the world is also going in the direction of accepting bitcoin as a global legal currency in the future, as per the experts. Therefore, people are investing in this asset like mad. Platforms like Profit Edge are becoming familiar to more. Finally, as the disturbance of these viruses is getting down, the practice of bitcoin trading and utilizing is getting easier and more acceptable.

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