Lockdown In China, Positive Developments Among Russian And Ukraine: Threat Or Allurement In Crypto Sector?

• China has announced the spiking Covid-19 cases and has alerted citizens to stay inside their homes, to stop further spread.
• As per the reports, another 397 cases of domestic transmission were discovered, 98 cases alone were in Jilin Province.
• The pandemic generated havoc when it initially emerged, taking down the whole world into isolation with it, and creating massive fluctuations in the cryptocurrency market.

Covid To Take Over Again?

As per the news, China has put a lockdown on 9 Million folks in its northeastern city Changchun amidst the latest surge in Coronavirus cases in the region. Citizens are asked to stay inside their shelters in order to prevent this chaotic virus from spreading further.

Apart from this, folks have to go through 3 rounds of mass testing, while unnecessary businesses were shut down for a while, and transportation networks ceased for now.

On Friday, China reported 397 more cases all over the nation, where 98 of such cases were from Jilin province, which surrounds Changchun.

Just a couple of cases were identified in the city itself, although the government has repeatedly promised to put a lockdown in any community where there are 1 or more persisting cases.

What Chaos It Created In the Crypto Sector?

Sure Covid-19 created havoc during its peak in human history, everyone was looking to survive and fight for their lives. 

Although a plethora of assets and commodities plunged in value during that time, the digital asset sector, on the other hand, appeared immune to pandemic.

It would not be correct to say that Covid-19 was the reason behind the crypto sector’s boom during that time, we must not turn our heads to the fact that the market witnessed massive volatility.

We can easily observe in the chart above, that the crowned currency Bitcoin was trading at the price levels of around $45,000, but tumbled down to the levels of $38,000 in just a few days while seeing a recovery to over $42,000 before slipping down the hill to $37,500 support level.

ALSO READ – No Differentiation Across Crypto Themes

Putin Claiming Positive Developments In War

In other news, reports are coming from Russia-Ukraine war, where the Russian President, Vladimir Putin is claiming to be in talks regarding positive developments in Ukraine, without unveiling any more information.

As per a news agency, Putin stated that there are some certain positive developments that are being negotiated from the Russian end.

The comment comes amid his meeting with Alexander Lukashenko, President of Belarus. Meeting took place in Moscow. The Russian President stated that discussions among Ukraine and Russia were held almost every day.

What Does This Means For Cryptocurrency Market Now?

Last year, this pandemic commenced from China and then spread like a wildfire all over the globe, affecting every aspect of life. It affected business industry the most, where many organizations saw their worst time in their history.

Similarly, Russian invasion of Ukraine has affected life in Ukraine, where people all over the globe support the victim nation. Russia has already witnessed a plethora of sanctions, big organization packing their bags to cease operations and ruble falling down on its face.

Talking about crypto sector, though there was increased volatility in market, it actually remained immune to pandemics, with many folks turning their head towards crypto trading.

Governments have asked cryptocurrency exchanges to cease their operations in Russia so that they cannot use digital assets as a means of evasion.

We should not forget about NFTs and Metaverse sector, which has boomed astoundingly in recent years, with many big organizations and folks foraying into the area.

We are uncertain what this new outbreak and this war will bring to this world, but I can say that cryptocurrency, Metaverse, and NFT sector has lured a lot of traction. If pandemic increases and if we are to see a similar situation like previous outbreak, folks, as well as organizations, may turn their heads towards crypto sector, as no one wants to be affected negatively as the economy goes down with pandemic.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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