BitMEX: The Coronavirus financial crisis will be Bitcoin's "biggest test"

Businesses in Hong Kong started accepting Bitcoin as a way to fight the government

BitMEX - the world's second largest cryptocurrency exchange by daily trading volume, believes that amid the Covid-19 virus spreading around the world, Bitcoin faces the biggest challenges and opportunity to demonstrate its potential in the global financial crisis.

The coronavirus 2020 financial collapse could be the biggest opportunity Bitcoin has ever seen

On March 17, BitMEX Research - the research division of BitMEX, was announced an analysis of the continuous impact of the Covid-19 pandemic on financial markets. With the headline “Inflation coming,” the blog post by BitMEX Research outlines the collapse of the financial market due to coronavirus being the biggest economic crisis since the 2008 financial crisis. In the article, BitMEX also compared this downturn with the Dotcom 2000 bubble and the 1997 Asian crisis.

The exchange pointed out that inflation is likely to find "a clear winner" under the new global financial regime, BitMEX Research emphasized Bitcoin - created in 2009 as the first cryptocurrency. , now has the greatest opportunity to prove its worth.

BitMEX Research writes:

“In our view, in this changed economic regime, where the economy and financial markets are set up sporadically, there is no significant anchor, which can be a great opportunity. the most Bitcoin has ever seen, throughout its short life. ”

Stablecoins have gained a remarkable market share

In another blog post published on the same day, BitMEX tried to explain why Bitcoin experienced a major sell-off last week - which saw the king's coin drop to as low as $ 3,600. . As Toiyeubitcoin reported, BitMEX blamed two DDoS attacks for causing their platform to "shut down" on March 13.

On March 16, Tim Draper, a well-known billionaire investor and a real Bitcoin bull, predicted that once the world returns after the coronavirus crisis, it will be Bitcoin who will save the world, not centralized banks and governments.

Clearly, Bitcoin is not the only cryptocurrency expected to prove itself to the ongoing instability of global financial markets. According to Toiyeubitcoin's report, amidst the chaotic global market, cryptocurrency stablecoins have gained a significant market share. Compare this to the altcoins in the market - which have experienced a large decline in capitalization over the same period. In particular, Circle's USD Coin (USDC) reached an all-time high of $ 568 million on March 14 - the day after Bitcoin hit a monthly low of $ 3,600.

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According to CoinTelegraph
Translated by ToiYeuBitcoin


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