The World Health Organization, or WHO, just officially classified coronavirus as a pandemic. At present, it is unclear whether Blockchain markets will exist negatively impacted by this news, or provide safety from the storm.

Officially known as COVID-nineteen, the WHO said coronavirus has spread enough globally to warrant nomenclature as a pandemic, CNBC reported on March xi.

"In the past ii weeks the number of cases exterior Cathay has increased thirteenfold and the number of affected countries has tripled," Dr. Tedros Adhanom Ghebreyesus, the WHO's director general, said at a press event, CNBC noted.

"In the days and weeks ahead, we expect to run into the number of cases, the number of deaths and the number of affected countries to climb even college," Ghebreyesus added.

Crypto may have helped avoid virus spreading

There may be reason to believe that Bitcoin and other digital currencies could help to stem the spread of COVID-19 amongst users.

Cryptocurrencies, made famous for their digital method of value transfer, do not necessitate the handling of fiat cash — paper government debt notes that frequently bear germs from ane person to the next. The digital and decentralized nature of the industry ways that the blockchain space is non an inherent breeding ground for viruses.

Additionally, many projects within the industry function remotely — or, at least, with remote potential — allowing workers to avoid the spread of germs. This allows many Blockchain companies to continue contributing to the economy in a fashion that workers in other sectors cannot.

Avails might not escape value decline

On the other hand, crypto assets could fall in value equally a result of the newly-termed pandemic. Bitcoin and other decentralized avails take seen a sizable decline in the face of falling mainstream financial markets. A connectedness arguably exists between failing traditional market prices and the coronavirus.

Falling traditional markets also may have affected crypto prices as investors flock to more stable avails, according to experts.

If Bitcoin tin can decouple from the situation at hand, however, information technology may assist the asset become a global hedge option for people facing fiscal crisis around the world.