Now we are in the midway of crossing 2020. So, it is the best time to see back and reflect on our past activities and plan what can be done in the future. With the COVOID 19 pandemic widespread, the cryptocurrency market has taken quite a damage. However, it is now regaining its steps back.
As the market is in a state of shambles, it is hard to predict what will happen in the future. The world is still under the influence of COVID 19. The economy of the country is far from being stable. Nobody knows what future Bitcoin holds.
Will Bitcoin regain its former glory?
After the successful year, 2019 has left many traders satisfied. The traders were hoping that the same thing will happen in 2020. But with the COVID 19 breakout, everything was kept on hold. Now that the normal life is coming back to its track. The traders are thinking of all the possibilities Bitcoin holds for them.
Now that the trades are coming back to normal, traders are looking for ways to repair the damage. This is where Cryptocurrency miners are in high demand. Currently, the rate of Crypto miners adding a new block in the network are paid around 12.5 bitcoins.
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How Ethereum can survive this pitfall?
Ethereum market was never that big of a deal. The cryptocurrency market has always been all about Bitcoins. However, these past few years Ethereum has proved itself that it holds the potential to rival the Bitcoin market.
The rate of growth of the Ethereum was steady before COVID 19 took the world down. However, there are many investors and traders predicting that if Bitcoin ascends its market value, it may boost the Ethereum market evaluation as well.
If you see the cryptocurrency market, you will be able to see clearly that as long as Bitcoin is in the market, Ethereum will only be considered a currency. Other than currency, there is no other provable use.
Will Facebook Libra launch itself in 2020?
With how the current scenario goes, we can predict that Facebook Libra might not launch itself this year. The current market is all about surviving the crisis. If Facebook is thinking of launching Libra in this turmoil situation, Facebook might as well start swimming in the ocean in the time of a storm.
Then again, there is U.S Election. If Facebook launches Libra during the time of the US election and gets tangled with the election interphases, it might cost them a lot.
Libra as already got many critics, criticizing the fact that Facebook was a hasty one jumping in the Cryptocurrency bandwagon with having a full grasp of what Cryptocurrencies are.
What will happen to all the Blockchain Projects?
There are yet to be confirmed cases of blockchain technology having taken any damage. However, it has not been hidden that the blockchain projects are out of their funds. It’s the matter of patience of the employees and managers on how long they will be able to perform their duties as blockchain developers without any payments.
As the situation stands, at the end of 2020, there will be many employees who will return back to their blockchain development project. And on the other hand, some will be asked to leave the projects.
Final Thoughts
With the current turbulence that the COVID 19 has caused, the US government is willing to approve Bitcoin exchanges in trade funds. Frankly speaking, there is no reason for the agency to deny the positive impact of the cryptocurrency in the world. It is yet to decide how Cryptocurrency will be able to help the fi8nacial products. But with the unstable economy, the US government is trying its best to regain its economy back.
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