The fear of a vast epidemic allegedly inflicted cryptocurrencies as well, as Bitcoin tumbled under $9,000, and prominent Altcoins such as Etherium, XRP, and Bitcoin Cash fell to 15%, 14%,and 17% (as per 29 February 2020 10.00 UTC).
Experts like Vitalik Buterin and Mati Greenspan disagreed with this opinion. Greenspan (The Founder of Quantum Economics) said that he didn’t see any direct correlation between the coronavirus and crypto prices. Additionally, in a tweet published on 27 February 2020, Buterin explained:
To find out more about people's views on cryptocurrency, we analysed the sentiments toward "cryptocurrency," "bitcoin", "ethereum", and "xrp" keywords using Sentiment Viz. The result indicated that people were still positive with cryptocurrency’s future, as shown below.
However, experts doubted that people would use this momentum to invest in cryptocurrency either. Naeem Aslam, a Crypto Analyst, stated that:
“The fear in the market is about the influence of coronavirus [...] when we have something going wrong with the monetary policy, then, yes, we could see the momentum coming in because obviously Bitcoin the entire fundamentals base against the traditional monetary policy that the central banks are running.”
Twitter was flooded by disappointments as the court refused Ripple’s request to dismiss an ongoing class-action lawsuit. A Twitter user, GreenEggsnHam, and Tax and Fintech Lawyer, Arturo Portilla, shared their views as Ripple proponents.
Ripple CEO, Brad Garlinghouse, denied the allegation that Ripple violated the Securities Act by “issuing and selling XRP as an unregistered security”, since XRP is not a security.
“XRP has utility, so to me it’s quite different with what securities look like”.
Traders didn’t seem to bother the continuing lawsuit, proven by the positive sentiments as shown below.
Bitcoin was the talk of the Twitterville last week, with over 180,000 tweets mentioning the coin. Aside from its popularity from being the first cryptocurrency, Bitcoin’s decline in price to below $9,000 might also be the reason why 60% of traders tweeted it. XRP came in second as Ripple’s supporters stormed the social platform to share their disappointment toward the continuing class-action lawsuit, contributed to the 12% mentions or equal with 36,598 tweets.
Meanwhile, based on the number of Reddit subscribers, FB likes, and Twitter followers, TRON is the most popular cryptocurrency on social media, followed by Bitcoin as the runner-up, and Binance Coin as the second runner-up. Great marketing strategy and the reputation of being the “Ethereum Killer” are essentials for TRON to establish loyal fans.
This week, cryptocurrency market plunged as negative growth were shown in almost all cryptocurrencies. Bitcoin, as the leading cryptocurrency, had a decline that dragged the price to below $9,000. Other top tier cryptocurrencies such as Ethereum and XRP experienced the same downturn trend, where both coins had more than 20% drop in price.
On the other hand, Binance, Coinbase Pro, and Bithumb were the top 3 crypto exchanges based on the 24h volume, as well as the most visited.
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