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Coronavirus (COVID-19) had a serious impact on the cryptocurrency market like elsewhere in the world. While the trading volume of cryptocurrencies is on the rise, fraud attempts by ill-intentioned people catch attention.


While Coronavirus has had an important role in recent price movements, there has been an increase in the market value of cryptocurrencies. The total market value was 140 billion dollars on March 16th, and it exceeded 187 billion dollars by March 27th.

The reasons why investors turned to cryptocurrencies are as follows:

  • Coronavirus led to a decline in the use of cash. Social distancing as a way of preventing the spread of the virus and less use of cash for health reasons caused people to prefer online shopping more.
  • This process has had an influence on the approach to cryptocurrencies. Users have shown more interest in cryptocurrencies for they are decentralized and offer easy transfer options.
  • The US has been working on a draft law against the adverse effects of the pandemic on the economy. In the House of Representatives, Democrats have proposed a law that envisages the use of digital dollar. It is claimed by the media that China also started to work on digital yuan.

Coronavirus has mobilized swindlers

The interest in cryptocurrencies has undoubtedly caused ill-intentioned people to develop new methods.

  • Swindlers have created a fake add-on on Chrome. It is alleged that the swindlers who have given fake ads to make people use the add-on called “Ledger Live” have stolen 1 million 400 thousand XRP. Such claims have reminded us of a fact about the protection of digital assets. It is obvious that we should avoid downloading any application or add-on, the source of which is unknown. We should not clink any link that appears on the screen, either.
  • Another issue is those who have tried to swindle people under the pretext that they are collecting donations for the pandemic. It is important to be careful about people who send e-mails and ask for Bitcoin saying that they are collecting donations on behalf of the World Health Organization. If we want to donate money, we should act according to the information on the official websites of the institutions and organizations, the reliability of which we are sure.

Better not to give up precautions

Both the pandemic and the resulting price movements have mobilized malevolent people, but it should be recognized that the platforms that have taken all the measures to ensure the security of digital assets have been working non-stop.

Let’s remember Yasin Oral’s statements from the interview on March 16th on BT Haber.

“When it comes to speed, support team and the functioning of the system, I can confidently say that Paribu makes an obvious difference. You can develop, complete and back up your data centers in line with the current developments. We are confident about this. There is no saving in security.”

No one will ever save on security, but still it is very important keep being attentive and to structure investments accordingly. It is promising for the ecosystem that the cryptocurrency market is considerably growing in spite of all unusual happenings.

Bu içerik en son 26 October 2022 tarihinde güncellenmiştir.


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