As the world sits in flux between coronavirus and financial market concerns, AAX crypto trade CEO, Thor Chan, considers cryptocurrencies will ultimately make out okay.
“During a period of intense anxiety, many investors fled the markets in search of cash, or to defend their positions elsewhere,” Chan told The Merkle in a March 30 interview, referencing recent diving crypto and mainstream markets. “Cryptocurrency markets suffered together with all the other markets,” he continued, such as:
“But over the coming weeks and months, as governments cut interest rates, I think we will see the crypto markets”
All markets have dropped throughout the coronavirus pandemic
Within the past month or so, in that the surface of the coronavirus pandemic, mainstream markets suffered carnage comparable into the market crash of 1987, in addition to the 2008 downturn.
Initially, crypto assets fell alongside traditional markets, with Bitcoin reaching its most recent pinnacle of pain between March 12 and 13, dropping more than 50 . Since that time, however, the benefit has shown price action relatively unattached to traditional markets.
Current conditions may induce mass reevaluation
Global coronavirus countries have spurred drastic measures, leaving many people quarantined and changing everyday life radically to people throughout the world.
“If anything, this is a time where lots of people may want to reflect on how we’ve organized our society,” Chan said. “Such thinking can be about social problems, environmental issues, but also around finance and economics.”
The CEO noted investigation into blockchain and crypto use cases as a beneficial endeavor during these times.
“I feel that the value of crypto will become more evident to the mainstream, such as institutional investors, that will bring more funds to the market,” Chan said.
Present quarantine measures have caused many organizations to put more consideration into the electronic realm, leading some to additional research distant work processes. As the crypto company is largely digital, these conditions could logically steer clear of the general public toward blockchain and crypto solutions.
Cointelegraph reached to AAX for additional details, but got no response as of press time. This manual will be updated accordingly if a response come in.