Share this article
6 Explanations for Crypto's Fascination With Coronavirus
Is it about self-sovereignty? About BTC as a reserve asset? Or are we just Chicken Little prophets of doom?
Updated Sep 13, 2021, 12:21 p.m. Published Feb 25, 2020, 8:00 p.m.
Make us preferred on Google
We're concerned about coronavirus, but why? Is it about self-sovereignty? About BTC as a reserve asset? Or are we just Chicken Little prophets of doom?
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, IHeartRadio or RSS.
The spread of Coronavirus has dominated the news cycle across industries, but the discussion has been particularly fierce in both the finance and tech worlds, with crypto right in the lead.
For a month or more, prominent crypto voices have been discussing the event in terms of skepticism of reported government cases, questions of market impact and plans for personal preparation.
NLW surveyed more than 1,500 people on Crypto Twitter to ask why the crypto community was so interested in the Coronavirus.
These were the top answers:
There has been a ton of Coronavirus talk in bitcoin/crypto circles.
— Nathaniel Whittemore (@nlw) February 24, 2020
Why do you think that is?
A) We’re “sky is falling” types/prophets of doom
B) We’re more hedging-macro-risk oriented
C) Belief that BTC can/will act as safe haven
D) All of above
E) Other (use comments)
This episode of The Breakdown also features an excerpt from Hidden Forces Ep 123: Market Nihilism: Price Discovery in a World Where Nothing Matters | Ben Hunt & Grant Williams
For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, IHeartRadio or RSS.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Rollercoaster bitcoin price moves end up liquidating $1.7 billion in bullish crypto bets
More than $1.7 billion in leveraged positions were liquidated in 24 hours as bitcoin fell to $81,000, with long bets accounting for nearly all the damage amid macro jitters and Fed chair speculation.
What to know:
- More than $1.68 billion in leveraged crypto positions were liquidated in 24 hours, with about 267,000 traders forced out of trades.
- Long positions accounted for nearly 93 percent of the wipeout, led by roughly $780 million in bitcoin and $414 million in ether liquidations.
- Analysts say the sell-off was driven less by new bearish sentiment than by overcrowded leverage unwinding, flushing out speculative excess and reducing forced flows in the market.
Top Stories
