Coronavirus Forces Closure of Even Crypto Companies

April 4, 2020 4:45 PM UTC

Global retail spending in brick and mortar stores has plunged as the COVID-19 pandemic halts public gatherings. The emerging uncertainty is changing Bitcoin user habits in unusual directions, ensuring that even crypto companies are not spared by the pandemic-caused economic glut.

Chainalysis, a major blockchain analytics company, reported that in the prevailing economic recession, change is observed among Bitcoin retailer services. According to the firm’s data, from the closure of 2019 till March 2020, there was a positive association between price and investment. investors were more likely to spend Bitcoin once its price increased. After the pandemic outbreak, this positive association has reduced, as the inclusive worth of investment has moved down.

Virus Outbreak Halts Crypto ATM Network

As most individuals are in quarantine, Bitcoin Depot, the most extensive Bitcoin ATM network, has decided to momentarily close crypto ATMs, particularly those that are in high traffic domains. The firm’s decision intends to promote a social distancing initiative.

Alona Lubovnaya, product director of Bitcoin Depot, said:

“We are continuing to monitor for locations that inhibit our users from socially distancing themselves from others. We estimate 10% of our machines will be in temporary lockdown until the end of April, or until further notice.”

Crypto ATMs facilitate payments at institutions that don’t acquire digital assets. They also permit consumers to obtain paper cash for digital assets; ATMs provide crypto access to unbanked individuals.

Bitcoin ATMs have close interaction with consumers due to display touchscreens and keypads, which can promote the spread of the pandemic if not sanitized properly. To prevent the expansion of COVID-19, Bitcoin Depot has structured a special force to clean and lock machines. Lubovnaya explained, “we also have our best field technicians working tirelessly to disinfect and clean our affected BTM’s.”

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