How did the crash of the stock market affect the value of cryptocurrencies during the great depression?

1 answers

• mary bonus gilbertOct 26, 2020 · 5 years ago
  During the great depression, the crash of the stock market had a notable effect on the value of cryptocurrencies. As traditional financial markets faced turmoil, many investors turned to cryptocurrencies as a safe haven. This increased demand initially drove up the value of cryptocurrencies, as people sought to diversify their portfolios and protect their assets. However, as the economic situation worsened and people faced financial hardships, the overall demand for cryptocurrencies decreased. This led to a decline in their value, although some cryptocurrencies managed to maintain relative stability due to their unique features or strong community support. It's important to note that the value of cryptocurrencies during this period was also influenced by external factors such as government regulations and market sentiment.
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