Bitcoin standing tall amid the gloomy Pandemic Period

  • November 28, 2020 03:15 PM AEDT
  • Hina Chowdhary
    Director, Equities Research Hina Chowdhary
    1376 Posts

    Hina Chowdhary is the Director, Equity Research at Kalkine and has an extensive experience of about 15 years in the area of Research, which includes 5+ years in Equities Research particularly.She has earned a Master of Science degree from the renowne...

Bitcoin standing tall amid the gloomy Pandemic Period


  • The pandemic-stricken year 2020 has been positive for bitcoin trading.
  • Market experts are seeing a growing future for the bitcoin trading which recently shown consistent rally before slumping this week.
  • Recent trends reflect the world's softening attitude towards the bitcoin.
  • The government's support to the underlying blockchain technology would also aid in the cryptocurrency’s growth.
  • The bitcoin industry outlook seems to be positive.   

The most popular cryptocurrency, bitcoin is now a days creating a lot of buzz in the investor community thanks to the recent rally. The pandemic year 2020 has mostly been positive for digital payment systems, including the bitcoin. 

If we see the recent bitcoin trading patterns, after continuously rising from 16 November to 20 November, the cryptocurrency has mostly corrected after that.

On 28 November 2020, at AEDT 11:53 am, Bitcoin was down by 1.87 per cent and was trading at AUD 23,315.0.

Bitcoin gaining ground amid crisis

The recent trends are difficult to be ignored by authorities, and it seems now the world is getting more accepting towards these cryptocurrencies as the attitudes are changing towards it.

Even governments are closely watching the trends, and many countries have now begun to recognise it. IMF recently released a video in August 2020 with a neutral approach, and the footage mostly explained about cryptos.

Must read: Bitcoin Reclaims USD 19,000 After Three Years, What's Driving the Rally?

Image source: Shutterstock

 The reasons that contributed to the bitcoin rally are - PayPal  enabling buying and selling of cryptos for its millions of customers, US hedge funds combining crypto assets to their balance sheets, DBS Bank planning to offer crypto trading services.

Against the backdrop of the pandemic and global recession, the rise of bitcoin seems sustainable.

The recent slump in bitcoin has not affected the enthusiasts and traders as the market is mostly bullish. Also, considering the volatile nature of the cryptocurrencies, some fall here, and there should not be of much concern. 

Market experts are looking at the recent trends as a healthy correction as after reporting consecutive gains; a healthy pullback was needed and natural. It is not making the investors worried at this stage. 

Australia eyes growth in blockchain technology

Image source: Shutterstock

In the age of technological advancement, the Australian government is spending USD 575 million on technology, including bitcoin's underlying technology blockchain to improve pandemic recovery.

Andrew Bragg, senator for New South Wales, is also a firm believer in the blockchain technology as he opines that it can aid in facilitating government processes and regulate financial regulation more efficiently.

The Australian government has given AUD 350,000 to Standards Australia for developing international blockchain standards. As a growing industry, it has the potential for job opportunities; however, this also requires skill-based professionals to lead the development.

Other than Australia, UK, UAE, Netherlands, Singapore, and China are also recognising the potential of the blockchain technology and adopted a broad approach towards it and encouraging its development.

Good read: Bitcoin Knocking at All-time Highs after 3 years, USD 20,000 on cards?


The website is a service of Kalkine Media New Zealand Limited (Kalkine Media), Company Number: 8107196. The principal purpose of the content on this website is to provide factual information only and does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) or engage in any investment activity under discussion. We are neither licensed nor qualified to provide investment advice through this platform. In providing you with the content on this website, we have not considered your objectives, financial situation or needs. You should make your own enquiries and obtain your own independent advice prior to making any financial decisions.
Some of the images that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed on this website unless stated otherwise. The images that may be used on this website are taken from various sources on the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image. The information provided on the website is in good faith, however Kalkine Media does not make any representation or warranty regarding the content, accuracy, or use of the content on the website.


We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK