Every bit the world sits in flux betwixt coronavirus and fiscal marketplace concerns, AAX crypto exchange CEO, Thor Chan, thinks cryptocurrencies will ultimately make out ok.

"During a period of intense panic, 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 plunging crypto and mainstream markets. "Cryptocurrency markets suffered together with all other markets," he connected, adding:

"Simply over the coming weeks and months, equally governments cutting interest rates, I think we volition see the crypto markets surging."

All markets have fallen during the coronavirus pandemic

Over the past month or so, in the face of the coronavirus pandemic, mainstream markets suffered carnage comparable to the market crash of 1987, as well as the 2008 recession.

Initially, crypto avails barbarous aslope traditional markets, with Bitcoin reaching its most recent pinnacle of hurting betwixt March 12 and thirteen, dropping more than 50%. Since then, notwithstanding, the nugget has shown toll action relatively unattached to traditional markets.

Current circumstances may force mass reevaluation

Global coronavirus atmospheric condition have spurred drastic measures, leaving many folks quarantined and changing daily life dramatically for people effectually the world.

"If annihilation, this is a time during which a lot of people may want to reflect on how nosotros've organized our society," Chan said. "Such thinking tin can be effectually social issues, ecology problems, simply also effectually finance and economic science."

The CEO noted investigation into blockchain and crypto use cases as a useful endeavor during these times.

"I think the value of crypto volition become more apparent to the mainstream, including institutional investors, and this will bring more than capital into the marketplace," Chan said.

Present quarantine measures have caused many companies to put more thought into the digital realm, leading some to further investigate remote piece of work methods. Equally the crypto manufacture is largely digital, such atmospheric condition could logically steer more of the public toward blockchain and crypto solutions.

Cointelegraph reached out to AAX for boosted details, but received no response every bit of printing time. This article volition be updated accordingly should a response come in.