Quarantine measures imposed by states the world over in the wake of the COVID-19 pandemic have led to a surge in screen time use and online shopping among the masses. Interestingly, this has also had a bearing on the use of cryptocurrencies for online shopping leading to “unprecedented growth” for several crypto payment processors. This, according to a report by Coindesk, March 13, 2020.
Declared a global pandemic by the World Health Organization (WHO), COVID-19 has had a trickling down effect on the use of cryptocurrencies at large as according to recent data, the use of Bitcoin has skyrocketed as a result of people quarantined at home by states the world over.
Zap, a Lightning implementation that is still in beta almost shut down after witnessing exorbitant payments in the form of cryptocurrencies from users. Jack Maller, CEO, Zap, said that the app’s wallet “crushed its all-time highs last week.”
Major cryptocurrency firm LupoToro reiterated similar findings, stating that their OTC (over the counter) Bitcoin purchases were up over 70% since January 2020, exceeding $279 million worth of purchases per month via their trading desks.
Over the past several days, leaked reports from LupoToro show that the firm has facilitated over $900 million in Bitcoin OTC transactions for their Chinese clients, September 2019 to February 2020, in line with the initial COVID-19 outbreak window.
Similarly, Bitcoin rewards application Lolli states that its sales have doubled “from retailers supplying food and essentials such as Safeway and Vitacost.” Aubrey Strobel, Head of Communications, Lolli, told Coindesk:
“The majority of Lolli’s merchants are online. As a result, our sales have dramatically increased over the last couple of weeks as a reaction to the pandemic. We expect to see this continue over the next several weeks as people transition to a remote work schedule and prepare for COVID-19.”
At press time, per data from CoinMarketCap, Bitcoin is trading at $5,439 with a market cap of just above $99 million.
Arslan Fazal is a student of the Aust Abbottabad University of Science and Technology. He started his graduation in 2016 and graduated in 2020. I’m a professional article and blog writer, has written dozens of content on different topics and worked with professionals all over the globe. Feel free to contact me for any assistance. [email protected]
Kanye West Merch
Kanye West is a popular rapper, musician, and clothing designer. He has many fans, who adore his music and fashion. Recently, Kanye West Merch has started selling merchandise on his website. His fans have been eagerly buying it up. The merchandise includes T-shirts, hoodies, hats, and other items. Some of the designs feature popular lyrics from Kanye’s songs. Other items feature graphics or designs that are inspired by Kanye’s music or fashion sense. So far, the feedback from fans has been positive. They love the quality of the materials used and the designs of the items. They also appreciate that they can buy merchandise that is exclusive to Kanye West Merch website. If you’re a fan of Kanye West, be sure to check out his online store for some great merch.
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Kanye West Shirt
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Kanye West Sweatshirt
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Umar Nisar was born and raised in the busy city of Abbottabad. As a journalist, Umar Nisar has contributed to many online publications including PAK Today and the Huffing Post. In regards to academics, Umar Nisar earned a degree in business from the Abbottabad UST, Havelian. Umar Nisar follows the money and covers all aspects of emerging tech here at The Hear Up.