Every day, many people are found to be infected with Coronavirus. However, have you ever wondered if anyone in the cryptocurrency market has been affected? Especially tycoons in the market, big project owners, …? And this is the answer for you. Seven world-class developers from the Ethereum (ETH) community have been diagnosed with COVID19 after joining EthCC in Paris.
Coronavirus has come to the cryptocurrency market
Zhen Yu Yong, co-founder of the decentralized financial ecosystem Torus Labs, was the first of the participants of the Ethereum Community Conference, held in Paris on March 3-5, 2020. a positive test for Coronavirus. He disclosed this information three days ago and requested that everyone who came into contact with him is tested.
I fell ill yesterday and have just been diagnosed with #COVID2019. Everybody who had close contact @EthCC_ or @ETHLondon with me should take extra precautions and/or get tested
— Zhen Yu Yong (Zen) (@zenzhenyu) March 11, 2020
He also acknowledged that he might have been infected at EthLondon or EthDenver conferences. Besides, last night, six more positive diagnosis cases were revealed by meeting attendees in Paris.
I was tested positive for #COVID19.
Given my symptoms and timing, I was probably infected at @EthCC_ and/or one of the side/after events.
If you have flu symptoms after EthCC, please get tested and stay home.
— Afr (@a4fri) March 13, 2020
As of March 14, 2020, the infected EthCC guest list includes the following Ethereum (ETH) community members:
- Zhen Yu Yong of Torus Labs
- Afri Shoedon, independent developer
- Jacques Dafflon, author of ERC-777 token standard
- Marco of Gnosis PM
- Johannes Pfeffer of Atpar.io
- Werner Jacob, investment banker, and crypto enthusiast
- The seventh case was reported by Lefteris Karapetsas of Rotki, who avoided disclosing the name of the person infected
This Black Swan event is more significant than we thought
Just two weeks ago, Ethereum Foundation co-founder Vitalik Buterin announced that he was satisfied that the cryptocurrency market was not related to Coronavirus.
I checked the crypto charts a few days ago and it felt like the rally was due for a continuation and if it didn’t then prices would drop. That prediction seems to have proven correct. I don’t think the crypto markets care about coronavirus.
— vitalik.eth (@VitalikButerin) February 28, 2020
However, on March 12, 2020, the panic, in general, led to the massive liquidation of Bitcoin (BTC), which led to a terrible daily decline in all Bitcoin history.
Even so, according to Charles Edwards, head of Capriole investments, the cryptocurrency market shows such a terrible correlation with stocks and gold only in periods of extreme fear or greed. That said, the next rally of the cryptocurrency could be as fast as its recent flash crash.
Ethereum daily fee peaks when the system is “overloaded”
The congestion event of the ethereum network on Thursday led to a spike in transaction fees within 24 hours. Referring to market data, traders paid nearly $ 564,000 ETH on March 12. Transaction fees are paid to help prioritize user transactions when creating blocks on the network. The higher the transaction fee, the higher the probability that the transaction will be generated in the next block.
Someone wanted to get their Ethereum transaction in the chain reallll bad. $76k USD transaction fee. https://t.co/0BIMo5AQVM
— Hudson Jameson (@hudsonjameson) March 13, 2020
On the second day, gas charges increased sharply from about 12 Gwei in the previous day to 100 Gwei. This new peak coincides with the most considerable Ethereum liquidity in the middle of the market crash.
On March 12, most fees were paid in a single day, the highest-paid since February 2019. However, Bitcoin’s transaction fees are showing signs of a steady increase over the past several days. The amount of paid Ethereum transaction fees made people forget about the transaction fees that Bitcoin users have to pay (only half).
The number of liquidated cryptocurrencies on Compound reached its highest level yesterday, with most of it being ETH liquidity. At the time of recording liquidity data, about 4.2 million ETH and $ 120,000 stablecoin USDC were liquidated within 24 hours.
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