The COVID-19 pandemic has left an unextended effect on economic growth worldwide. The Egyptian economy has seen its lowest growth in the third quarter of the current year 2019-2020.
CoinDance, the well-known platform for providing statistics for the cryptocurrency, has recently updated their charts. In the last week, there was a spike in the demand for digital assets in the corner of most African countries.
The Q3 report showed that there was a surge in the volume of the bitcoin. According to the reports, the peer to peer bitcoin recently shown an all-time high development in the current fiscal year.
The latest surge in bitcoin was also experienced back in March. The closing volume at the end of the week was recorded no less than 1.3 million EGP. Last week was also the most volatile week for the leading digital asset breaking the trend-line after failed attempts.
Just before the halving event, on most exchanges bitcoin price was surged to $10,000 but this didn’t last long as soon after the price dropped $9,100 in the same week following the black Thursday event where bitcoin was almost dropped below $4,000 resulting to a big loss for most altcoins.
The pandemic effects on the Egyptian economy
The COVID-19 has reshaped the economic and social progress of Egypt including all other nationalities. Last year, by expanding its GDP to 5.6%, the Egyptian economy had the most powerful inflation rate all over the Middle East. As every country is taking security measures to fight with COVID-19, Egypt has reached almost 35, 000 confirmed cases following the death tolls of almost 1, 300 people.
Although the economics ministry of Egypt recently confronts that due to COVID-19, many economic activities are slowdown due to the lockdown but they have managed to keep the GDP by 5% in the recent Q3 results quoting “the best globally thanks to the economic diversity that helped in attaining positive rates.”