China Quarantines Cash, Crypto Takes Center Stage Amid COVID-19

Quarantine Measures for Used Bank Notes

In a bid to combat the transmission of the coronavirus, China has initiated a quarantine procedure for its used bank notes. It’s the latest headline that’s got the crypto enthusiasts buzzing, who are suggesting that digital currencies like Bitcoin could be the silver lining in this cash crisis. After all, who needs paper when you can click ‘send’?

COVID-19 Case Spike in Hubei

Speaking of staggering developments, Hubei province, home to the virus’s origin, has reported an alarming increase of nearly 15,000 new cases and 242 additional deaths within a single day. This significant uptick came after provincial authorities tweaked their case diagnosis methods on February 13. Dovey Wan, a notable figure in the crypto world, voiced concerns on Twitter about potential underreporting by the government, leaving us all questioning just how transparent those numbers really are.

Conflicting Reports on Infection Rates

Adding to the confusion, BBC tallied 2,009 new cases and 142 more fatalities. With the total tally climbing to over 68,000 infected individuals and a death toll hitting 1,665, it feels like a surreal episode of a dystopian series that most of us would prefer to binge-watch from our couches.

Impact on the Crypto Market

Despite rumors of Chinese crypto mining operations grinding to a halt, there seems to be little to no disruption in the Bitcoin network’s hash rate. If anything, it’s flexing its muscles like a bodybuilder on protein shakes. Mati Greenspan from Quantum Economics weighed in, stating, “It’s hard to estimate the market impact right now. How it will affect Bitcoin’s price, I really couldn’t tell you. At the moment, I don’t feel like it is.” And at the same time, a representative from mining giant Bitmain echoed that sentiments, noting no observable impacts. Talk about resilience!

The Rise of CoronaCoin

While Bitcoin hogs the limelight, the crypto community has birthed the Coronavirus-themed ERC-20 token, CoronaCoin (NCOV), as a unique attempt to raise awareness about the crisis. It was launched amidst the chaos, proving that even in dire situations, innovation is alive and kicking—or should we say, “biting”? Users on Reddit are chatting up a storm about this new coin, which aims to shine a light on the outbreak in a way that might just be wittier than a Saturday Night Live skit.