Cryptocurrency traders are already dealing with volatile markets, and the coronavirus has made matters worse.

The number of new cases of infection with the Corona virus has increased around the world, and the number of new cases has increased in China, according to the World Health Organization.

Fear of the virus spreading will trigger a pandemic that could slow the global economy and drive down stock prices. The S&P 500 has been in the red 10 percent since the start of 2020.

Bitcoin (BTC) has been a huge success, as the cryptocurrency traded below $9,000 for the first time since last January.

At the same time, cryptocurrency (OTC) trading volume has increased since the virus became a constant part of the news cycle.

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stated Michael Lyon is a dealer at Althena Investor Services in Chicago, which specializes in servicing OTC clients with the following:

We have seen a significant increase in volume over the past 60 days.

Data from CoinGecko also shows an increase in trading volume throughout the week on Coinbase and Kraken.

Globally, the impact of the virus has been diverse.

In Australia, which is geographically closer to the Asian economies, it was severely affected by the Corona virus, and witnessed a significant decrease in trading.

Thilo Greco, Head of the OTC Office in Ortos, Sydney, said:

There are no noticeable effects here in Australia.

One of the strategies some traders are considering in preparation for the coronavirus is to not hold volatile cryptocurrencies unless there is an urgent need.

This is what OTC Althena does, Leon says:

We manage inventory very tightly and run an identical book, so the coronavirus was not a factor.

Inventory management for trading desks may be cautious, given the uncertainty ahead, according to Robert Douglas, head of business development and institutional sales at Koine, which provides settlement and protection for cryptocurrencies.

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Who added in the statement:

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While value-added alt stores like gold and bitcoin have risen since the start of the year, they haven’t performed well over the past few days.

The take – volatility – is out of the bottle, with significant volatility expected across all asset classes.

Paul Ciavardini, head of trading at ItBit/Paxos, notes that recent declines in the bitcoin price are likely to be carried over from trading decisions made in traditional markets.

Siavardini added:

I think we’re seeing some traditional institutions, that either have a side pocket of crypto or something like that that mitigates the overall risk of what’s going on in the stock and bond market.

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