Lebanon: Will Massive Explosion In Beirut Impact Cryptocurrency?

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Beirut Blast
Beirut Blast (Courtesy: Reuters)

A massive explosion took place in Lebanon’s Beirut earlier today leaving thousands injured and at least 10 dead. Local media speculated various reasons for the explosion — with some suggesting the reason to be fire in chemical factor and others saying a ship carrying fireworks exploded — a official statement is however still to be released by the government.

Following the explosion, plenty of injured residents in the city were rushed to hospitals, which are reportedly running at full capacity after already 5000 Covid-19 cases reported in the day. Members from the Lebanon Red Cross Society have also reported about the massive number of casualties, however, the correct number might take time to be released.

Lebanon: Will the crisis impact cryptocurrency?

The crisis in Lebanon comes after the world of cryptocurrency saw a turbulent day with Bitcoin and Ethereum sky rocketing in their prices before coming back to normal and recovering its ground. The market on Tuesday saw stable moment with Chainlink denoting the most growth.

Following the crisis, it is likely that the market will remain unaffected. Lebanon has recorded large financial crisis over the years. It might continue to hit their financial position but due to the blast in the country the movement in the world of cryptocurrency will not be impacted. More so, as the market of cryptocurrency in Lebanon is not as big as compared to other countries like the United States.

The country’s economy is primarily based on services with the tourism sector responsible for a large portion of Lebanon’s GDP. It imports 80% of the products which includes oil, meat, grain, and other supplies.