The US Fed has cut interest rates to 0% in an attempt to revive the economy struggling when it was hit by the corona virus crisis. To that end, the central bank has also launched a quantitative easing program (QE) worth $ 700 billion.
As expected, the crypto community saw this strong monetary stimulus as news of price increases for Bitcoin with a fixed supply of 21 million coins.
Analyst Luke Martin is convinced that this period is set to make Bitcoin a long-term success.
Even if the short-term impact is muted, the stage is set for $ BTC to succeed in the longterm.
Move slow. We are still in the early innings … https://t.co/unJjNnOQ9f
– Luke Martin (@VentureCoinist) March 15, 2020
The reason behind such claims is simple – QE significantly increases the supply of the US dollar. After that, Bitcoin, which will become even more scarce after halving in May, is expected to trade stronger than the USD.
Kraken CEO Jesse Powell suggested that this is a good time to continue using Bitcoin, asking how he could borrow at zero interest.
Anybody know where I can get one of them 0% loans? Seems like a good time to leverage all hard assets to go long BTC. Obviously, not financial advice.
– Jesse Powell (@jespow) March 15, 2020
However, there are still some doubts. Bitcoin's 50% collapse that horrified the bulls on March 12 has reduced the enthusiasm of the cryptocurrency community, which is why many members remain skeptical.
Bitcoin searches on Google soared
Searches for “Bitcoin” erupted on Google last week, suggesting that the ongoing global economic crisis may be driving interest in BTC even in the most devastating sell-offs from before now.
Worldwide search data for Bitcoin has broken out of its seven-month high according to data from Google Trends, which began to skyrocket on Wednesday, March 11.
At the time, Bitcoin was trading just below the $ 8,000 mark and was yet to fall into a 50% discount, the largest daily loss recorded in seven years.
Bitcoin search volume on Google. Source: IntotheBlock
Bitcoin correlates with gold amidst the Covid-19 context
Bitcoin and gold are often put on the scale by their most loyal supporters. Each side is worshiped as a 'store of value'. But the more you look, the more non-traditional assets have more in common.
Limited supply, difficult production, against the dollar, and a paradise at the time of economic crisis. As Covid-19 is pushing the market to record lows, causing consumer crises and creating essential inventories, investors are looking at Bitcoin and gold under the same lens, a means of saving. store value.
Over the past week, both Bitcoin and gold have seen massive sell-offs. The same movement between these two valuable asset stores has increased their correlation. According to data from Skew, the real 1-month correlation between Bitcoin and gold reached a nearly two-year high of 55.8%. Even on a larger time frame, the trend remains firm, with a 1-year real correlation reaching a high of 20.2%.
Ripple's XRP holdings value has plummeted over the past month amid a reversal of the cryptocurrency market.
Ripple currently owns 56,173,059,762 XRP. At the time of writing, it's worth $ 8,481,003,410, $ 10 billion less than $ 18,795,505,796 compared to February 15.
XRP is currently trading at $ 0.15 compared to $ 0.333 just a month ago.
Tanya Abrosimova, an analyst at FXStreet, said XRP's outlook can be improved after it pushes above $ 0.15 – the middle line of the 1-hour bollinger band.
A sustained move on the area will allow recovery to the 1-hour SMA100 at $ 0.19, followed by a stronger barrier created by the psychological level of $ 0.2.
On March 16, Binance.US listed XTZ, the internal cryptocurrency of the Tezos blockchain project.
– Binance.US 🇺🇸 (@BinanceAmerica) March 15, 2020
Transactions for XTZ / USD and XTZ / BUSD trading pairs are available on Monday March 16 at 9:00 am EST.
Users on Binance.US have previously been able to deposit USD, BUSD or XTZ into the wallet but withdrawals will be allowed after 9:00 am EST on March 16.
Besides, XTZ is also upgraded to x75 leverage at Binance Futures.
A new proposed mechanism for the EOS Delegated Proof-of-Stake blockchain has been proposed by the block producers of EOS Nation and Attic Lab, called the Worker Proposal System (WPS).
Programme will allow anyone to make an offer on how to work for the EOS blockchain. The proposed sender will incur a non-refundable fee of 100 EOS to support the operation of the WPS mechanism.
Then all block producers vote on the proposals (+1 points, -1 points or 0 points). A new proposal must reach 20 points to be implemented. Once a proposal is submitted, it cannot be changed.
But, Block.one's CEO and co-founder, Brendan Blumer, explained why he doubted this novelty.
Brendan Blumer appreciates the efforts of EOS Nation and Attic Lab but expresses some concerns. Mainly on the role of block producers, they will be able to redirect token hold funds to projects they support.
Even if the amount is nominal, socially authorizing the BP’s to direct token-holder funds into projects without without a clear or measurable return of value is risky, and may open the door to corruption and external scrutiny. #EOS
– Brendan Blumer (@BrendanBlumer) March 15, 2020
Jeremy Allaire, co-founder and CEO of Circle – the company behind USDC stablecoins – pointed out that on March 14, USDC's market capitalization reached an all-time high of $ 568 million. after the market downturn.
“While it's not very interesting to see the market crushed, it's still fun to see that this all-new, completely digital, blockchain-based monetary infrastructure is working.”
first/ #USDC surging in market demand over the past days, reaching new ATH at $ 568m in circulation. Fascinating to see “flight to safety” within the crypto macro market, but also demand for high quality USD liquidity for markets.
– Jeremy Allaire (@jerallaire) March 13, 2020
Allaire expects that the demand for digitalized dollars will increase significantly because residents and businesses will want an architecture where they can make and receive payments with less partner risk and greater security. He also expressed that the corona virus pandemic indicates that infrastructure needs require less intermediation and decentralization.
The Shelley migration to the mainnet has been the subject of discussion for the Cardano community for a while. This is an important milestone for the ecosystem as this era marks a period of growth and development for the Cardano network with the ultimate goal – optimizing decentralization.
IOHK CEO and co-founder Charles Hoskinson has updated the community about releasing the latest version for Jormungandr 8.14. One of the important features in this version is “stake pool withdrawal”. According to the page GitHub, this new version displays command line options to create a pool pool withdrawal certificate.
Hoskinson said that while this project is a major and important milestone, releasing Shelley on the mainnet will not necessarily boost ADA prices.
(embed) https://www.youtube.com/watch?v=N9ujlHHfgg4 (/ embed)
Georgia uses Cardano's blockchain technology
Be it fashion, education, food, health, health or even government elections, blockchain has proven its effectiveness in various fields.
Recently, Georgia has become The first nation to promote the use of Cardano-based third-generation blockchain technology to store, monitor and test educational attainment by leveraging blockchain technology in public services.
IOHK, led by Charles Hoskinson, is helping Georgia build a next-generation authentication system in education.
IOHK's representative in Georgia, George Shekriladze, noted that this academic information verification service will bring legitimacy and convenience to the education and human resources industry.
The aviation industry explores blockchain
Sita, an aviation information and communications technology company, and ULD Care, a trade association, are exploring the possibility of using blockchain technology to save $ 400 million a year in aviation. , follow notification March 12.
Blockchain technology allows air transport companies to track digitally and record changes in supervision over an airline's cargo containers, or Unit Load Devices (ULDs), as they move between destinations. This solution aims to reduce industrial costs, improve efficiency, reduce losses and prevent damage to goods.
Rapper Akon shares the upcoming whitepaper for crypto
Rapper Akon shared whitepaper for my upcoming ‘Akoin’ cryptocurrency project.
The document describes Akoin as a cryptocurrency designed for entrepreneurs in developing economies in Africa and beyond. The project's mission is to unlock the potential of the world's largest growing workforce using blockchain technology.
The whitepaper describes Akoin as a utility token that powers the atoms that swap between cryptocurrencies, fiat currencies, and mobile phone credits on the Akoin network.
Wintermute Trading witnessed the best days
Amidst the sharp price changes last week and network congestion, cryptocurrency market maker Wintermute Trading still witnessed the most profitable days since its inception.
Founded in 2017, Wintermute transcends both decentralized and centralized platforms and is a major market producer on dYdX, a non-margin trading platform for margin trading. Last month, the company raised a “seven-figure” amount in its seed funding round, led by venture.com affiliate Blockchain.com.
The madness of the market on Thursday made the decentralized financial market (DeFi) especially difficult. With the price of ETH at one point falling below the $ 100 mark, some valuation prophets had trouble delivering accurate data to the network. As a result, the Ethereum network became overcrowded with transaction requests.
Despite the network congestion, Wintermute actually had one of the most beneficial days on Thursday.
Covid-19 promotes scam
According to DomainTools senior security engineer, Tarik Saleh, the corona virus-themed domain name registrations have increased following reports of the first cases of COVID-19, and many of these are thought to be scams.
A specific platform, the coronavirusapp (.) Site, is prompting users to install Android apps for real-time updates on pandemics. Instead, the application comes with a ransomware software called CovidLock.
CovidLock requires lock screen access. It then uses a technique known as a screen lock attack, which holds the phone hostage by blocking user access.
The ransomware threatens to delete contacts, photos and videos on the infected device as well as leak the victim's social media account information and wipe all phone data unless a $ 100 ransom is paid. in Bitcoin within 48 hours.
Crypto loans are only 5.9% of the annual interest rate – you can use the money effectively without selling coins. Earn up to 8% interest per year with stablecoin, USD, EUR & GBP with insurance up to 100 million. Come on, get started now! →Read more :
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