The crypto market is off to a bad start this week. But that has not depleted its possibilities of registering a big fat rebound thanks to Beijing.
The People’s Bank of China announced that it is slashing down interest rates on its medium-term loans – from 3.25 percent to 3.15 percent. At the same time, it injected about $29 billion worth of yuan into the system, which included $14 billion in repurchase agreements.
The People's Bank of China (PBOC) cut the interest rate of its medium-term lending facility (MLF) loans by 10 basis points to mitigate the impact of the #COVID19 outbreak. pic.twitter.com/vHN63PnqJP
— Economic Daily, China (@EDNewsChina) February 18, 2020
The easing decision came as a response to the growing COVID-19 (Coronavirus) pandemic that has killed more than 1,600 people and infected 50,000 others so far. China last week had announced that it would go ahead with a capital injection of about $170 billion to safeguard its economy from the virus panic.
Crypto Rebound Incoming
The Chinese stimulus helped to push investors’ appetite for risk-on assets higher, resulting in upside rebounds in the regional stock market. But, as Bloomberg observed, part of the new money also made its way into the crypto market, with even the most underperforming assets surging threefold.
Omer Ozden of Rocktree Capital – a Chinese investment advisory firm, told the media mogul that Chinese traders quarantined in their homes are using digital assets like cryptocurrencies as a “viable diversification,” adding that they mostly traded smaller-cap coins over the top cryptocurrency Bitcoin.
Meanwhile, prominent macro analyst Mati Greenspan said fearful investors are willing to take risks in alternative cryptos.
The Quantum Economics founder added that – after China’s announcement of a $170 billion stimulus – the altcoin market visibly outperformed bitcoin’s, with many second-class assets taking lead over the benchmark crypto.
“Altcoins are outperforming bitcoin consistently on a day-to-day basis pretty much since the beginning of this year […] It means investors are looking to take risks,” he told BlockTV.
Is #Bitcoin about to hit a golden cross?
See why @MatiGreenspan believes it could happen as soon as this week and $BTC could continue its upward trajectory. https://t.co/7PWpa46pFH pic.twitter.com/d7dbI80guD
— BLOCKTV (@BLOCKTVnews) February 11, 2020
Global Growth Projections Down
While economists continue to assess the full impact of Coronavirus on the global economy, early projections indicate a 0.2 percent cut in the growth already. According to Hussein Sayed, the chief market strategist at FXTM, the dwindling sentiment could prompt the Federal Reserve to introduce their own stimulus program.
“Whether Fed Chair Jerome Powell’s warning about the impact of the coronavirus outbreak on the US economy will potentially justify a further cut in interest rates remains to be seen, with speculators already pricing in a 43% chance of a rate cut by mid-year,” he told Kitco.
Rate cuts make some analysts bullish for bitcoin and other cryptocurrency tokens. Thomas Lee of Fundstrat Global Advisors, for instance, said markets view easing as a sign of a weakening US dollar which, in turn, is good for bitcoin.
Going by the crypto market’s immediate reaction to PBOC’s easing policies last week, it is, therefore, possible that it – as a whole – stages a massive bull run. origin »
It’s been an explosive past few weeks for the crypto market. While much focus has been put on Bitcoin and Ethereum, altcoins have also performed extremely well, with some rallying hundreds of percent or thousands of percent in literal days.
Outstanding Versus Poorly-Performed Cryptocurrencies of the First Half of 2018 The crypto market took a complete dive in the first half of 2018, as majority of the existing tokens have experienced enormous drops ranging between 60 and 80 percent.
The more than 1,200 crypto community respondents broke down to 8 percent anarcho-capitalists, 24 percent libertarians, 21 percent conservatives, 9 percent centrists, 27 percent liberals, 9 percent socialists and 3 percent nihilists.
Bitmain, a crypto mining company with several sub-mining operations, recently announced new transparency measures meant to “foster greater dialogue between [Bitmain] and the cryptocurrency communities at large.
Bitmain, a crypto mining company with several sub-mining operations, recently announced new transparency measures meant to “foster greater dialogue between [Bitmain] and the cryptocurrency communities at large.
For many, the complex nature of crypto investing is an unsolvable enigma. Despite the potential for great returns, many are hesitant to jump in and navigate the complexities and uncertainties inherent in this space.
Around 70,000 people are currently employed in the young and growing crypto industry in the Russian Federation. The average salary in the space has fallen by 40 percent this year, along with cryptocurrency prices.
According to the report, Ripple’s sales of XRP tokens were a “drop in the bucket” compared to the total XRP market. Per the report, Ripple sold $75.53 million in Q2 in total. Source: Ripple The report stressed the low volatility of XRP in Q2, pointing out a 9.0 percent price decline in line with Bitcoin’s
Bitwise Asset Management is the latest venture to apply for a cryptocurrency exchange-traded fund (ETF). Called the Bitwise HOLD 10 Cryptocurrency Index Fund, the ETF will track the returns of the company’s HOLD 10 Index, a “market-cap-weighted index of the 10 largest cryptocurrencies” that captures roughly 80 percent of the total cryptocurrency market capitalization.
Bitcoin continues to go up, as it grew to USD$8,316 from its USD$7,339. Does this 13 percent signify anything? According to the CEO of BKCM Fund and CNBC’s very own crypto analyst, its growth might be contributed by three key factors, which include the possibility of a bitcoin ETF, the entry from several institutions and […]
A Hong Kong-based investment firm is planning to launch a new crypto-custody service to address the growing interest from institutional clients, and we’ve covered the story in today’s Bitcoin in Brief.
Generally, the crypto and Bitcoin market is vibrant. So far, BTC is up four percent in the last 24 hours probably buoyed by news of CoinBase new client. On top of that, Facebook seems to be back in business allowing crypto ads to their wide user base. From the News CoinBase, the US based cryptocurrency […]
Week over week, we are seeing some gains in the crypto market and leading the charge under the coins on focus is Bitcoin Cash. It’s up 12 percent in the last week alone and at the same time others as EOS added 10 percent.
The crypto markets entered one of the most haunting bear phases in memory when prices plunged by over 50 percent, sending chills down the spines of investors. No “blockchain conferences” or tall claims from crypto bulls could help raise the prices of the coins.
Cosplay is no longer a child’s play. It is an industry worth US$ 45 bln, which is growing at the CAGR of 15 percent each year. The growing acceptance of cosplay has transformed the perceptions and made cosplayers into a vital asset that helps fuel the global entertainment business.
Crypto Market Rises – Bitcoin Reaches $7,500 The Crypto Market is in good shape this July the 21st. The upward momentum has continued during all the week. The top ten altcoins are regaining strength, up to 8 percent, according to CoinMarketCap.
Bitcoin went on a serious bull run in 2017 and rose over 1,900 percent by the end of the year. Despite that, Wall Street remained largely skeptical on the subject of digital currencies throughout the past year.
Charlie Lee says “it really doesn’t make sense” to compare the “inflated” market cap of Stellar, which passed Litecoin this week. ‘Printed’ Stellar Beats ‘Decentralized Mineable’ Litecoin Bitcoin roared back above the $7,000 mark this week — but as BTC goes, so do some other cryptocurrencies.
It is a proven fact that the blockchain has an impressive 99. 64 percent reliability. However, the same can’t be said of cryptocurrency exchanges. Amidst that backdrop, Sameer Dixit, the Senior Director of Security Consulting at Spirent Communications, has identified some characteristic flaws of crypto exchanges which must be tackled to shield the over $350 billion cryptocurrency industry from more heists.
The majority of jobs in cryptocurrency require computer science degrees or a strong background in tech. Blockchain development is now the most searched-for freelance skill, having skyrocketed by over 6,000 percent since last year.
EOS, in particular, has experienced steady gains. The Crypto That Everyone Wants a Part Of EOS was trading at $ 8.08 at press time, an increase of 9 percent in the previous 24 hours. Just three days ago, the EOS price had fallen as low as $ 6.7, its lowest price since mid-April. Thiel is
Rivemont Investments’ Rivemont Crypto Fund only had nine percent of its assets in bitcoin as of July 13, 2018, with the rest, a whopping 91 percent, in Canadian dollars. For the record, the Rivemont Crypto Fund’s assets amount to C$3 million ($2.
Illicit cryptocurrency mining, or “cryptojacking,” has become more popular among cybercriminals than ransomware, according to a report by Skybox Security. In its mid-year update, the firm said that crypto miners now account for 32 percent of all cyberattacks, while ransomware only makes up 8 percent.
Singapore-based cryptocurrency exchange BITBOX, which is also a division of Japanese internet giant Line Corporation, is now up and running. Operations began on July 16, 2018, and services are available in roughly 15 different languages to traders of every country except Japan and the U.
Computer manufacturing company HTC says it is on the verge of releasing its upcoming blockchain phone, Exodus, which was first announced in May of 2018. Chief crypto officer at HTC Phil Chen leads the company’s blockchain and cryptocurrency initiatives.
Canada-based Rivemont Crypto Fund, run by a portfolio management firm Rivemont Investments, holds around 91 percent of its $2. 3 million of assets in fiat currency, with only 9 percent in Bitcoin (BTC), Bloomberg reported July 17.
The deal for a 9.9 percent stake in WEG Bank AG resulted through a partnership with the crypto startup TokenPay, as previously reported. According to Lee, that best-case scenario would see WEG Bank attempt to launch crypto products and services – but that’s not a done deal by any means, the litecoin creator conceded. He
75 percent of cryptocurrency holders would spend their coins in Point-of-Sale (PoS) transactions if they could, a new study into crypto consumer habits reveals. ‘Real Demand For Greater Adoption’ The study, conducted by UK-based cryptocurrency purchasing website CreditCoin, also showed the desire to spend cryptocurrency in ‘real life’ did not depend on age.
All in all, there is a recovery in the crypto space and we can see that in the last day alone, the markets have gained more than $15 billion. In that time space alone, Ethereum (ETH) is up six percent and there is room for more not just from a fundamental point of view but.
According to a recent research report by ICO advisory firm Satis Group, about 54 percent of the total money raised through ICOs went to successful ventures. The report, published on Bloomberg LP, suggests that the ICO market is doing well despite the recent bearish trend in the crypto markets overall.
Bitcoin is back in the green after positive news in the past few days about big-money investors looking to get involved in crypto. The top-ranked virtual currency has gained almost four percent in the last 24 hours.
More than 80 percent of ICOs in 2017 are identified as “scams,” while the UK sees crypto becoming mainstream within a decade — read more in our Hodler’s Digest
July 14: crypto markets are holding gains from yesterday’s mild upswing, with all top ten cryptocurrencies seeing slight growth over the past 24 hours, according to data from CoinMarketCap and Coin360.
Binance, the world’s largest cryptocurrency exchange by volume, is set to launch a regulated bank that will be owned by crypto investors. According to a statement released on July 12, 2018, the new bank will be named ‘Founders Bank’, and Binance has said that its stake in the venture is five percent.
The
Bitcoin movement has brought with it a tidal wave of activity in cryptocurrency
investments and trading. As a result, crypto market capitalization soared to an
all-time high of around $820 billion in early January of 2018.
Initial Coin Offerings (ICOs)–The bad news for ICOs continues to roll out this summer. Last month, TechCrunch published a review of the crypto industry, concluding that over a thousand projects were already considered dead, despite some still having a presence on exchange and coin listings.
38 percent of South Africans “wish they had invested” in cryptocurrency as businesses report “decent” interest in the emerging technology from corporate investors. 40 Percent of South Africans ‘Aware’ of Crypto Results of pan-African investment bank Old Mutual’s 2018 “Savings & Investment Monitor,” released this week, reveal attitudes to Bitcoin locally are swiftly transforming. Overall
The slide continues and even with Twitter representatives visiting Tron offices triggering rumors of potential partnerships, sellers continue to run havoc. So far, Tron leads the collapse shedding six percent in the last day while IOTA is pretty much stable testing the main support line at 90 cents.
38 percent of South Africans “wish they had invested” in cryptocurrency as businesses report “decent” interest in the emerging technology from corporate investors. 40 Percent of South Africans ‘Aware’ of Crypto Results of pan-African investment bank Old Mutual’s 2018 “Savings & Investment Monitor,” released this week, reveal attitudes to Bitcoin locally are swiftly transforming.
China's central bank is bragging about the fact that after its ban, it has successfully managed a zero-risk exit for all the previously operated ICO and crypto trading platforms.
The post China’s Control Over the Global Bitcoin Exchange Market has Fallen to 1 Percent appeared first on CoinSpeaker.
TokenPay Swiss AG announced its partnership with Germany’s WEG Bank yesterday, which sees the decentralized and self-verifying payment platform acquire 9. 9 percent of the bank. The other 90 percent of the bank is will reportedly be purchased pending mandatory regulatory approval.
New academic research has concluded that more than 50 percent of crypto projects raising capital through ICOs do not make it through to the fifth month after the token sale. The study also suggests that investors get the best return on their money if they sell the coins within the first month of trading, while […]
The post Less Than Half of ICOs Survive Four Months After Sale, Study Finds appeared first on Bitcoin News.
In May 2018, TokenPay Swiss AG joined with WEG Bank in Germany. The former attained a 9. 9 percent stake in the bank, along with the option to purchase as much as 90 percent, pending regulatory approval.
Monday, July 9: crypto markets are mainly seeing red today, with total market capitalization down almost $15 billion from yesterday’s high, according to data from Coinmarketcap. Market visualization from Coin360 Bitcoin (BTC) is down 1.
In the last day, Ethereum (ETH) has been on a slide losing three percent rejecting higher highs above $500. Even though we are net bullish, chances are ETH sellers might push lower below $450 triggering our sell trades with targets at $400 and $350.
Regulators play a key role for Bitcoin (BTC) and other alt coins and safe BTC gaining seven percent in the last week, we should see increased government involvement in the days to come. On another angle, our buys are live and all thanks to last weekend’s surge above $6,800. We might see more gains in […]
Discover why ZKP is standing out as a top presale crypto, with privacy + verification technology that supports secure, verifiable AI compute as its presale auction goes live.
A staged fake-delivery encounter in San Francisco’s Mission Dolores district escalated into one of the city’s largest known individual crypto thefts, after a disguised assailant subdued a resident and escaped with assets worth $11 million, alongside the victim’s phone and laptop.
Best Wallet Token nears its presale finale with $17M raised, live app utility, and strong staking rewards—making BEST a leading contender for the next 100x crypto.
Hyperliquid displays a Head and Shoulder pattern of HYPE token, which indicates a significant price change. The $35.5 neckline is crucial with a target of $12.
In a recent financial statement on Circle’s (CRCL) third-quarter (Q3) performance, the stablecoin giant saw tremendous increase in key metrics, exceeding Wall Street estimates. Circle’s Financial Disclosures According to the financial disclosures made public by the firm on Wednesday, Circle’s Reserve Income surged to $711 million, marking a substantial 60% year-over-year increase, primarily fueled by […]
According to a recent report by Bloomberg, the cybersecurity arm of China has openly accused the US government of orchestrating the theft of approximately $13 billion in Bitcoin (BTC), adding tension to the ongoing cyber relations between the two nations.
