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Bitcoin price has dropped dramatically in the last few days, but it is not a consequence of the coronavirus frenzy or the Russia-Saudi Arabia oil war. It is rather mostly the direct effect of market manipulation by PlusToken scammers that have stolen $2 billion worth of assets from investors.
A combination of negative factors have triggered a domino effect that is likely to unseat the dollar as the world reserve currency. Several analysts and experts had seen it coming for years now, but now the avalanche effect is started. The fear of the corona virus slowing down consumption and production, the over-inflated US debt and the war on oil prices combine into a perfect financial storm. Can crypto offer an alternative? The recent downtrend of Bitcoin price would seem to indicate otherwise. But it is limited compared to the downturn of the stock exchanges of countries which are tightly connected to the production of oil. Who started the war and who is going to finish it?The oil war was initially started by Saudi Arabia to force compliance by Russia in reducing oil production. Due to the corona virus effect, the world is now consuming less oil. Yet Russia’s economy depends strongly on energy and didn’t budge. The last time a similar war was waged, it forced the dissolution of the Soviet Union. This time around it is quite different. Russia has increased its gold reserves markedly in the last decade and has very little debt. They can sustain a confrontation over a long time and the more likely victim is the shale/fracking industry in the USA. Right now Russia produces oil at $ 7 per barrel. Saudi Arabia spends $ 7 a barrel, while the US production cost is $45 a barrel. US fracking companies have already sustained major losses in the last couple of days. The whole sector might need a major bailout if the situation doesn’t change soon. Saudi Arabia is over-extended on its debt, but can isolate itself therefore sustaining the war better.
In 2018 the National Reserve Bank of India declared that cryptocurrencies were not real money and Indian banks could not work with companies active in this field.
Major cryptocurrency exchange Binance has paused trading for the second time in a month after a week of technical and performance issues.
Grayscale Bitcoin Investment Trust was the second most liquid over-the-counter market in 2019. Now institutional investors demand Bitcoin in their portfolio.
This case illustrates a complete failure of leadership at multiple levels within the bank. Wells Fargo traded its hard-earned reputation for short-term profits and harmed untold numbers of customers along the way.
The number of crypto transactions spikes in 2019, reaching up to 400,000 per day for BTC. A value of up to $1 billion per day.
There is a growing interest in retirement plans, which also use Bitcoin. Due diligence research requires attention to new factors.
To fight mining centralization, core Ethereum developers have proposed an update to the mining algorithm that has received an intense backlash from the wider community. The hard fork could split the whole environment, diluting its strength.
Square’s Cash App has 24 million active users, and in the fourth quarter of 2019 made $178 million in Bitcoin revenue.
The original Bitcoin address is very complex and an error in typing it can send money to the wrong destination. Coinbase fixes it by sending to user names or email addresses.
Six months ago, Tim Draper pulled his wealth out of the public stock market to convert it into BTC. He believes it will become the currency of choice.
Changpeng Zhao, controlling the largest cryptocurrency exchange in the world, predicts BTC price will increase massively over the next few months.