Up until just a short time ago cryptocurrencies were considered to be a sort of safe haven. This idea has gained greater strength in the measure in which, during recent periods of crisis and instability, the Bitcoin has risen in value; however, now, with the pandemic of the coronavirus hitting the entire planet, the freefall of the cryptocurrency quotes most used these days shows an uncertain scenario and demystified the option of “safe haven”.submitted by CryptosRegister to u/CryptosRegister [link] [comments]
Halfway through February, before the before the pandemic became widespread, Bitcoin’s quote reached over 10,200 dollars, its highest quote during the last seven months; but, from that moment on the decline has been resounding – around 40% - so that its present value is in the region of 6,300 dollars. In its fall, Bitcoin dragged other cryptocurrencies along with it, like Ethereum which lost 29% as went from 194 dollars to 137, and Ripple, which ceded 22%.
What provoked the decline in prices?Cryptocurrencies operate contrary to the traditional financial system, because they don’t need banks; however, this doesn’t make them immune to the economic chaos unleashed by the pandemic.
In China’s case, the country where the virus arose, the analysts waited for the launch of the digital yuan; however, the Wuhan crisis will postpone the presentation of the new cryptoasset between three and six months, since, according to YuanJie Zhang, the director of operations of Conflux, “The majority of the budget’s resources were spent in containing the virus”.
For Zhang, the coronavirus hasn’t had a negative impact on the cryptocurrency mining industry in China, because the majority of these farms continued working and never hired a lot of people.
Nevertheless, the fall in prices was evident. What could have provoked it? This continues to be a subject that divides the experts, since more than a few feel that there are no clear elements that explain the downward trend, because cryptocurrencies aren’t affected by the prices of petroleum and or the global recession.
According to various experts, the decline was expected because Bitcoin, for example, saw its price rise 100% during the last six months and many investors opted to sell them now to cover the losses that they suffered in their portfolios from other assets with variable yield.
Others look for a link to the pandemic and analyze that the collapse in prices was produced at the moment when the bonds and shares fell around the world. The investors suffered so many losses that they had to liquidate assets that, at this time, have enough value to cover their obligations.
“Investors are liquidating alternative assets like gold and cryptocurrencies to comply with obligations of the market and to create cash reserves, a theme that is similar to what happened during the last financial crisis,” stated Matthew Dibb, co-founder and director of Stack operations.
A variation is that the retail investors have sold their cryptoassets so that this way they can obtain money that will allow them to obtain more food, medical supplies and take on other monthly expenses, since extended quarantines impede them from working and, therefore, generate income.
Blockchain initiatives against the coronavirusThe donations in cryptocurrencies to support the most affected areas with medical supplies or to encourage research about the coronavirus have increased in recent times.
The Binance exchange donated 1.4 million dollars to the Chinese authorities for medical supplies. The project was called “Binance for Wuhan”. In addition, Binance Charity continues to be wrapped up in raising five million dollars in cryptocurrencies that make it possible to buy essential medical articles for the countries most affected by the coronavirus.
The crowdfunding platform The Giving Block launched a campaign for donating cryptoassets, in coordination with Gitcoin, an open code reward platform in the Ethereum blockchain.
The decentralized Alliance of AI presented the #COVIDathon, considered the first hackathon designed to help the medical industry to search for solutions that allow them to battle the COVID-19. This alliance depends on more than 50 members of the blockchain.com space, Ocean Protocol, Aragon, Shivom and SingularityNet.
Ripple Labs donated 200,000 dollars to two non-profit organizations, Tipping Point Community and Silicon Valley Community Foundation, to contain the propagation of COVID-19 in the United States.
The Napoli Blockchain Association undertook a crypto fund raiser that made the purchase of a large amount of appliance equipment possible for strengthening medical attention in Italy.
cryptos, coronavirus, coronavirus-and-bitcoin, coronavirus-and-cryptos
The decentralized exchange (dex) built on Ethereum, Uniswap has accumulated a whopping $2 billion in total value locked (TVL) this week. Tuesday’s data shows out of all the dece All of It Dark, All of It P2P: After the Binance Hack, Bitcoin Doesn’t Cut It. Binance announced the breach last week, saying that unnamed hackers made off with 7,000 BTC (worth about $41 ... The Bitcoin community ought to be reserved only for the miners. That is simply a part of the unique recipe of Bitcoin.Ivan Mlinarić: IP2IP transactions are one thing that was a part of unique Satoshi’s bitcoin shopper. However after he left performance was eliminated, as a result of it was by no means absolutely applied. Yesterday we have ... Ich wurde nach meiner Meinung zu NextCloud Ubuntu Appliance für Raspberry Pi gefragt und habe gesagt, dass ich gegenüber NextCloudPi keinen Vorteil sehe. damit das nicht nur eine aus der Luft gegriffene Aussage bleibt, habe ich die NextCloud Ubuntu Appliance auf einer microSD-Karte installiert. Ich muss meine Aussage revidieren – das System ist noch bescheuerter, als ich das zunächst ... Binance Brings Jobs, Education and Investment. The Premier of Bermuda, Edward David Burt, announced on Friday his government’s new partnership with cryptocurrency exchange Binance. Under the signed agreement, the company is to establish a Global Compliance Centre in the country creating forty jobs. Binance will also invest $10 million in ... Binance, the world’s largest cryptocurrency exchange by trading volume, has officially launched a margin trading platform. After strong demand from traders, the Binance 2.0 platform will allow ... Bitcoin, despite its growing mainstream popularity, is a favourite tool of cyber criminals, with one ransomware variant, known as Ryuk, thought to have stolen $61 million since it was created in 2018, according to the FBI.. Ransomware hackers, who encrypt their victims’ files before demanding bitcoin or other cryptocurrencies to unlock them, began increasingly targeting hospitals and ... Binance, which is based in Taiwan, announced on Tuesday that hackers were able to withdraw about 7,000 bitcoin through a single transaction, amounting to $40 million. Hackers employed various methods, including phishing and viruses, in what the company described as a “large scale security breach.” Withdrawals and deposits on the platform have since been suspended. Fortunately for Binance ... These platforms, such as Binance and Huobi, allow you to buy bitcoin using other cryptocurrencies. They tend to offer lower fees than brokers and provide access to a more diverse range of coins. However, you’ll usually need to already own another cryptocurrency in order to use this type of exchange, so they’re not suited to beginners. Bitcoin ist ein gutes Beispiel dafür, wie eine dezentrale Umgebung es den Teilnehmern ermöglicht, sich beispielsweise über Protokoll-Updates zu einigen. Jeder kann seinen eigenen Vorschlag machen. Falls die Mehrheit damit einverstanden ist, kann das Upgrade angewendet werden. Das ist eine bewährte Methode, bei der Bitcoin seit fast zehn Jahren Fortschritte macht. Weil die Community eine ...
[index]          
Themen 0:34 Binance bestätigt DDoS Attacke 3:29 Venezuelas Staatskryptowährung wird von anderen Staaten angenommen 5:30 Winkelvoss Zwillinge geben Bitcoin-Prognose ab Buy Bitcoin on: https://coincompass.com/binance https://coincompass.com/coinbase Should I buy bitcoin on Coinbase or Binance? A comprehensive, pragmatic & be... Today, we take a closer look at how you can move your crypto assets from your Binance account to your Ledger Live account. Read more about it in this article... how to open Binance exchange to buy bitcoin #cryptotradingexchange #binance # howtoopen Binance link: https://www.binancezh.pro/en/register?ref=XW91KRSO buyi... Find out How To Buy Bitcoin On Binance With Debit Card Fast? 🔶 Binance: http://theappsworld.com/link/binance (5% discount on fees!) Subscribe: https://www.yo... Know how to transfer from Binance to Coinbase. This video will help you move your coins from Binance to hardware wallet or other exchange. In this video, I s... Today we look at ChainLink, Enjin coin and VET for possible moves to the upside. we also explore the S and P 500 breakout and how it effects BTC, Altcoin sea... Aprenda como comprar Bitcoin com cartão de crédito na BINANCE BRASIL ! A Binance é uma bolsa internacional de moedas que fornece uma plataforma para a negoci... how to open Binance account to buy bitcoin or crypto binance link: https://www.binancezh.pro/en/register?ref=XW91KRSO buy crypto and bitcoin by binance excha... Bitcoin ( BTC ) resurgence is continuing to sap capital from the altcoin markets as other cryptocurrencies are struggling to catch up to BTC. The DeFi Compos...