Buy Bitcoin to Escape the Fiat Bubble Says New Grayscale Report
Promises of unlimited money printing are causing the world’s largest crypto asset manager to sound the alarm among investors and promote Bitcoin as a solution. The conclusion of a new report by asset manager Grayscale is that Bitcoin (BTC) is now the best bet for investors against printing central bank money.
The world’s largest asset manager for digital currencies warned that the unlimited fiat money supply carries the risk of “devaluation” of the US dollar. Meanwhile, Bitcoin shows a 40% increase last month.
Source: Cointelegraph:
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Sweden Begins Testing Europe’s First Central Bank Digital Currency
Sweden’s central bank has begun testing an e-krona, bringing it that much closer to the proper release of a central bank digital currency (CBDC). The Riksbank is conducting a pilot project with Accenture, project will be in operation for one year, until February 2021. The idea is that this blockchain-powered currency would drive conventional payments and banking activities throughout the country.
Source: Bitcoinist.com:
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The Golden Cross Is Here
A rare bullish signal took place this week. The Golden Cross, as it’s commonly referred to, is a phenomenon that happened despite the price of Bitcoin dropping from $10,500 down to its current level at around $9,800. Historically, this has caused BTC to surge in value in the mid-term.
The last time this happened Bitcoin price surged 165% in 2 months.
Source: CryptoPotato:
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UEFA Tickets to Be Distributed Via Blockchain
One Million UEFA tickets to be distributed via blockchain this year. Soccer fans in Europe will join the list of early blockchain adopters thanks to a new initiative by the Union of European Football Associations (UEFA). UEFA will distribute over one million soccer match tickets via a blockchain-enabled mobile application. The organization claims that this new ticketing system will make “entry into the stadium smooth, safe and secure.” UEFA also stated that digital ticketing will help curb paper consumption and be more convenient for soccer fans.
Source: Cointelegraph:
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Metamask Reaches One Million Users
The ethereum browser wallet Metamask has surpassed one million users of its Google Chrome extension. Four years after launch this milestone comes as ethereum transactions see a spike, doubling in less than a month from 400,000 to now 800,000 transactions a day, the highest of any top blockchain. Gas usage has also spiked to its highest level since September, while fees remain very low at less than five cent for a fast transaction of under two minutes.
Source: Trustnodes:
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Margin Trading is now Available on Coinbase Pro
Coinbase announced that it’s “margin trading” feature provides leverage up to three times or “3x” for individual investors in 23 U.S. states. The leverage is also available to institutional traders in 44 states and nine countries.
Trading crypto on margin (or leverage) can amplify the impact of your trades by allowing you to borrow additional funds. If deployed as part of a responsible trading strategy, margin trading doesn’t just increase your position in a specific trade, but can also help diversify your portfolio, allowing you to hedge or arbitrage across multiple positions without depositing additional capital.
Source: CoinDesk:
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ICYMI: Chinese Bitcoin Farms shut down amidst Coronavirus Panic
Chinese Bitcoin farms are under attack once again! Authorities in China are cracking down on cryptocurrency mining units especially BTC farms in a bid to control the novel Coronavirus. The question is, what’s the benefit of shutting down mining machines to prevent the epidemic? Since Chinese Bitcoin farms represent a significant chunk of the BTC mining realm, it can surely impact the coin’s price in the coming days.
Source: Cryptopolitan:
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Coinbase: Bitcoin Will Become Closer to Digital Gold
Coinbase pushes the “Bitcoin as digital gold” narrative, in a blog post ahead of May’s upcoming halving event. After the May 2020 halving, mining rewards for each new block, mined approximately every ten minutes, will reduce to 6.25 BTC. This will bring the supply issuance of Bitcoin to a rate of around 1.7% per annum.
Stock-to-flow (S2F) is a measure of new supply rate over total supply and Coinbase notes that Gold’s stock to flow is higher than any other metal commodity and post-halving, Bitcoin’s S2F scarcity will be on a par with gold’s.
Source: Medium:
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Value locked into DeFi protocols hits $1 billion
The total amount of money locked into decentralized finance (DeFi) applications and protocols has crossed a milestone of $1 billion. There has been a growth 50% since the start of this year as the amount locked was $670.77 million as of Dec. 31, 2019, according to DeFi Pulse. The current locked value stands at around $1.01 billion. Maker, the Ethereum-based lending protocol, remains the leader in the space with nearly 59% dominance. The amount of funds locked in Maker is now worth over $601 million.
Source: The Block:
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XRP Price spikes nearly 8% to $0.27
Despite the rest of the crypto market being in the red, a sudden burst in volume for XRP pushed its price up. The coin is now worth $0.264 pushed up from the $0.25 mark. After the initial pump to $0.268, the price retraced a little towards $0.263 (see chart below). XRP is outperforming other coins in the top ten cryptocurrencies by market cap. The rest are showing losses between 1-6%, with Litecoin (LTC) suffering the most.
Source: Decrypt:
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