Bitcoin price did not crash 60% due to coronavirus, Binance CEO says...
One week in review:
Mar. 16–22 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. Bitcoin price did not crash 60% due to coronavirus, Binance CEO says | | | It's fashionable to think that Black Thursday's bloodbath on the crypto markets was caused by the coronavirus. But Changpeng Zhao, the CEO of Binance, disagrees. He believes the pandemic certainly triggered the current global meltdown — but added the mass sell-offs over recent weeks have proved that the world's economy is far too weak. Many investors are hoarding cash as the uncertainty continues, but Zhao believes they will begin to broaden their portfolios in time. "Have people bought more Bitcoin yet? No, in most cases. Many of them are still panicking over toilet paper," he said. | | #2. Congress proposal to give everyone $2,000/month "strengthens case for Bitcoin" | | | Countries around the world are now trying to figure out how to support those who have lost their jobs because of the coronavirus — and how to keep their economies afloat. In the U.S., one Democratic representative in Congress has proposed giving $2,000 a month to every adult — and $1,000 to every child. Mati Greenspan, the founder of Quantum Economics, told Cointelegraph that the American proposal would cause massive inflation — and would even benefit Bitcoin in the long run if the Democrats won the White House in November. | | #3. Bakkt announces new direct payment integration with Starbucks | | | Bakkt — a platform best known for offering crypto derivatives — is diversifying into retail applications for digital assets. The company's new app, Bakkt Cash, has now been added as a payment method to the Starbucks app on a trial basis. The ability to buy a caramel latte with an extra espresso shot using crypto is sure to cause plenty of excitement. | | #4. Prediction of the Week Bitcoin's price recovery may take months, Fundstrat analyst warns | | | We've seen some green shoots in Bitcoin's price this week, but one technical analyst at Fundstrat Global Advisors warns that it might be some time before it stages a full recovery. Rob Sluymer said that "lower highs and lower lows are in place for Bitcoin" after investors practically fled every asset class — and this leaves it in a "compromised, potentially vulnerable long-term profile." Looking ahead, he added: "Bitcoin will likely need months of consolidation to repair the technical damage now in place." | | #5. FUD of the Week Woman arrested for stealing $480,000 from crypto exchange she co-founded | | | A woman has been arrested for stealing 63.5 BTC from the cryptocurrency exchange she had previously co-founded. Ayushi Jain used to work for Bitcipher Labs and was arrested in the Indian city of Bengaluru. The 26-year-old was accused of stealing the cryptocurrency — worth about $480,000 — in two unauthorized transactions on Jan. 11 and March 11. | | #6. FUD of the Week Bitfinex to delist 87 crypto trading pairs aiming to improve liquidity | | | Bitfinex has announced that it is removing 87 crypto trading pairs due to low liquidity levels. The major cryptocurrency exchange hopes the measure will improve liquidity elsewhere and help it move toward a more streamlined and optimized trading experience. In a statement provided to Cointelegraph, Bitfinex said: "The decision was taken after monitoring [the pairs] for six weeks and finding a consistent low level of liquidity. We take this type of action to concentrate trading in fewer pairs." | | Feel free to explore the most important news with Hodler's Digest by Thomas Simms:
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