BitMEX, the world’s second largest crypto exchange by daily trading volume as of press time, believes that amid the ongoing global coronavirus crash, Bitcoin faces its biggest challenge and the opportunity to prove its potential during the global financial crisis. The 2020 coronavirus financial crash could be the biggest opportunity Bitcoin has ever seen On March 17, BitMEX’s research arm, BitMEX Research, published an analysis of the ongoing impact of COVID-19 pandemic on the financial markets. Titled “Inflation Is Coming,” the blog post by BitMEX Research outlines the coronavirus financial market crash as the biggest economic turmoil since the 2008 …
China Everbright Bank (CEB), a major commercial bank in China and one of the world’s largest public companies, is debuting a blockchain-based supply chain finance solution by Ant Financial. Ant Financial, the financial arm of Chinese e-commerce giant, Alibaba, has partnered with CEB to collaboratively implement Duo Chain — a network services platform designed to handle supply chain-related financial transactions. Ant Financial started working on the Duo Chain in 2019 CEB and Ant Financial initially formed their partnership during the second half of 2019. CEB is the first Chinese bank to deploy Ant Financial’s Duo Chain, as reported by local …
Akoin, a cryptocurrency project from famous singer Akon, has joined up with blockchain financial infrastructure company Delchain. “Bahamas-based digital asset management leader Delchain, an affiliate of Deltec, has provided strategic advisory services and expertise in connection with Akoin’s token generation event on a top tier exchange, scheduled for Q2 of 2020,” Akoin president and co-founder Jon Karas said in an email to Cointelegraph. Delchain and Akoin contacted Cointelegraph, stating Delchain is part of Deltec International Group, not Deltec Bank and Trust Limited as was previously stated in this article before its update. A representative from Deltec International Group confirmed to …
Institutional digital asset security platform Fireblocks has announced an integration with decentralized finance (DeFi) lending platform Compound — currently the second-largest application built on Ethereum. Entities storing assets with Fireblocks can now generate passive income by accessing Compound — an algorithmic interest rate protocol currently managing $163 million in interest-earning digital assets including cryptocurrencies and stablecoins. The partnership will allow institutions like market makers, hedge funds and exchanges to put assets on Compound. Fireblocks to make things easier for institutions Speaking to Cointelegraph, Compound CEO Robert Leshner explained that the partnership with Fireblocks will make it easier for institutional entities …
The Riksbank, Sweden’s central bank that started testing its own central bank digital currency (CBDC) in February, wants to host the digital currency innovation hub by the Bank for International Settlements (BIS). Officially announcing the news on March 6, the Riksbank noted that in order for the hub to be located in Sweden, the bank would need to undertake a number of measures to co-finance the activity. As such, the Riksbank proposed an amendment to the Sveriges Riksbank Act, asking the Swedish parliament, the Riksdag, for approval to finance the activities of international organizations. The Riksbank requested the parliament for …
Acquiring financial knowledge is priceless nowadays and, to tell the truth, has always been. We live in times when the usage of fiat is steadily decreasing in the world’s top-GDP countries, and the cash era is meeting its end. Right now, most of the existing money in circulation is already digital, and while the digital age with the decade of e-money 2.0 steps in, one should gain a substantial understanding of how financial gravity works so as to not find themselves on the sidelines of the world of tomorrow. All dynamic processes and phenomena in the universe occur only in …
While cryptocurrency markets are experiencing another crash this Monday, major digital asset platform Bakkt has some good news. Referred to as one of the most promising crypto-related initiatives for its physically settled Bitcoin (BTC) futures, Bakkt has now raised an additional $300 million to continue developing digital asset-focused services, the firm’s new CEO Mike Blandina announced on March 16. Closed the funding round on March 13, Bakkt has now totally raised $482.5 million According to the announcement, the Series B financing round featured Bakkt’s parent company, the Intercontinental Exchange (ICE), Microsoft’s venture capital arm M12, fintech firm PayU, Boston Consulting …
The U.S. Federal Reserve injected $168 billion into finance several days ago, which correlates to Bitcoin’s current falling price. “So long as the broader markets keep falling – expect the same out of Bitcoin,” Bill Herrmann, CEO of alternative investment firm Wilshire Phoenix told Cointelegraph as part of an explanation of the Fed’s recent actions. What’s going on in the market? Traditional markets have plummeted recently surrounding coronavirus fears and oil trade wars. After several previous red days, the Dow Industrial Average (DJI) fell 10% on March 12, concluding the most disastrous day U.S. markets have seen since the Black …
Bitcoin dipped below $4000 today, for the first time since the depths of crypto winter — and one veteran market analyst believes it could have even further to fall. Crypto markets have been in freefall following the announcement of travel bans yesterday between the U.S. and Europe, and ongoing volatility in all financial markets. Veteran trader Peter Brandt — who is famous for correctly predicting the market crash from the all time high — today tweeted an answer that no one wanted to hear in response to an inquiry about the new ‘bottom’ for Bitcoin due to coronavirus. Brandt said …
In the United States, President Trump announced new travel restrictions today in response to the spread of the COVID-19 coronavirus. The Commander in Chief signed a Presidential Proclamation suspending the entry of most foreign nationals who have been in certain European countries during the 14 days prior to their scheduled arrival to the U.S. These countries include Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and Switzerland. The United Kingdom is exempt. Meanwhile, India announced it would suspend visas for most foreign …
Chicago Mercantile Exchange (CME) Group — the second firm to launch Bitcoin Futures in the United States — will close its Chicago trading floor effective March 13 in proactive response to coronavirus being named a pandemic by the World Health Organization. Importantly, trading will still continue per usual. This is simply about keeping 450 traders and trading floor staff out of the same physical space to guard against infection. Financial markets across the U.S. have been severely affected by the outbreak, with the Dow Jones Industrial Average down 1,500 points in 24 hours at the time of writing. Closing trading …
During the mainstream market’s current decline, investment advisors are giving out a myriad of advice, with some even mentioning Bitcoin (BTC). Morgan Creek Digital co-founder and partner, Anthony Pompliano, or “Pomp,” tweeted an inquiry to his followers, asking what their financial advisors have told them recently, given the current falling market. Some Advisors say buy during market decline Amid coronavirus concerns and oil trade events, traditional markets have taken a hit over the last few weeks. According to an age-old adage from investing legend Baron Rothschild, investors should look to buy during down markets. “Buy when there’s blood on the …