Day: March 17, 2020

Bitcoin Price, Stocks, Rally on Trump COVID-19 $1 Trillion Stimulus Reveal

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Bitcoin’s recovery from last week’s catastrophic drop to $3,700 continued on Tuesday as the digital asset briefly topped $5,500 before pulling back below $5,400. The improvement in the crypto market’s price action appears to have received a boost from today’s White House press conference which saw the U.S. Treasury Secretary Steven Mnuchin confirm reports that the Trump Administration would support a $1 trillion dollar Coronavirus response package.  The stimulus aims to provide a swift intervention to small businesses, various industries, and citizens who have all been hit in the pocket…

Investment Platform Republic Aims for Asset Creation on Algorand Chain

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Republic, a platform letting users invest in early-stage companies, announced plans to launch its own digital asset on Algorand’s blockchain.  “We are excited to be using their cutting edge blockchain technology to enable the creation of a new dynamic digital asset,” Republic co-founder Kendrick Nguyen said of Algorand in a March 17 statement provided to Cointelegraph. The asset will allow the public access to the success or failure of Republic through investment.  The digital asset will be a security, Republic associate general counsel and partner Jed Halfon confirmed to Cointelegraph…

IDG-Backed Crypto Exchange KuCoin Establishes KuGroup to Expand Services

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Despite the ongoing global crisis fueled by intensifying coronavirus fears, Singapore-based cryptocurrency exchange KuCoin takes action to expand its services and restructure business. Backed by major venture capital firm IDG Capital, KuCoin exchange has established KuGroup, a core division of the company that will manage all KuCoin products. KuCoin announces two new appointments alongside company restructuring According to a March 17 announcement, KuGroup encompasses three business divisions in the company, including KuCoin Global, KuCloud and KuChain & KCS Business Group. As part of the strategy and company structure upgrade, KuGroup…

Alibaba Imports E-Commerce Platform Adopts Blockchain Traceability System

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Chinese e-commerce giant Alibaba announced its import e-commerce platform Koala has updated its products to include a full-link traceability blockchain system on March 16, according to a Sina Finance report from March 17.  Blockchain increases logistic transparency  The report revealed that the integration of Ant Financial’s blockchain in the Koala platform allows online buyers to find out the purchasing goods detailed logistic information through scanning a QR code with Alipay.  The updated Koala application is designed to provide consumers with a traceable icon after completing the purchase on the order…

Akon’s Crypto Project Adds Financial Infrastructure Outfit Delchain As Partner

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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 is reportedly associated with Deltec Bank and Trust Limited.  Akoin helps people in asset maneuvers Constructed on Stellar’s blockchain, Akon’s crypto endeavor aims to provide utility…

Blockchain Can Save Pharmaceutical Industry $180 Million, Study Says

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UCLA Health and LedgerDomain, a blockchain development platform, announced a new study revealing that blockchain technology would save the United States pharmaceutical industry over $180 million each year. The study was launched as part of the U.S. Food and Drug Administration’s Drug Supply Chain Security Act Pilot Project Program. The program is part of a broader effort to develop an electronic, interoperable system to track prescription drugs throughout the U.S.  According to the Drug Supply Chain Security Act enacted in 2013, by 2023, pharmacists in the U.S. will be required…

Bitcoin Safe Haven Narrative in Question After Biggest Drop in 7 Years

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Bitcoin (BTC) price is slowly recovering, reaching $5,500, after last week’s Black Monday style market meltdown which led to Bitcoin price pulling back sharply as traditional markets suffered the third worst trading day ever. Monday’s correction was followed by major cryptocurrencies – Ether (ETH), XRP, and Bitcoin Cash (BCH) all losing 11.6%, 8.3%, and 4.2%, respectively.  Crypto market daily price chart. Source: Coin360 The dump in crypto prices has raised further doubts over the classification or use-case of Bitcoin and cryptocurrencies at-large. Bitcoin’s safe haven argument as “digital gold” is…

U.K. FCA Says Bitcoin Evolution Crypto Exchange Not Permitted in the Country

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The Financial Conduct Authority (FCA) recently added a crypto exchange company, Bitcoin Evolution, to its warning list. According to the U.K. regulator, residents should be cautious of the platform, as is not authorized by the FCA to operate in the country.  Bitcoin Evolution Operating Illegally in the U.K The FCA issued the warning via its official website on Monday, March 17, 2020, stating that Bitcoin Evolution was conducting financial services in the U.K. illegally. Part of the announcement said: “This firm is not authorized by us and is targeting people…

Bitcoin, Not Governments Will Save the World After Crisis, Tim Draper Says

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Amid some notable recovery of Bitcoin (BTC) after a number of subsequent market crashes last week, billionaire investor Tim Draper delivered another optimistic forecast about Bitcoin. In a March 16 interview with 415 Stories podcast, Draper outlined decentralization powered by Bitcoin and other new technologies as a major tool that has the “ability to transform the biggest industries in the world.” “It will be Bitcoin, not banks and governments that save the day” According to Draper, Bitcoin will be one of the most crucial tools in the times of the…

These 3 Simple Reasons Suggest Bitcoin Is Ready to Surge Higher

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Although there are many investors anticipating Bitcoin will fall once again, citing the global uncertainty that is epitomized by the Dow Jones’ record 3,000-point loss on Monday, there are some reasons to believe the cryptocurrency may soon mount a recovery. Related Reading: Crypto Tidbits: Bitcoin Plunges 50%, COVID-19 Cases at Ethereum Event, Central Banks Inject Billions 3 Reasons Why Bitcoin Could Soon Rally Higher Prominent cryptocurrency analyst Trajan recently shared three reasons why being long Bitcoin is a “decent bet” at the moment. The S&P 500 has started to rally: After…