Month: March 2020

Market Recession Was a Long Time Coming, Not Coronavirus Surprise: Research

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Analysts had predicted a recession for years and it should not come as a surprise, according to crypto-focused market research firm Crebaco. Crebaco claims in a report shared with Cointelegraph that the recession that has taken hold of the markets was anticipated by many analysts over the last several years. The document reads: “The Global markets have been correcting since [the] last few days. Some blame it on CoronaVirus, some curse on crude oil.” As the report points out, Bitcoin (BTC) corrected by over 50% in 36 hours while the…

NVIDIA Calls on GPU Miners to Combat Coronavirus

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The fight against the Coronavirus pandemic has reached the spheres of GPU mining, as the U.S. chip manufacturer NVIDIA launched a proposal for all users to use their computer resources to help the cause. Through Reddit, the technology firm said that the “Folding@home” initiative was open to receive donations of unused GPU computing power and thus distribute it to an international processing power network to research COVID-19 and other diseases. The company extended the call to other gaming industry companies, such as Steel Series, NZXT and Razer, even hearing back…

Price Analysis Mar 16: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, LEO

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The crypto markets are showing some buying at lower levels, which is a positive sign as it shows that investors are accumulating on dips. The US Federal Reserve is at it again. For the second time this month, the Fed has done an emergency rate cut. On March 3, a 50 basis point cut was implemented and that was followed with a 100 bps cut on March 15. If that was not enough, the Fed also announced a $700 billion quantitative easing program. Surprisingly, in response to this, equities markets…

Transaction Speed and Profitability Are Linked in Crypto

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Crypto markets move at the speed of light, but many financial institutions today are still using cumbersome cold storage and hardware wallets — the most well-known digital asset security methods — to secure their coins. However, institutions are realizing that these methods are simply too slow to be practical for day-to-day use, and that using them in 2020 risks falling behind market pace. For financial institutions working with crypto, increasing transaction speed by adopting new storage and transfer tech will be the path toward accelerating profitability in 2020. Related: Secure…

Coinbase’s Chief Legal Officer Resigns to Oversee US National Banking System

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Amid an ongoing global health and financial crisis, Coinbase, one of the most popular cryptocurrency trading platforms in the United States, is losing another key executive. Brian Brooks, Coinbase’s chief legal officer will resign from the company to join the Office of the Comptroller of the Currency (OCC), an independent banking regulator operating under the U.S. Department of the Treasury, the OCC announced on March 16. Famous crypto skeptic Treasury Secretary Steven Mnuchin appointed Brooks According to the official announcement, Brooks has been designated as first deputy comptroller — the…

Baidu Employee Jailed for Mining Monero Worth $14K on Company Servers

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An engineer at Baidu, China’s equivalent to Google, has been jailed for mining Monero on around 200 of the company’s servers. According to a March 16 report by local media outlet, Abacus News, the employee eventually sold the Monero for around 100,000 yuan ($14,300). Large-scale crypto-jacking Senior engineer, An Bang, was employed by Baidu to maintain its search engine. However, between April and July 2018, he downloaded and installed scripts to mine the cryptocurrency, Monero onto around 200 of the company’s servers. Baidu contacted the police when it noticed unexpected…

Goodyear to Run Blockchain Pilot Supply Chain Programme with Science Applications International Corp

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Science Applications International Corp (SAIC) is planning to run a collaborative blockchain-fueled pilot program with Goodyear Tire & Rubber Company to secure supply chain transactions. “I have no doubt this pilot will bolster the already outstanding work our customers enjoy through the Global Tires Program and further our supply chain solutions” “Accurate and secure supply chain solutions are critical to SAIC’s work of providing our customers with the commodities they need when and where they require them. Blockchain technology will offer secure methods for transmission of mission-critical, sensitive data and…

Bitcoin Reacts to Fed’s 0% Rate Drop, Reserve Requirements Removed, $700B in Stimulus

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On Sunday, the U.S. Federal Reserve slashed the benchmark short-term rate by 100 basis points bringing it to zero. In addition to the rate cut, the Fed promised $700 billion in bond purchases and eliminated all reserve requirements for smaller financial institutions. However, the Fed’s rate cut didn’t help financial markets as stock markets and futures products worldwide have continued to tumble. Also Read: Traders Flock to Tether, USDC, PAX – Stablecoins See Great Demand After Crypto Market Havoc The Federal Reserve Slashed the Benchmark Rate to Zero – $700…

Bitcoin Reacts to Fed’s 0% Rate Drop, Reserve Requirements Removed, $700B in Stimulus

boss

On Sunday, the U.S. Federal Reserve slashed the benchmark short-term rate by 100 basis points bringing it to zero. In addition to the rate cut, the Fed promised $700 billion in bond purchases and eliminated all reserve requirements for smaller financial institutions. However, the Fed’s rate cut didn’t help financial markets as stock markets and futures products worldwide have continued to tumble. Also Read: Traders Flock to Tether, USDC, PAX – Stablecoins See Great Demand After Crypto Market Havoc The Federal Reserve Slashed the Benchmark Rate to Zero – $700…

No, Bitcoin Didn’t Uncouple From Stocks But $6K BTC Is Back in Play

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The equity markets in the United States just had the worst opening ever as trading was halted within seconds and indexes dropped by 12% percent. Not only was this one of the worst openings ever, but it is also a destructive period for indexes around the world. To date, global equity markets are down between 30%-40% percent. Apart from that, gold, the usual safe-haven for traders, took a big hit today as it dropped 7%. Silver made a colossal crash of 22% and while Bitcoin (BTC) dropped 15%, it quickly…