Tag: Pandemic

Technicals Indicate Bitcoin has Reached Its Lowest Level Since Pandemic Crash in March 2020 – Blockchain News, Opinion, TV and Jobs

By Marcus Sotiriou, Analyst at the UK based digital asset broker GlobalBlock Bitcoin plummeted to $34,000 over the weekend as its correlation to the US stock market strengthens. The rapidly changing Federal Reserve policy in response to rising inflation has caused extreme fear in both legacy and crypto markets. Bitcoin has reached its lowest level on the daily RSI (Relative Strength Indicator) technical indicator since March 2020, which was the time of the COVID crash. Also, the weekly RSI currently sits at 37, which is usually considered as indicating the price is oversold.…

Canadian restaurant chain reports earning 300% gains on BTC investment to weather pandemic

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More than a year after a Canada-based Middle Eastern restaurant chain converted its fiat cash reserves into Bitcoin, the owner reported the move helped save the business during the pandemic. According to a Tuesday report from Canadian news outlet Toronto Star, when Tahini’s restaurant owners Aly and Omar Hamam and their cousin Ahmed decided to convert the company’s savings into Bitcoin (BTC) in August 2020 because it offered “a much better alternative to saving cash,” the price of the crypto asset was roughly $12,000. Aly Hamam reported the business had…

As the Dollar’s Purchasing Power Drops, Janet Yellen Stresses ‘Pandemic Calls the Shots’ for the Economy, Inflation – Economics Bitcoin News

Inflation has continued to make the price of goods and services in America rise as the U.S. dollar’s purchasing power is not what it used to be. Meanwhile, the Obama administration’s former economic advisor, Larry Summers, recently told the press that “We’re going to see inflation of a kind we haven’t seen in 30 years.” Despite the gloomy forecasts, the White House doesn’t believe these predictions and U.S. Treasury secretary Janet Yellen is blaming inflation on the Covid pandemic. Former Economic Advisor for Obama Predicts Red Hot Inflation Will Rise…

Travala’s 2021 Q3 Report Shows Crypto Adoption ‘Offset the Negative Impact of the Pandemic’ – Bitcoin News

The crypto-friendly travel company Travala published its third-quarter 2021 report showing the firm has grown significantly alongside the growth of crypto adoption. In fact, cryptocurrency adoption has “more than offset the negative impact of the pandemic,” the company said as Travala posted a record-setting quarter in Q3 2021. Crypto Adoption Bolstered Travel Company Travala’s Third Quarter According to a third-quarter 2021 report published by Travala, the company has seen “explosive growth” in the firm’s three core services: hotels, flights, and activities. In Q3, Travala introduced its “Community Pool” and “Community…

Remittances to Africa Set to Drop by 5.4 % to $41 Billion — Covid-19 Pandemic and High Sending Costs Blamed – Emerging Markets Bitcoin News

According to findings from the Continental Migration Report 2021, remittances to African countries are projected to decrease from the $44 billion recorded in 2020 to $41 billion. The Covid Effect As expected, the Covid-19 pandemic is identified as one of the main causes of the decline. However, despite this projected 5.4 per cent drop, a report by Africa News explains that remittances are now showing “greater resilience and reliability as a source of capital in Africa than foreign direct investment flows.” Consequently, the Continental Migration Report 2021, which was produced…

Fed’s Powell Scrutinized for Owning Bonds of the Same Type the Central Bank Bought During Pandemic – News Bitcoin News

As a number of Federal Reserve presidents have been criticized for their 2020 stock moves, Fed chairman Jerome Powell has been cast into the limelight for owning $1.5 million municipal bonds like the ones the U.S. central bank purchased in 2020 during the pandemic. All Eyes Are On Jerome Powell’s Municipal Bond Portfolio Three days ago, the topic of senior Federal Reserve members making multi-million-dollar stock deals in 2020 caused senator Elizabeth Warren to write a letter criticizing the bank member’s ethics, and chairman Jerome Powell said he would initiate…

Blog: Regulating through a pandemic and beyond

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A blog by James Dipple-Johnston, Deputy Commissioner – Chief Regulatory Officer 27 July 2021 When the ICO’s management team met at the start of the pandemic, to discuss how COVID-19 could impact the ICO’s work, our top priority was providing clarity to those we regulate. We knew that, in uncertain times, organisations needed us to be clear about how we would regulate, and what they could expect to see us do differently. That is why we published a document setting out our regulatory approach during the pandemic. We wanted to clearly…

Exploring Venezuela’s crypto ecosystem since the start of the pandemic

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In the year since the COVID-19 pandemic first disrupted almost every aspect of our lives, many things have happened within the crypto ecosystem around the world. So, what has the past year been like for crypto in Venezuela? Even before 2020, Venezuela already had a number of businesses that accepted various cryptocurrencies as payment; however, considerably more have moved to adopt this form of payment over the past year. This includes everything from the hotel sector to famous pizza chain Pizza Hut announcing that it will accept Bitcoin (BTC), Litecoin…

Fracking Companies Pivot to Mining Bitcoin as Pandemic Woes Continue to Bite

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Bitcoin is often slammed over its high electricity consumption. Critics argue this is wasteful and unsustainable in the long term. However, in an unusual twist to the environmental debate, it turns out that fracking companies are utilizing waste gas to power Bitcoin mining rigs. Bitcoin Mops up Waste Gas The shale industry is in a state of decline. Not only are political, financial, and environmental issues closing in, but the effects of the pandemic have also taken their toll. With that, turning to alternative revenue streams has become all the…

Bitcoin Sell-Off Worsens as US Jobless Claims Hit Pandemic Low; What’s Next?

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Bitcoin edged lower Thursday after the jobless claims in the United States reached their lowest level of the pandemic, confirming that the country’s economy is recovering at a faster rate. The benchmark cryptocurrency fell to as low as $50,305 ahead of the New York opening bell, continuing its decline from the previous five sessions as traders became uncertain about potential demand against an optimistic economic outlook in the US. Bitcoin dips towards $50,000 ahead of the US session Thursday. Source: BTCUSD on TradingView.com Bitcoin earlier surged by more than 1,500…