Tag: Pandemic

Bitcoin Nosedives Below $38k As Tech Stocks Take A Beating, Pandemic Gains Disappears

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Bitcoin was down in the afternoon session on Wednesday, as bargain hunters and dip takers failed to maintain this morning’s momentum. The premier crypto continues to maintain price action similar to tech stocks. Bitcoin Price Falls Bitcoin sank below $38,000 as Wall Street opened, giving up half of the gains made on Feb. 1. Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it dipped below $38,000 as Wall Street opened, giving back half of the gains made on Feb. 1. Bitcoin’s price has risen above $39,000 after a…

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…

IBM blockchain powers new app to help firms reopen amid pandemic

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A new application powered by the IBM blockchain aims to help people around the world return to physical encounters amid the coronavirus pandemic. IBM Watson Health, a healthcare-focused arm of tech giant IBM, is launching IBM Digital Health Pass, a blockchain-based app to support global organizations and companies as they start reopening after months of lockdown. IBM Watson stated that the new app can deploy multiple data types like COVID-19 test results and onsite temperature scans to generate a verified health status. With the opportunity to verify health status via…

What the COVID-19 pandemic means for blockchain and crypto

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In March 2020, COVID-19 was declared by the World Health Organization to be a pandemic. Just over six months after that declaration, there have been almost 33 million cases of the disease worldwide and nearly 1 million deaths. While most of the stories from the pandemic involve its astronomical cost in terms of human life and suffering, the disease has also revealed a number of problems in our global economic infrastructure. A surprising number of these weaknesses might be addressed, or at least reduced, with blockchain technology. As a result…

World’s largest banks lost 3x Bitcoin’s market cap during the pandemic

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Since the outbreak of COVID-19, the world’s 14 largest banks have lost $635.33 billion in market capitalization. This is more than three times the current market capitalization of Bitcoin (BTC) and almost double the capitalization of all cryptocurrencies. Market capitalization of the world’s biggest banks. Source: Buy Shares. The starting point for this data is December 19. For reference, Bitcoin’s market cap at the time was $130 billion. As the world was entering the pandemic induced recession, six of the banks on the list had a market cap higher than…

Pandemic has accelerated adoption of digital currency: ECB President

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The pandemic has seen consumers adopt digital payments in increasing numbers and the trend was accelerating, said the President of the European Central Bank (ECB) Christine Lagarde. She also indicated a panel of euro-zone central bank officials is set to reveal a verdict on a European central bank digital currency (CBDC) imminently. Speaking at an online conference hosted by Deutsche Bundesbank on Sept. 10, Lagarde, stated that EU residents had embraced digitalization, with e-commerce sales increasing roughly 20% between February and June, even as total retail sales declined 1.2%. She…