Another week, another round of Crypto Tidbits. Last week was almost undoubtedly Bitcoin’s worst week ever. The price of the leading cryptocurrency fell from the weekly high of $9,200 to a low of $3,800, a drop of nearly 60% in a week’s time. Altcoins fared even worse than the market leader, with Ethereum falling as low as $96, though since bouncing to $130, just as BTC has returned to $5,500. Although the crypto market looks bloody, the drop came as global markets entered a period of crisis due to the rapid outbreak of the coronavirus-caused illness COVID-19. On Monday, the S&P 500 and the Dow Jones saw what has already been dubbed “Black Monday,” plunging 7% in response to a growing oil crisis due to complications in negotiations. After more volatility, there was “Black Thursday,” during which markets dropped 10% in a single day — the biggest crash since the crisis in the 1980s. Due to this, central banks have been forced to react; the ECB has bolstered its QE program, the Bank of Canada cut its interest rate again, the Federal Reserve injected $1.5 trillion into the repo market, and much more. Considering this backdrop, it’s unsurprising Bitcoin and the broader crypto industry saw a mostly tough week.Related Reading: Crypto Tidbits: India Makes Watershed Ruling On Bitcoin, Elon Musk Bumps Dogecoin, Ethereum Founder Supports Twitter CEO
Bitcoin & Crypto Tidbits
By providing much-needed regulatory clarity about cryptocurrency, we will make it easier for businesses, institutions, and everyday Americans to participate in this growing industry. No more murkiness, uncertainty, or confusion.
Gosar explained that this bill is absolutely necessary for America’s primacy in innovation, before adding that there’s no way America should be sitting on the sidelines when it comes to cryptocurrency, for digital assets offer “a way for forgotten and oppressed people to participate in the global economy.” The Act will divide cryptocurrencies into three categories, separating crypto-currencies from digital assets deemed commodities and securities: crypto-currencies would be regulated by the Treasury, crypto-commodities would be regulated by the CFTC, and crypto-securities would be regulated by the SEC.
If I interpret the chart without bias, I would say sub $1,000
— Peter Brandt (@PeterLBrandt) March 12, 2020
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