Last week was particularly intense for the cryptocurrency market with the Bitcoin
According to some observers, the sharp spike in price was most likely kicked off by the expiry of CME April Bitcoin futures. Perhaps, the recent consolidation also played a key role in turning the overall investor sentiment to bullish — especially with the forthcoming Bitcoin halving only a couple of weeks away.
Whatever be the cause, the benchmark cryptocurrency surged further during the weekend, like it normally does, and reached a high of around $7,810 in the early hours of Monday.
On a relevant but unrelated note, Twitter CEO Jack Dorsey told the AI Podcast last week that Bitcoin is like poetry to him, further hinting that Twitter is mulling over a feature that would enable users to tip one another in BTC. Meanwhile, in other important news:
Fed’s Money-Printing Not Even Backed by Paper Bills
As you may know, the Federal Reserve is printing new money at an unprecedented rate to help the economy navigate better amid this coronavirus-induced slowdown.
Observers across the spectrum, including many in the cryptocurrency community, have criticized the move as potentially dangerous. Adding more to their worries, it now turns out that the bulk of the new currency in ‘circulation’ are merely numbers on a computer. In other words, the newly issued currency is not even backed by paper bills.
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Bitcoin’s Annual Inflation Rate to Be 50% of World Average
At the time of publishing, Bitcoin’s inflation rate is 3.65%. However, it will soon drop to just 1.8% following its third halving event, tentatively due on May 12, 2020.
Many traders and analysts are convinced that this will inevitably push Bitcoin to the moon by making it increasingly more scarce. In fact, as Mati Greenspan recently pointed out, the lowering inflationMost people who know anything about the economy have heard the word inflation. It is usually thrown around as a... More rate could essentially mean that the market won’t even require a high rate of adoption for sustaining the price.
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The Uncanny Resemblance Between the 2020 and 1929 Stock Markets
Veteran trader and renowned financial analyst, Peter Brandt, made a gloomy forecast about stock markets last week saying that the Dow Jones is forming a rising wedge and appears poised to begin its downward spiral in early May. Apparently, the rising wedge is similar to what the Dow Jones posted in 1929-30, according to his latest charts.
It’s worth noting here that Brandt said last month that he viewed Bitcoin as ‘insurance’ rather than an investment choice.
BOLT Accused of Shady Token Swap
BOLT’s token swap was first announced in June 2019, however, KUCOIN decided to support the swap only last month. As a result, users have been noticing some strange activity on the blockchain. For example, one user discovered at least one instance of 11.5M BOLT tokens being ‘converted’ with no corresponding burn.
KuCoin appears to have taken these allegations seriously and said it is looking into the matter. Any traces of serious wrongdoing and the exchange could permanently delist BOLT.
Don’t Call me the Founder of Ethereum: Charles Hoskinson to Media
EthereumBlockchain is a digital LEDGER that’s used for storing data on several servers across the world in a decentralized, trustless... More (ETH) may be the world’s second-largest cryptocurrency (by market cap) and a key blockchain platform within the ecosystem, but one of its co-founders no longer wants any association whatsoever with that legacy.
Charles Hoskinson, seemingly entirely devoted to Cardano BUY NOW now, took to social media last week to urge his followers and the media not to refer to him as an Ethereum co-founder anymore.
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