Cryptocurrency News Roundup for March 29, 2020

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In Brief
  • The Federal Reserve is injecting the economy with $60 million every minute.

  • A second wave of economic woes has hit China following the ongoing Coronavirus outbreak.

  • More than $7 billion in stablecoins are sitting on exchanges.

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The bears pushed Bitcoin below $6,000 for the second time in a week, although it has recovered some of the losses as of publishing. This (temporary) setback is most likely a byproduct of investors’ fear that the traditional markets will continue to undergo correction as trading hours begin on Monday.

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Meanwhile, just in case you were unable to keep up with the latest happenings in the world of crypto this weekend, here’s a rundown:

Can You Guess How Much Cash the Fed is Printing Each Minute?

The looming recession on the horizon has seemingly pushed the Federal Reserve into a corner. In a desperate attempt to salvage the economy, the agency is taking unprecedented measures — so much so that its balance sheet grew by some $586 billion in the past week alone.

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To put that into perspective, that’s a staggering $60 million flowing into the monetary system every minute. And as you would guess, the implications will be far-reaching.

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Capital Worth More than $7 Billion Ready to Reenter Cryptocurrency Market

Just in case you missed it, the fiat-equivalence of the stablecoin market grew by a whopping $1.5 billion over the past month alone to bring the total to more than $7 billion. This has led some analysts to speculate that at least a good chunk of this capital could move back into the major digital assets including Bitcoin in the near future.

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COVID-19 Shock Wave 2.0 Hits Chinese Economy

The Chinese Communist Party (CCP) is coming under increasing international scrutiny for its utterly questionable manner of handling the ongoing COVID-19 pandemic. The virus, which first originated in the city of Wuhan, has pushed the world deep into a major economic crisis, the brunt of which is being felt by Chinese businesses as well.

The massive decline in demand for exports has led to international companies delaying or canceling orders. Needless to say, that’s not going to go down well with Chinese exporters.

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Institutions Seem Strangely Absent During Recent Bitcoin Volatility

With substantial swings in both directions, Bitcoin’s volatility has gone up rapidly as of late. However, it looks like institutional investors largely stepped back from trading Bitcoin during the recent price moves. Could it be that the uncertainty surrounding the traditional markets in the wake of the COVID-19 crisis has kept these investors occupied with other pressing issues?

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Binance’s New Measures to ‘Protect Users’

Leading cryptocurrency exchange Binance announced late last week that it is removing all leveraged tokens from its platform. Hinting that the delisted tokens are far too unpredictable. The company says it is doing so to ‘protect investors,’ hinting that the delisted tokens are perhaps a bit too dangerously unpredictable.

Of course, not everybody seemed pleased by Binance’s justification. Some, including the CEO of FX exchange, criticized the move saying that Binance is simply uninterested in educating traders about the delisted tokens,

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Stock Market Volatility Surpasses Bitcoin’s.

The S&P 500’s 30-day volatility surpassed Bitcoin’s 30-day average for the first time ever as growing market fears inflict a sense of uncertainty in the erstwhile-stable index. On a related note, the Dow Jones Industrial Average dropped more than 900 points on Friday.

While the market posted gains for the week, much of the underlying economic situation remains the same.

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Gold Spreads Have Widened

Gold prices have almost fully rebounded to their seven-year peak as the safe haven narrative for the precious yellow metal strengthens. Demand has been so high that supply has been disrupted, resulting in larger spreads as people start paying premiums for the asset.

The market metrics for Bitcoin, meanwhile, are painting a slightly different picture.

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Shilpa is a freelance tech writer and journalist who is deeply passionate about artificial intelligence and pro-freedom technologies such as distributed ledgers and cryptocurrencies. Her expertise lies in turning complicated technical concepts into easy-to-read, informative articles without distorting or diluting facts. She is a jack-of-many-trades with hands-on experience in network engineering, front-end web development, copywriting, and digital marketing. She is also a full-time foodie, semi-skilled musician, and wannabe horror writer.

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