The coronavirus pandemic has forced people to change several social behavioral habits. Along with maintaining social distance from one another, people are also averse to using notes, coins or cards as they might transmit COVID-19. A new report from the Bank for International Settlements suggested that social distancing procedures and the “government-to-person payment schemes” have accelerated the efforts towards launching central bank digital currencies (CBDCs). The paper shows that the public interest in CBDCs has exceeded that of Bitcoin (BTC) and Libra in 2020. However, the CBDCs will only be a digital version of the fiat currencies that will be …

Swipe's Swipe Token (SXP), the 68th digital asset by market capitalization, has been one of the most volatile cryptocurrencies of the previous weeks. Fueled by a new cryptocurrency card and partnership with Binance, SXP price soared from $1.50 to $5 in a matter of days in mid-August. However, the price of Swipe dropped more than 50% to $2.30 over the past week. Crypto market daily performance snapshot. Source: Coin360 Swipe Token retraced with 54% to bottom out at $2.30 SXP/USDT 12-hour chart. Source: TradingView The 12-hour chart of Swipe Token is showing a full retrace of the previous rally. As …

Rich Dad Poor Dad author Robert Kiyosaki believes that Warren Buffet’s recent closure of his bank stock positions is a warning sign that the world might be starting a “major banking crisis.” Therefore, Kiyosaki suggests traders buy safe haven assets such as gold, silver and Bitcoin (BTC) to protect themselves from the downward spiraling value of the fiat currencies. Popular Bitcoin derivatives trader Tone Vays believes that Bitcoin could breakout to new all-time highs in 2021. He pointed out that historically, Bitcoin has tended to double in price after breaking out of its all-time high, especially if it took years …

Cryptocurrency travel agency Travala.com announced that it started a collaboration with Binance Chain aiming to decentralize its services. Travala.com intends to roll out decentralized reviews, decentralized accommodation bookings, a decentralized referral system and a decentralized salesforce. The firm’s CEO Juan Otero explained that — in the future — users will be dealing directly with the property owners, leveraging blockchain’s disintermediation potential: “Under this decentralized model, accommodation seekers will be able to book stays without the need for an intermediary. Said another way, individuals seeking to rent an apartment, bedroom, or hotel room will be able to deal directly with property …

Bloomberg Intelligence senior strategist Mike McGlone is bullish on Bitcoin (BTC) as he believes that “something unexpected needs to happen for Bitcoin's price to stop doing what it's been doing for most of the past decade: appreciating.” However, with the S&P 500 hitting a new all-time high today, traders are booking profits in gold and crypto assets. As U.S. markets surge to new highs, Bitcoin price has corrected sharply in the last two days but this is likely to be a short-term blip in a secular uptrend. Veteran investor Jim Rogers thinks that the U.S. stock market is in a …

Investors usually buy large quantities of gold when they do not have faith in fiat currencies and want to protect their purchasing power against debasement. Berkshire Hathaway’s recent purchase of Canadian gold miner Barrick Gold suggests that Warren Buffet is not confident about the future health of the United States and global economy. Morgan Creek Digital co-founder and partner Jason Williams believes that although Buffet might not directly invest in Bitcoin (BTC), it is likely that one of the younger managers will. Daily cryptocurrency market performance. Source: Coin360 With gold making a sharp move today, Bitcoin has also followed it …

Data from Grayscale Investments shows that the firm’s assets under management soared from about $1.9 billion at the end of 2019 to over $3.5 billion by the end of June 30, 2020. The correction in the U.S. dollar (DXY) and the possibility of further weakness due to continued money printing by the U.S. Federal Reserve could be one of the main reasons for the surge in institutions investing in Bitcoin (BTC). Interestingly, about 40% of the Bitcoin accumulated over the past two years has not been moved, which suggests that investors are “HODLing” their purchases as they anticipate higher levels …

On August 11 MicroStrategy, the world’s largest publicly traded business intelligence company, announced that it had ditched fiat currency and built its primary treasury reserve with Bitcoin (BTC). The company’s CEO Michael J. Saylor believes that the coronavirus pandemic and the stimulus measures enacted to counter it will cause “a significant depreciating effect on the long-term real value of fiat currencies and many other conventional asset types.” Saylor further explained that Bitcoin “is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.” Daily cryptocurrency market performance. Source: Coin360 On similar lines, …

Traders prefer to trade a trending market, as it generally moves in one direction and the retracements offer low-risk entry opportunities. This is because a trade that follows the major trend carries a greater possibility of earning profits than one in a volatile market. As several cryptocurrencies started a trending move in July, web traffic to the crypto exchanges also increased by 13%, according to data from ICO Analytics. Daily cryptocurrency market performance. Source: Coin360 The derivatives market also comes alive when the underlying market is trending as professional traders use leverage to make quick profits using the futures and …

The United States Federal Reserve has been contemplating a change in the way it responds to a possible increase in inflation. Previously, the Fed would kickstart tightening if its models forecast a 2% inflation increase. However, this time, the Fed wants to allow inflation to stay above its 2% target before raising rates. Morgan Creek’s Anthony Pompliano believes that due to Fed’s poor track record with inflation targets, it might end up stoking “inflation at the exact moment that they should be reigning it in.” Pompliano anticipates “real estate, gold, Bitcoin and stocks” to rally much higher than the current …

In the past couple of weeks, the Bitcoin (BTC) price has resurged after months of apparent monetary stagnation. Since July 23, the value of a single Bitcoin has risen by around 20%. Not only that, after trading sideways since its supply squeeze in early May, the premier currency broke through its all-important $10,000 psychological threshold, thus leading many casual investors to once again jump back on the crypto hype train. Bitcoin’s recent price hike has also resulted in a retail boom, with a whole host of trading platforms across the world reporting sky-high Bitcoin trading volumes. As a result of …

Square’s Cash App product has generated $875 million in revenue from Bitcoin (BTC) trading in the second quarter of this year. This is a 600% increase over the comparable quarter in the previous year. This shows increased trader interest, which could have been spurred by the cash heavy “government stimulus programs.” The recent breakout of Bitcoin above the $10,000–$10,500 zone could spark further interest among traders. Twitter personality Dave Portnoy has shown interest in knowing about Bitcoin trading from the Winklevoss twins. If Portnoy can influence his followers, then several new traders are likely to enter the crypto space. However, …