Table of Contents
Here you can find an overview of the most important events that took place during the last day in the cryptoworld.
Markets
Crypto markets lost almost 100 billion USD in a few days. Yesterday’s bloodbath continued with further falls this morning, Bitcoin plummeted by as much as 40% to the 2013 level. So far, however, it is premature to judge how the situation will develop the next days. Even leading analysts and personalities from the cryptocommunity now disagree on estimates of future developments.
You can monitor the current cryptocurrency prices – here.
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Cryptocurrency
- Edward Snowden: Bitcoin’s downfall is due to panic, it’s a good opportunity to buy
- Peter Brandt: Bitcoin could fall below $ 1,000
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Cryptocurrency exchanges, Banks
- Huobi and Bithumb back online after yesterday’s congestion
- OKEx outperformed BitMex in terms of bitcoin futures
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Regulations, State digital currencies
- US cryptocurrency law violates financial privacy by tracking transactions
- Central Bank of Great Britain presented the CBDC study
- New York regulators require cryptofirms to submit coronavirus plans
- Hungary will isolate billions of cash for two weeks
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Edward Snowden: Bitcoin’s downfall is due to panic, it’s a good opportunity to buy
Cryptocommunity experienced one of the worst trading days ever. The market capitulated because some losses exceeded 50% in a single day. Bitcoin dropped from a daily high of $ 8,000 to just $ 3,700 on the Bitstamp, while at BitMEX, coins on various exchanges even touched below $ 3,600. Cryptocommunity members are constantly speculating about the possible reasons for this fall. Edward Snowden believes that there is no reasonable reason for the collapse and is more of a panic. Therefore, after a long time would buy BTC and take advantage of the opportunity.
This is the first time in a while I’ve felt like buying bitcoin. That drop was too much panic and too little reason.
— Edward Snowden (@Snowden) March 13, 2020
Peter Brandt: Bitcoin could fall below $ 1,000
Crypto markets analyst veteran Peter Brandt believes Bitcoin could fall even further. Peter Brandt is known for correctly predicting the market crash earlier – he wrote an answer on Twitter today that no one probably wanted to hear. In response to a query for a new low in BTC due to coronavirus, Brandt wrote that looking at the bitcoin graph “without bias”, the new bottom is potentially “below $ 1,000”.
If I interpret the chart without bias, I would say sub $1,000
— Peter Brandt (@PeterLBrandt) March 12, 2020
Huobi and Bithumb back online after yesterday’s congestion
Huobi and Bithumb, two of the leading exchanges in Asia’s crypto markets were both paralyzed by congestion, during the early morning crypto flash crash. Both exchanges have announced that they were overwhelmed by traffic during the crash, but are back online now, operating normally.
As prices began to drop, Huobi was inundated with thousands of visits to their site overwhelming their servers, causing freezing and other technical issues. Bithumb, another popular Korean exchange, also experienced similar issues affecting deposits and withdrawals of Ethereum and ERC-20 tokens on their platform. They cited similar congestion issues caused by the market crash.
Thanks for your patience!
— Bithumb (@BithumbOfficial) March 12, 2020
All systems back to normal status. https://t.co/9o4nbIySCe
OKEx outperformed BitMex in terms of bitcoin futures
Despite the spot market is slowing down, Bitcoin’s derivatives market has been getting more attention, and the enthusiasm is quite visible in the Bitcoin futures market. Regarding the Bitcoin futures, BitMEX has been long dominated in the market, but now OKEx, another cryptocurrency giant, continues to closely follow BitMEX’s footprints and made a breakthrough in the Bitcoin futures trading volume.
According to SkewAnalystics, OKEx outperformed BitMEX in terms of the 24h BTC Futures volumes, leading the Futures volume by reporting 15.95 billion, followed by BitMEX at 12.55 billion. Not only retail investors, but the flow of institutional capital is also tremendous in the market, which requires the crypto asset exchanges to have a professional and robust level of infrastructure to support the trading demands of the institutions, especially during the extreme market. More details.
US cryptocurrency law violates financial privacy by tracking transactions
Regulators need to categorize cryptocurrencies is in order to apply legislation to the different areas within the digital asset realm. This not only helps set up a legal framework, but it also dispels any ambiguity around the operation and usage of such assets within the USA. However, while clarity and legitimization through such an act would be highly prized, there appears to be sacrifices stipulated by the act — especially in regards to financial privacy.
Under section six of the act, it has been outlined that: “The Secretary of the Treasury, notwithstanding section 3(c), acting through the Financial Crimes Enforcement Network, shall issue rules to require crypto-currency (including synthetic Stablecoins) to allow for the tracing of transactions.”
Beware of the “Crypto-Currency Act of 2020” or any kind of legislation which may force businesses to spy on, deanonymize, or micro-monitor customers.
— Alex Gladstein (@gladstein) March 10, 2020
This is an attack on financial privacy, which we will desperately need in the future to safeguard democratic rights and freedoms. pic.twitter.com/B9lDM8lxE4
Central Bank of Great Britain presented the CBDC study
The Bank of England (BoE) is seriously weighing the pros and cons of issuing a central bank digital currency (CBDC) denominated in pounds sterling. Britain’s central bank recognized that a digital pound could be destabilizing for the current banking system. However, a digital currency could utilize the latest FinTech and make transactions easier and faster for consumers.
The Bank has just released a 57-page report examining how CBDCs could be introduced to existing markets, performing as both a store of value and used in everyday transactions. More details.
New York regulators require cryptofirms to submit coronavirus plans
New York City’s mayor Bill de Blasio declared a state of emergency in response to the coronavirus outbreak yesterday. “The only analogy is war,” he said — and the consequences for the crypto industry, as for all others, are sobering. Even ahead of de Blasio’s action, the New York Department of Financial Services (NYDFS) sent a letter to all regulated institutions engaged in crypto-related activities on March 10, asking them to submit detailed “preparedness plans” to address the historic risk:
“COVID-19 has already had adverse economic effects domestically and globally. It is critical that each regulated entity establish plans to address how it will manage the effects of the outbreak and assess disruptions and other risks to its services and operations.” More details.
Hungary will isolate billions of cash for two weeks
Hungary’s central bank, the Hungarian National Bank, has taken the precautionary measure of quarantining and cleaning its cash, following the declaration of a state of emergency. The country’s authorities have already banned inbound travel and public gatherings. The Government will take billions in cash aside and store them in containers for two weeks, the survival period of the virus. More details.
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