Crypto News of the Day (2.3.) | Novogratz claims that Wall Street’s Meltdown Caused The Bitcoin Price Drop and other news

Here you can find an overview of the most important events that took place during the last day in the cryptoworld.

Markets

 

Weekend sales continued, along with the fall in most cryptocurrency prices, led by Bitcoin. Today, crypto markets are beginning to recover slightly. Bitcoin is now slightly above $ 8,820.

 

You can monitor the current cryptocurrency prices – here.

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Cryptocurrency

• Novogratz claims that Wall Street’s meltdown caused the Bitcoin price drop
• Ripple is working to add more assets to the XRP blockchain

 

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Crypto exchanges, Banks

• Huobi open-source DeFi blockchain is now open for public testing
• Coinbase joins the Japanese association of cryptocompanies
• The Turkish AKBank teamed up with the Binance crypto exchange to allow direct crypto-fiat transfers

 

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Regulations, State cryptocurrencies

• China wants the state monopol on its digital currency and ban other cryptocurrencies

 

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Novogratz claims that Wall Street’s meltdown caused the Bitcoin price drop

 

It can be said with certainty that last week was one of the worst for Wall Street and global financial markets. The S&P 500 recorded the fastest correction in history, while other major indices bleed heavily. Bitcoin was not spared because the cryptocurrency lost much of its value. According to Michael Novogratz, there is a relationship between the two markets.

 

One of the things many analysts and crypto community members say about Bitcoin is that there is no correlation with traditional financial markets. According to former Wall Street hedge fund manager Mike Novogratz, this is not the case this time. He believes that the fall in value of bitcoins has caused many investors to choose reserves to buy assets in decline and to offset at least partially their losses.

 

How did $btc go from being a hedge against bad stuff to getting washed out and trading like a risk asset? When things go from bad, to very very bad like they did last week, investors take leverage down as fast as they can. They book profits to make up for other losses. Ouch.

— Michael Novogratz (@novogratz) March 1, 2020

 

Ripple is working to add more assets to the XRP blockchain

 

Ripple is working on a new feature that will allow people to easily run their own tokens backed up on the XRP Ledger. David Schwartz, chief technology officer at Ripple, says development is different from other systems that currently offer similar features.

 

“One of the features I find very interesting is a feature that would allow people to run… basically assets linked to some external value. Functions similar to those found on other systems, but interestingly, liquidity is provided by Ledger’s mechanics.” Although cryptoactives could be used for a variety of purposes, Schwartz says stablecoins are an “obvious case of use” for this new function.

 

Huobi open-source DeFi blockchain is now open for public testing

 

Huobi announced that it has launched a public test line on its open source decentralized (DeFi) blockchain, the Huobi Chain, on February 29, to provide regulatory companies with a friendly framework for deploying applications in different financial sectors. The Huobi Chain includes a flexible management model that supports both regulators and businesses.

 

Based on a delegated Proof-of-stake system, it enables regulators to contribute to the network through unique regulatory nodes. The implementation of Know Your Customer (KYC) and Anti Money Laundering (AML) is complemented by Decentralized Identifier, which provides verifiable digital identities on the network.

 

Coinbase joins the Japanese association of cryptocompanies

 

Coinbase crypto exchange, which previously applied for an operating license in Japan, has now joined the second class of the Japanese Crypto Exchanges Association (JVCEA), a self-regulatory organization that has been mandated to oversee the cryptocurrency industry in 2018. Coinbase has been seeking a license in Japan since 2016, after receiving an investment of $ 10.5 million from a group that included the Bank of Tokyo Mitsubishi UFJ and Mitsubishi UFJ Capital.

 

The Turkish AKBank teamed up with the Binance crypto exchange to allow direct crypto-fiat transfers

 

Binance crypto exchange announced today that Akbank, one of the largest banks in Turkey, has become “the first bank to ever integrate directly with Binance”. Based in Istanbul, Akbank has 770 branches throughout Turkey and now allows direct transfers between Coinbase-supported crypto-currencies and the Turkish Lira currency.

 

China wants the state monopol on its digital currency and ban other cryptocurrencies

 

Chen Weigang, former vice president of the Communist Party’s Chinese Insurance Regulatory Commission, spoke on February 27 about ICO regulations and digital currency trading in China. He said that the central bank’s digital currency (CBDC) is an important strategic plan for RMB’s Chinese state currency to take the lead in international economic development.

 

During the interview, Chen was asked to comment on the ongoing ICO in China as well as Ponzi fraud schemes. Chen said that ICO and cryptocurrency trading must be completely banned in the future: “I firmly believe that speculation in cryptocurrencies and ICOs is not the right direction for financial development and must be definitely banned.”