Bitcoin May Thrive Despite Coronavirus

The CEO and co-founder of Bitcoin (BTC) investment app Amber, Aleks Svetski, said he thinks the COVID-19 pandemic has bolstered Bitcoin awareness.  “COVID was one of the best marketing campaigns for Bitcoin in history,” Svetski told Morgan Creek Digital co-founder Anthony Pompliano in a May 13 podcast episode.  Coronavirus has caused global uncertainty Since taking center stage as an official pandemic in 2020, governmental coronavirus prevention actions have caused business slowdowns, rising unemployment numbers, and falling markets. The U.S. government has taken several measures to right the sinking economy, including various…

Five Things to Do Other Than Worry About Coronavirus and Bitcoin Price

Let’s face it: Whether you’re an avid crypto enthusiast or just mildly interested in this blooming industry, chances are you’ve read, seen or heard more stories about the coronavirus and the Bitcoin (BTC) halving than you’d probably like to.  In all fairness, the coronavirus led to the world has collectively agreeing to press pause in an unprecedented manner, so the fact that a global pandemic happens to be taking place around the same time as the most important event in crypto means that full-on, 24/7 media coverage is to be…

A Quarter Million Deaths Later, Dutch Team Finds Coronavirus Blocker

A Dutch team may be on to a cure for the SARS coronavirus. In a report published Monday, researchers say they’ve stopped the virus from spreading in cell cultures with a potent antibody. Many lives and an economic recovery hang in the balance as scientists race for a safe, effective coronavirus treatment. Since spreading from an animal “reservoir” within the ecosystem to humans, the coronavirus or SARS‑CoV has caused over 250,000 deaths. Biotech companies and university labs have been racing to find a vaccine or antiviral treatment. Now a team…

Mining Sector Sees Extreme Volatility Amid Coronavirus and Crash During Q1

Crypto research firm, TokenInsight, has published a report covering the crypto mining industry during the first quarter of 2020. The report emphasized swings in Bitcoin (BTC)’s hash rate and the phasing out of older ASIC models. However, volatility has had a greater impact on Chinese miners — with Antminer S9s becoming unprofitable during March. Miners using old ASICs are impacted by price crash The report describes BTC hash rate as having been “extremely volatile” during the early months of 2020 — ranging from between roughly 70 exahashes per second (EH/s)…

Bitcoin Won as Store of Value in Coronavirus Crisis — Hedge Fund CEO

Bitcoin (BTC) has in fact functioned very well as a store of value before the coronavirus crisis, raw data suggests. In a Twitter discussion on May 1, Travis Kling, head of crypto hedge fund Ikigai, produced fresh evidence that, despite volatility, Bitcoin has preserved its investors’ wealth. BTC protected hodlers from “catastrophic event” Since February, BTC/USD has delivered stable returns of 0.6%, Kling said, smoothing out any pain to “hodlers” sparked by one of the most unnerving financial implosions of recent history last month. “The price of #Bitcoin increased 0.60%…

Matic Announces a Privacy-Centric Coronavirus Tracking App

Blockchain scalability solution, Matic, launched a privacy-focused coronavirus tracking mobile application. According to an April 29 announcement, the new app — dubbed Tracy — leverages the Matic network for contact tracing and quarantine management. The solution also uses decentralized data storage solution, MóiBit, to store sensitive data. Per the announcement, Tracy is the first blockchain-based solution that was developed for quarantine management and contact tracing. The application is meant to let users understand how likely they are to have come in contact with somebody who tested positive for the coronavirus.…

CoinMarketCap Sees Fewer Chinese Users Amid Coronavirus Pandemic

CoinMarketCap, which recently became a Binance company, released a report on Q1 crypto market performance, as seen from its perspective. One of the more interesting details is the significant decrease in users from China.  As revealed by the report, published on April 30, China fell from 13th to 24th position in the country rankings by page views. A less dramatic but sizable decrease was also seen from South Korean users, who fell by 3 positions to the 19th place. Furthermore, CoinMarketCap noted that the decrease largely occurred in the period…

Why Bitcoin Hit $8k Ahead of FOMC Update, Wiping Out Coronavirus Losses

Bitcoin closed above $8,000 this Wednesday, wiping all its Coronavirus-induced losses from mid-March. The cryptocurrency’s move uphill came ahead of Jerome Powell’s press conference at 1430 ET today. The Federal Reserve chairman is likely to discuss strategies to tame the contracting economy, with investors expecting him to keep the interest rates lower. Bitcoin jumped above $8,000 for the first time in almost two months as investors braced for the Federal Reserve’s views on the health of the U.S. economy. The bitcoin-to-dollar exchanged surged 5.52 percent to top at $8,180 on BitMEX,…

Bitcoin Hits $8K Erasing Coronavirus Crash — 13 Days Till Halving

Bitcoin (BTC) price finally hit $8,000 on April 29 as a solid week of gains continued to buoy markets. Cryptocurrency market daily overview. Source: Coin360 BTC price returns to $8,000 Data from Cointelegraph Markets and CoinMarketCap showed BTC/USD breaking the $8,000 after a seven-week absence. The move firmly reverses Bitcoin’s crash in mid-March, when the cryptocurrency shed 60% in a day to plumb 15-month lows of $3,600. Bitcoin 1-day chart. Source: CoinMarketCap At press time, the new levels had yet to cement themselves amid short-term volatility, with highs on exchange…

Storj Launches Free Storage Program for Coronavirus Research

Decentralized storage network, Storj, has launched a program providing free storage to organizations participating in COVID-19 research. The program follows widespread contributions from the crypto community toward the distributed scientific research platform, Folding@Home. Organization researching COVID-19 qualify for 2TB in storage On April 22, Blockchain-based cloud network, Storj, announced a program offering free online storage to organizations engaged in research contributing to the global fight against the coronavirus pandemic. Storj’s storage program will provide qualifying organizations with one terabyte of free cloud storage. Qualifying entities will also receive a monthly…