Tag: Coronavirus

Dow Swings Wildly After Trial ‘Flop’ Ignites Coronavirus Drug Fears

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The Dow Jones was knocked from its highs on Thursday after the leading candidate for a coronavirus treatment failed a big test. A strong start to the day saw the stock market initially shrug off another 4 million jobless claims. ING reports that less than half of working-age Americans will have a paycheck next month. A resurgent Dow Jones Industrial Average (DJIA) slammed into a wall on Thursday after Gilead Sciences’ experimental coronavirus treatment drug reportedly “flopped” in its first trial. The Financial Times broke the story, which triggered wild…

The Coronavirus Recession Will Be Worse Than 2008

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Seventy percent of investors in a recent survey said the coronavirus recession would be worse than the 2008 financial crisis. But interestingly, 55% say the recession will be over within a year. It took the S&P 500 16 months just to reach bottom during the 2008-09 crisis. And it took over five years to fully recover. The U.S. stock market bounce-back from the coronavirus crash has stalled over the last two weeks. After share prices crashed faster than any time in history starting in late February, equities began to rally…

Here Are 3 Stocks Poised to Surge After the Coronavirus Pandemic

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Investors who missed the recent bounce have the opportunity to enter the stock market once the crisis is over. Shares of Tesla and Disney are poised to take off as demand picks up after the economy reopens. Netflix has benefitted from the lockdown and is looking to extend its gains even after the pandemic is over. Covid-19 has hit global markets hard, and the S&P 500 has no immunity over the virus. The bellwether index is down over 17% from all-time highs. While bulls have been aggressively buying the dip,…

Russia May Lift Telegram Ban Due to Coronavirus Outbreak

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After years of unsuccessful efforts to block Telegram in Russia, the country’s government is now considering lifting the ban due to the coronavirus outbreak. According to an April 22 report by Russian news agency Kommersant, two deputies at the State Duma have prepared a draft bill on terminating the ban of Telegram’s encrypted messenger app in Russia. If you can’t beat it, join it In the bill, the State Duma deputies reportedly argued that Telegram has become an “official service” used by state authorities to raise awareness about the measures…

Coronavirus Stimulus Is More Than Twice Crypto’s All-Time Market Cap High

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The U.S government recently unleashed a $2 trillion stimulus package to help Americans offset the economic impact of COVID-19. That figure is more than double the amount of all the speculative capital locked up in the entire cryptocurrency market during its 2018 peak.  Cryptocurrency at large — Bitcoin, Ethereum, Litecoin, and everything else — collectively reached its all-time market cap high in January 2018, totaling $831 billion according to CoinMarketCap data. The U.S. stimulus bill in response to coronavirus is 240% larger by comparison. Righting the economic ship Over the…

Crypto Community Is Keeping Itself Entertained While on Coronavirus Lockdown

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Nationwide lockdowns have become commonplace in a number of countries across the world as the global community tries to curb the spread of the novel coronavirus. For weeks on end, people have had to hunker down in their homes and practice social distancing in order to “flatten the curve” of COVID-19’s spread. Setting aside the dire consequences this has had on the global economy, the situation has forced people to come up with a wide variety of ways to entertain themselves. While this lockdown may have brought a new meaning…

Baseline Developers Propose DTL-Based Coronavirus Contact Tracing

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Developers working on Baseline, an enterprise smart contract and tokenization platform developed by Microsoft, Ernst & Young, and ConsenSys, are working to solve several flaws identified with Apple and Google’s proposal for coronavirus tracking initiatives. Google and Apple propose a contact tracing solution that would add cross-platform APIs that allow health authorities to monitor users. Both brands have discussed rolling out related software updates next month. The plan suggests using a phone’s Bluetooth Low Energy to detect other devices within 30 feet of each other. This would allow infected individuals…

Bitcoin Faces Coronavirus ‘Inflection Point’ Amid Oil Woes

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Bitcoin (BTC) will see a historic “inflection point” in its life thanks to coronavirus, says entrepreneur Cameron Winklevoss. In a series of tweets on April 12, one-half of the Winklevoss twins who own cryptocurrency exchange Gemini, underlined the importance of Covid-19 for Bitcoin and its users. Cameron Winklevoss: Hodl your BTC “This pandemic will be an inflection point for Bitcoin and the Metaverse,” he wrote. Telling followers to “hodl” their BTC, Winklevoss implied that Bitcoin’s public profile would undergo a metamorphosis under current conditions.  His optimism echoes that of various…

Coronavirus Pandemic Is Reshaping Blockchain Companies’ Roadmaps

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The coronavirus pandemic has been affecting more and more aspects of the blockchain and cryptocurrency market. As Cointelegraph previously reported, more than half of the 2020 crypto conferences were either canceled or postponed due to the COVID-19 outbreak, while mining manufacturers had to stop the equipment production in China. At the same time, other companies have been able to master new opportunities by digitizing business processes and moving employees online. Cointelegraph has analyzed how severe the consequences appeared to be for projects working with blockchain technology and cryptocurrencies, and how…

Coronavirus Crisis Accelerates CBDC Race, Cash No Longer Untouchable

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The COVID-19 pandemic is pushing the global economy toward a major recession, but there may be a silver lining in all this for the crypto industry: The accelerated adoption of central bank digital currencies. The use of cash seems to be plunging these days — particularly now, as people are increasingly wary of engaging with potentially germ-infested surfaces. Meanwhile, some central banks are reevaluating their strategies in favor of digital currencies, which they believe may carry more benefits than just stopping the virus from spreading further. So, how likely are…