The Bigger the Hit to a Country’s GDP, the Higher the Stock Market Jumps

The US economy shrank by an annual rate of 32.9% between April and June, the sharpest contraction triggered by the coronavirus pandemic since the second world war.

This economic shock in April, May, and June was over three times as sharp as the previous record of 10% in 1958 and about four times the worst quarter during the Great Recession.

“This is something we have never seen before,” said Jason Reed, assistant chair of finance at the University of Notre Dame.

“At first I felt it was like a natural disaster that had hit the entire country at the same time. Now it is evolving into something worse than that.”

The record-settling fall in the gross domestic product, the broadest measure of economic activity compared to the same time last year after for the second week in a row following a four-month decline 1.43 million Americans filed for unemployment benefits last week.

Economists expect the economy to recover sharply later this year, but the recent rise in infections across the US is clouding that outlook.

Interestingly, during this time, the S&P 500 jumped 24% thanks to all the money printing the Federal Reserve did. After the initial $3 trillion stimulus package, another trillion-dollar aid is expected soon. For now, Congress is struggling to strike a deal on the new round of financial support.

On Wednesday, the Fed said the US economy is facing significant challenges from the coronavirus pandemic and vowed to continue to take aggressive action to support the economy to recovery.

The US’s GDP report came as Germany, Europe’s largest economy, recorded a slump in economic growth, contracting by 10.1% in Q2, the most significant decline since 1970, while its stock market DAX jumped 28%.

The fall in GDP came as parts of the US economy shut down in an attempt to halt the spread of coronavirus across the country. The closures led to a historic number of layoffs that sent unemployment soaring to levels not seen since the 1930s Great Depression.

Now, as the first month of the third quarter comes to an end, the S&P 500 jumped 3.6% in July. But it was precious metals that stole the show.

Gold jumped 10.6% this month and broke the 2011 record to hit a new all-time high in Q2. This has been in part due to a 1.6% decline in the US dollar index, which further hit over two-year low with a 4% decrease in July.

Meanwhile, bitcoin the ‘digital gold’ woke from the slumber just last week and spiked 23.6% in July, after a 68% jump in Q2, now trading above $11,300.

“Gold, Silver, Bitcoin all hitting, or going, to new ATH,” said Max Keiser adding the bad news is all of this is because,

“global central banks are staging a debt-for-equity coup disenfranchising 7.6 billion people who will be left for dead unless they have some Gold, Silver, Bitcoin.”

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Author: AnTy

YouTube Files to Dismiss Ripple and CEO Brad Garlinghouse’s XRP Giveaway Scam Lawsuit

YouTube is seeking to dismiss a lawsuit filed against them by Ripple earlier in April. The video-sharing Google subsidiary has been accused of promoting XRP giveaway scams, causing reputational damage to Ripple and the firm’s CEO, Brad Garlinghouse.

In a response filing on July 20, YouTube argued that as an interactive computer service provider, it should is not liable for content published by third parties as per Section 230 of the Communications Decency Act.

Ripple had sued YouTube because it failed to control giveaway scams to an extent where a particular individual was scammed $15,000. According to Ripple’s argument, the video-sharing giant had not only facilitated financial losses due to scams but also increased their reputational risk as a firm. In the motion, Ripple suggested a couple of actions to taken be by YouTube:

“This lawsuit calls on the video platform to do a number of things … First, to be more aggressive and proactive in identifying these scams, before they’re posted. Second, faster removal of these scams once they are identified and lastly, to not profit from these scams.”

In its defense, YouTube has come out to ask for the dismissal of the charges filed by Ripple, noting that it cannot be tied to the giveaway scams. As per YouTube’s argument, they are not at fault since they did not willingly engage any of the third parties or contribute to the content posted.

The firm went on to state that the Ad’s approval or endorsements could not hold water, adding that it always shuts down such scams when given a heads up. Basing the argument on Section 230 of the Communications Decency Act, YouTube’s filings highlighted,

“Plaintiffs have sued YouTube for allegedly failing to do enough to prevent third-party fraudsters from hijacking various YouTube user accounts and perpetrating a crypto-currency scam through those stolen accounts.

YouTube did not orchestrate or participate in that scam, and after being notified about fraudulent content posted by the hijacked accounts, YouTube removed it. Plaintiffs’ state-law claims are barred by Section 230 of the CDA, 47 U.S.C. § 230 (“Section 230”), and all their claims fail of their own accord.”

While this is still in motion, YouTube has again been sued by the co-founder of Apple, Steve Wozniak, who claims that the platform allowed malicious players to initiate Bitcoin giveaway scams in his likeness. Apple’s co-founder, along with 18 other litigators, now want YouTube to pull the scams down, as well as compensate them for the punitive damages.

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Author: Edwin Munyui

CrossTower to Launch a Digital Asset MarketPlace for Institutions With Innovative Pricing Model

CrossTower, a Jersey-based crypto exchange started a phased rollout of its services in April and led by former AlphaPoint executives Kristin Boggiano and Kapil Rathi.

The exchange aims to build a new marketplace especially catering to institutional clients with its innovative pricing model along with taker rebates.

Both the co-founders boast quite extensive experience in the trading field, where Boggiano made herself a well known figure in sessions with regulatory bodies such as CFTC and SEC. While Mr.Rathi has held senior positions at the NYSE, Bats, ISE, and Cboe.

At one point in their lives, both co-founders were working at AlphaPoint, holding high positions as the chief legal officer and chief operating officer, individually. AlphaPoint is known for developing white-label exchange software.

The newly launched CrossTower is currently available to a select few individuals and firms, but the exchange aims to disrupt the institutional market with its innovative business approach. At the time of launch, the exchange supported some of the key cryptocurrencies such as Bitcoin, Ether, Litecoin, Bitcoin Cash and ZCash.

The Interest of Institutional Clients Top Priority of Crypto Businesses

After the 2018 bear market, the volatility of the crypto market was reduced significantly which was one of the key reasons behind institutional clients overlooking the crypto space. Once that issue was resolved, there was a significant surge of high-end investors, which led to the popularity of crypto derivative products and the futures market.

CryptoTower co-founders are well-aware of this fact and believe this influx would not only continue in the future but also increase. Boggiano explained that this is one of the key reasons their exchange is focusing on creating a new innovative marketplace for these institutional players. She explained:

“It’s not just your typical high-net-worth individuals, we’re seeing significant open interest at the CME. It’s generally not individuals that trade on the CME; it’s institutions. Institutions trading wheat and oil, for example, are moving into crypto futures. We are seeing an institutional shift in my opinion, as indicated by the numbers being printed.”

The crypto markets focusing on institutional clients is evident from the fact that, up until now, just over two billion dollars has been devoted to firms accommodating institutional customers.

While new players like CrossTower are launching special pricing models to attract the bigwigs of the game, even existing players have ramped up their efforts in luring Wall Street players. For example, Coinbase retained an executive from Barclays to attract big traders from Wall Street, and Blockchain.com gave a new makeover to their exchange.

How CrossTower Aims to Stand Up to the Competition?

CrossTower is planning to offer a novel fee schedule for the crypto market where the exchange would pay the takers to trade on their platform. In the traditional scheme of things, the platform offers a small discount to market makers and charge the takers who take liquidity. Most of the crypto exchanges have both take and maker fees with a few exceptions.

Available to all the players on CrossTower, is the taker discount and the firm states per Rathi,

“has lined up a number of liquidity providers and market makers — which have been attracted to the firm’s risk controls — to compliment robust retail flow”.

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Author: Silvia A

Chicago DeFi Alliance Announces Seven Startups to Benefit from Its Mentorship Program

  • The Chicago DeFi Alliance, which launched this April, announces its first cohort from hundreds of top blockchain firms’ and startups’ applications from Chicago on Monday.
  • The Alliance seek to mentor budding DeFi startups in the Chicago jurisdiction that boasts of huge contributions to DeFi sphere globally.

News has now emerged that Chicago DeFi Alliance has accepted its first cohort of startups. The Alliance unveiled in April that it had received over 100 applicants for the first group according to a report by CDA partner CMT digital.

“We are excited to work with the founders in the CDA’s initial cohort and we look forward to mentoring as well as learning from these teams.”

A number of industry titans in the DeFi sphere collaborated to consolidate efforts to mentor local startups. The dream team consists of CMT digital, Volt Capital, Jump Capital, Cumberland and DRW announced the joint venture on April 7th 2020 to boost the growth of DeFi startups in Chicago through guidance and meaningful support linking the startups with experts with vast experience in trading and applicable regulations. The startups that qualified for the first cohort are:

  • dYdX
  • IDEX
  • 0x
  • Set Protocol
  • Kyber Network
  • Synthetix

The founding partner of CDA – CMT digital – launched in 2014, and represents the Blockchain arm of the larger CMT group. The CMT group is a dominant player in the investment markets, having been active for about 20 years.

CMT digital has, in the past, been involved in funding big shot crypto firms: Coinbase, BlockFi, Silvergate Bank and even Bakkt. Their investment strategy has been to support projects, whose scope overlaps with infrastructure crucial to supporting digital assets.

CMT digital was involved in a Series A funding round this February alongside Jack Dorsey’s Square and Pantera. Raising up to $14 million for Transparent Financial Systems a Seattle based startup developing a decentralized compensation settlement system.

Chicago’s Contribution to DeFi

Chicago has a high standing in the financial world for its groundbreaking innovations, reflecting at least a fifth of the global derivatives markets. The report by CMT digital shed light into the 4.9 billion that Chicago based exchanges generated in annual global derivatives trading volumes in the 2017 financial year.

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Author: Lujan Odera

BTC is in A ‘Bullish Consolidation’ While Whales Are in ‘Solid Accumulation Mode’

After the success of April, which Bitcoin ended with 34% gains, the digital asset has been fairly flat so far this month. Currently, BTC/USD is trading over $9,300.

These price gains came while the major central banks have been busy printing money and total assets on the Federal Reserve’s balance sheet increased by nearly 55% to $6.7 trillion in less than two months.

Macro Bullish: Re-accumulation

According to Glassnode Network Index, which is high, the recent price action for bitcoin was backed by strong network fundamentals.

“Subindices increased steadily through April, but liquidity is trailing – leaving room for volatility. Increased growth in liquidity would build strong foundations for a bullish scenario.”

The current price action that has the flagship cryptocurrency range-bound could be a “bullish consolidation” or “re-accumulation,” as per IncomeSharks, crypto analyst adding,

“As long as our near range holds I’m pretty confident in this larger wedge breaking upwards towards $9,600. Still in a bull market until I see a reason that we aren’t.”

Even bitcoin whales, entities that are holding over 1000 BTC, are also busy accumulating the digital asset. There are currently 1996 addresses with 1000-10,0000 BTC, as per Bitinfocharts. On-chain analyst Willy Woo said,

“Whale population spotted increasing in the wild. They’ve been in solid accumulation mode since January unperturbed by the COVID crash. This is macro bullish.”

Volatility Down But Volume’s Up

Currently, despite the flat price, “volumes remain elevated, as if something is happening under the surface,” said analyst Mati Greenspan.

Though common for volumes to rise along with volatility, they tend to die down once the action is over.

Last week, on spot exchanges, volume exploded to over $4 billion and the real volume is currently around $1.2 billion. This solid boost has the daily volume, 7-day average once again above $2 billion.

On the institutional front, the open interest on CME has surged to a new yearly high, the highest level seen since the price peak in 2019. Bakkt’s bitcoin futures volume was also as high as $30.5 million on Thursday.

Coming onto the bitcoin blockchain, things have started returning to normal. The estimated transaction value in USD spiked all the way up to $3.18 billion last week and then returned to normal levels.

The Million Dollar Question

Bitcoin has a good start of May, having breached $9,000 multiple times in less than a week.

As per Santiment’s NVT price prediction model for Bitcoin, it is showing a good semi bullish start to May. This indicates that the token circulation, the number of unique tokens being transacted at least once in a given day, is exceeding the average levels expected at bitcoin.

But the million-dollar question currently is how the bitcoin price will behave in these five days leading up to next week’s halving. Santiment noted,

“In general, prices tend to behave in the manner that the crowd least expects more often than not.”

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Author: AnTy

Bitcoin Halving Is Not An Event; “There Just Ain’t Enough BTC To Satisfy New Investor Demand”

The equities market finished April with a 12% gain, having its best monthly performance since 1991 despite the ruptured economy.

“Soaring jobless claims, empty restaurants, and a falling count for active oil rigs show the breadth and depth of the blow to the economy,” said Bloomberg economists Eliza Winger and Tom Orlik.

Amidst this, the Federal Reserve continues to power its money printer. The Fed has dramatically stepped up its effort to prevent a coronavirus depression as it promises to start buying corporate bonds and ETFs in early May. The US central bank later added junk bonds and junk bond ETFs to this list as well.

This meanwhile is helping gold which hovers around $1,700. “The massive monetary support we are witnessing at the movement is helping gold,” Commerzbank analyst Eugen Weinberg said.

But the monetary stimulus is not only helping the precious metal but also the digital currency.

Bitcoin outperformed other assets by finishing April up 34%. The leading digital asset has completely retraced the March 12 lows and is currently trading under $9,000.

“Record monetary and fiscal stimulus is creating the perfect macro backdrop for this inflation-protected, non-sovereign digital asset class,” said Jeff Dorman, Chief Investment Officer at Arca.

Bitcoin’s correlation with the S&P 500 which recently surged to its peak is also starting to subsidize. Moreover, the Chinese Yuan is falling against the dollar once again, which “historically had a much higher negative correlation to Bitcoin.”

Amount of Newly Issued Bitcoin Minuscule to Investment Dollar

Bitcoin has some strong tailwinds ahead of halving, which is less than a week away now. Google searches for the keyword “Bitcoin halving” is already at a record high and continues to climb upwards.

Could the rally that started last month continue into May and see us reaching the all-time high? According to Arca, “the halving is not an event at all.”

Bitcoin has a fixed supply of 21 million coins which is a well-known fact. As such, the supply curve is vertical — perfectly inelastic because it doesn’t change based on demand or price.

This means, “price can only change due to a shift in the demand curve.”

Income, trends and tastes, expectations, price of related goods, and the size and composition of the population are the attributes that cause a shift in the demand curve.

Although these factors contribute to the future growth in bitcoin adoption and as such price, they aren’t specific to halving.

But the price of bitcoin is still expected to move higher for the very reason that “the amount of newly issued Bitcoin is minuscule relative to the number of investment dollars.”

Unlike the corporate bond and equity markets which reached $260 billion in March and then added another $25 billion in April 2020, newly minted bitcoin will fall from 1800 BTC per day to 900 BTC per day post halving.

At the current price, this equates to about $240 million per month of new bitcoin, this is about 12 times less than the new equity offerings and 500 to 1000x less than the corporate bonds offerings.

“There just ain’t enough Bitcoin to satisfy new investor demand,” Dorman said.

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Author: AnTy

Ripple Price Jumped 24% Despite Co-founder Jed Mccaleb Selling 1.8M XRP A Day in April

In April, the price of XRP jumped from $0.174 to just under $0.23 along with the rest of the market after bitcoin’s price rallied. The digital asset ended the month with about 24% gains.

However, XRP still lost the third position, yet again, to the most popular stablecoin Tether (USDT) whose market cap has surpassed $8 million, over 33% in just two weeks.

Interestingly, XRP’s gains came despite Ripple co-founder Jed McCaleb selling 1.8 million XRP a day in April (about $400,000 worth of XRP) as per the report of The Crypto Associate.

“Ripple co-founder sells 54 million XRP. No one will ever sell 54 million BTC,” tweeted Urdi Wertheimer.

McCaleb made $12 million from the sale of XRP last month.

Does it really affect the price?

McCaleb received about 9 billion XRP as part of his compensation for his role at the San Francisco-based fintech startup Ripple.

The former Ripple CTO also sold 19 million of his XRP in February and the same as this time, the price of XRP spiked over 27% that month.

McCaleb, who is also the founder of the now-defunct infamous Mt. Gox and Ripple’s competitor Stellar Lumens (XLM) said earlier this year, “date shows there is no impact on the market (of his XRP sell-off) and I don’t see any reason why that will change.”

This was after a report from Whale Alert that tracks top blockchains analyzed McCaleb’s XRP sales activity as “insignificant” compared to XRP’s total trading volume per day but added that the “economic power and consequences of whales cannot be ignored.”

Whale Alert also stated at that time that at the rate McCaleb is selling his XRP, it would take him 20 years to sell all of it while acknowledging his settlement agreement with Ripple, to be expired sometime in 2020, that limited his selling activities.

A Quiet Quarter

In its first quarter of 2020 report, Ripple, the owner of more than half of XRP’s total supply, revealed that it sold $1.75 million in over-the-counter but zero XRP through exchanges, the second time.

It also talked about the success of its ODL that leveraged XRP digital asset, the USD transaction value jumped by 294%.

Ripple’s partner MoneyGram that is compensated to use its digital asset however, recently divulged that Q1 was a “quiet quarter” in terms of Ripple partnership.

During the earnings call, MoneyGram chairman and CEO Alex Homes said this partnership is “transformative for both the traditional money transfer and digital asset industry,” which allows them to settle currencies in seconds.

“This initial success encourages us to expedite expanding our use of On-Demand Liquidity,” he said.

The company has a variety of new services in the pipeline that will be rolled out later this year, he added.

Although it is a “good partnership,” Holmes said Ripple continues to work on its product and how they want to target various markets.

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Author: AnTy

Will Blockchain Voting Be Used As A Solution In US Congress During COVID-19 Outbreak?

The United States Congress released a staff memo dated April 30th, which suggests that they are considering the use of a blockchain-based voting system to conduct remote voting for upcoming senate elections as the COVID-19 outbreak has made it impossible to conduct the election in the traditional way.

The memo was drafted after the “Roundtable on Continuity of Senate Operations and Remote Voting in Times of Crisis,” hosted by the Permanent Subcommittee on Investigations and chaired by Senator Rob Portman of Ohio.

The staff memo revealed that Congress is looking to use end-to-end encryption along with blockchain to ensure security and privacy of votes. Although the memo did not endorse blockchain directly, the main focus of the topic was on authentication and encryption. The memo did note that “the Senate may consider blockchain.”

The Finer Details of the Memo

The staff memo noted that both chambers of Congress have always met in person to conduct all types of business be it committee hearing, floor deliberation or voting and they have no plans to conduct these critical functions remotely. However, given the critical times that the world is facing, they are looking into encrypted distributed ledger.

The memo discussed that encrypted blockchain can ensure the transmission of vote securely while verifying the correct vote. The memo explained:

“With its encrypted distributed ledger, blockchain can both transmit a vote securely and also verify the correct vote. Some have argued that these attributes make blockchain useful for electronic voting broadly. Blockchain can provide a secure and transparent environment for transactions and a tamper-free electronic record of all the votes. It also reduces the risks of incorrect vote tallies. Moreover, some firms have already begun to deploy blockchain-like technology to help countries, like Estonia, run elections entirely online.”

The memo further also discusses certain risks involved with using blockchain technology, especially the majority control. The memo noted that if majority control of the blockchain falls into the wrong hands, it might be manipulated.

Given the small size of the senate, any remote voting system based on blockchain would be required to set up with utmost care eliminating risks of 51% attack, so that no bad actor can get their hands on the voting chip.

However, this is not the first attempt to use a blockchain-based system for remote voting, prior to this discussion, the blockchain-like system was deployed for Estonia’s 2019 parliamentary elections which saw 44% of the total vote being cast using the system.

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Author: James W

Analyst says Another Altcoin Drop will be a Buy the Dip Opportunity

In April, the world’s leading cryptocurrency jumped over 40% but so did altcoins. Though this time they didn’t outperform BTC’s spike by a wide margin, there was still a substantial uptrend.

“Alts not only held up well, but have bounced back stronger in many cases,” noted analyst Ceteris Paribus.

Ethereum rebounded well with a spike of 61%. The network also recorded more than one million smart contracts since March 12th.

In March overall, the smart contacts deployed on the network were an all-time high, 75% higher than the previous record set in October 2019.

However, a large amount of these contacts were either empty or related to GasToken, reported Arcane Research. These could be used to deploy contacts when gas prices are low only to destroy and get refunds when gas prices are high.

Even filtering these contacts out, March was still a record-breaking month, only beaten by November/December 2018.

Altcoins starting to look good

“Alts starting to drift off while BTC shows strength. Alts not recovering on BTC pullbacks. Alts starting to drift off while BTC shows strength & not recovering on pullbacks,” said analyst DonAlt.

Altcoins are only a good buy for either short-term trades or during mass panic and according to him, panic hasn’t hit yet.

“If BTC fuckery (be it up or down) leads to an altcoin drop in the next weeks to months I think that altcoin dip is one to buy. I’m patient but some of this stuff is starting to actually look good on a large timeframe for the first time in ages,” added the analyst.

Among the top 25 cryptos, Stellar (81%), Tezos (79%), Chainlink (76%), Cardano (69%), Cosmos (45%), Tron (41%), and ETCETC (40%) led the rally this month.

Interestingly, this week, two hottest altcoins, Chainlink and Tezos came together. Chainlink’s decentralized pricing oracle will be providing the Tezos community projects with real-time data.

With this integration, Tezos projects can pull from active pricing feeds for different assets to build projects.

“I think it’s going to be used a lot for DeFi, maybe some decentralized insurance. But from what I can tell, there’s a lot of interest in having DeFi on Tezos. And having a good oracle mechanism is basically now a prerequisite for having a well functioning DeFi application,” said Chainlink CEO Sergey Nazarov.

All indexes ended April with gains of over 30% but small caps increase the most with a 335% gain. In the past month, the market cap excluding bitcoin rose by $22 billion.

Down the line, other big performers include Hyperion (423%), Digibyte (23%), Hive Token (99%), Zilliqa (65%), Kyber Network (58%), Enjin Coin (56%), Zcash (49%), and Matic (47%).

Kyber Network particularly is getting attention as the network’s planned upgrade will allow KNC token holders to earn staking income. As such, the number of addresses with KNC has increased by 15% since early January, as per IntoTheBlock.

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Author: AnTy

Bitcoin Price Outlook in May 2020: Time for More Bulls or Bears?

In the month of April, bitcoin price printed a strong and bullish monthly candle. Now that the price is above the level seen before the market crashed in March, bulls are given hope of a bullish trend reversal.

As we reported, this rally was spot driven, and that’s why BitMEX funding rates were depressed.

But the futures market is also looking more bullish with positive premiums. The annualized premium on CME for the June contract is now above the average levels for 2020, indicating positive sentiment once again.

Also, a large spread is currently seen between the realized and implied volatility for bitcoin options.

Interestingly, just this week, “A large Bitcoin whale just graduated to a 5yr HODLer. Last week 68k BTC moved out of the 5yr active supply band, indicating that the last time they moved on-chain was in April 2015,” reported Coin Metrics.

whale just graduated to a 5yr HODLer
Source: Coinmetrics

However, there is still some bearishness left in the market.

“What does give me pause about short term bullishness though is the wider downward facing channel that’s formed in bitcoin over the last year. A channel that must be broached at this time and must be breached in order to make any real bullish calls,” wrote analyst Mati Greenspan in his daily newsletter.

Moreover, as long as the $7,800-$8,200 area is held by Bitcoin, we can very well remain bullish, according to trader Credible Crypto.

These bull calls could turn out to be bears

The market is extremely bullish no doubt with BitMEX CEO Arthur Hayes and CNBC’s Brian Kelly calling for a run-up.

With less than 10 days to the halving, “while the whole world is quantitative easing, bitcoin is about to quantitative hardening,” said Kelly.

This daily bitcoin supply is to be cut in half, “in the past, this has been a catalyst for very very big run ups.” As such, we have a “tremendous run up coming into,” halving, he added.

Although Bitcoin has a wood to chop around $9,000, Kelly thinks “in the medium to long term, you now have an asset that is going to be more scarce than gold based on stock-to-flow ratio in an environment where the entire world is printing money.”

Based on past performance, when we had quite a run up, Kelly is seeing in the next 30 to 60 days, a nice run up again.

But CNBC has more often than not worked as a clear indicator of a short reversal and the end of a rally in the past.

With halving around the corner and miner profitability to be cut in half, the price has to climb higher or miners, especially over-leveraged ones will get rekt.

But even though the month of May will have fireworks regardless of what the BTC to USD exchange rate value is, the halving will be the 3rd of 33 planned halving events in bitcoin’s 130-year run. From 2009 when Satoshi Nakamoto first released the Bitcoin whitepaper, to when the blockchain for BTC will stop minting new coins in the year 2140, there is without a shadow of a doubt that the market’s momentum, global financial environment and investor-trader-hodler-spectator ecosystem is stronger now than it ever has been in the past 11 plus years.

While the price of Bitcoin in May 2020 may not see over $10,000, the day-one phenomenon built-into the Bitcoin DNA will be cutting its daily supply of newly issued coins into the world at the same time unlimited quantitative easing is happening and trillions of dollars are being printed to prop up the economy during an unprecedented lockdown. Just remember:

The idea of blockchain as a cadaster for tokenizing time as money is in the cards for bitcoin and stars for blockchain. If money is tokenized time via distributed ledger technologies, and time is the source for all measurement – if money is the normal measuring stick, it has to be based on time and blockchain enables virtual programmable money to happen for the first time in history and Bitcoin is the leader for helping globalize the world in terms of being the backbone for all economical activity and commerce.

Whether or not the bitcoin price “moons” right before, during or after the May 2020 halving, or even corrects to half the price it is today; those in the know and on the go who can look at around the corner at the future of finance from a high up enough macro level where all of the driving forces that contribute to how things have been in terms of money as it stands today, and one might start to realize just how fundamentally sound, important and innovative it will be for society no matter what the real-time live exchange rate is.

However, as it stands today, bitcoin is a largely speculative “gambling” asset for most investors and traders, so the price of the BTC cryptocurrency is what gives the leading digital asset its ‘value’ in the market – but the underlying current of how revolutionary blockchain will become and why its first application was always meant to be the best because it engulfs and encompasses so many other ‘value-claimed-asset-trading’ mechanisms, that anyone who wants to roll the dice with Bitcoin should strongly consider its’ overall outlook and optimism within a majorly-decentralized community that has one common goal.

While the crypto world is awaits bitcoin’s halving event and wonders what the price of BTC/USD exchange rate will do, just remember the marathon Bitcoin is on and the halving is just another checkpoint to sprint past and see where the real finish line is for the earth’s best, honest and most transparent financial innovation since accounting was invented.

Latest Bitcoin Price News and Crypto Market Updates

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Author: Andrew Tuts