Second US Stimulus Package of $1,200 on the Way as Bitcoin Bulls Gain Momentum

A second stimulus check is on the way for American citizens, according to the White House’s economic advisor, Larry Kudlow. He confirmed this position during an interview with CNN’s Jake Tapper on July 26, signaling that the Fed’s printers might soon be busy again. This news coincides with strong crypto market bulls that have since pushed Bitcoin past $10,360 as of press time.

Earlier, BEG reported that the first stimulus round might have helped Bitcoin recover from black Thursday, given that quite a large number of Americans invested in Bitcoin. Could this new stimulus round push BTC further? A lot is clearly in play, but an injection by the Fed will likely result in a BTC rally, just like other markets have started to recover.

The European Union also recently announced plans to initiate a second Euro stimulus, aiming to distribute close to 1 billion Euros. While a direct correlation has yet to be linked to Bitcoin’s price surge following the announcement last week, speculators see the move by the EU may have contributed to Bitcoin’s price movement. The leading crypto asset had been stable for quite a while, ranging between $9k and $9.3k, but this resistance has since been broken over the past week.

Bitcoin Investors Gained over 40% ROI Since April.

With most of the stimulus payment processes clearing in April, investors who got into the market at the time are now over 45% in profit.

As the March economic downturn took a heavy toll on all sectors, the price of BTC dipped to lows below $4,000, but then eventually climbed back to almost $7,000 at the beginning of April. Looking at these stats, Americans who opted to buy Bitcoin with their stimulus money can cash out with around 40% gains depending on at which point they bought into the market.

Though considered volatile, digital assets such as Bitcoin are proving to be lucrative as fundamentals make inroads to the retail space. No wonder applications like Jack Dorsey’s Cash App are fast catching up with this trend.

The platform recently moved to allows Bitcoin purchases, including an automatic feature for such executions to grow revenue through Bitcoin’s demand. It is quite noteworthy that most of Cash App’s Q1 revenue this year came from Bitcoin purchases, a trend that might replicate itself in an even bigger way should more Americans decide to spend their stimulus on Bitcoin.

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Author: Edwin Munyui

Good For Bitcoin? BTC is Now Trending after Exploding on Twitter

A ton of blue check twitter accounts got hacked to promote bitcoin-related scams.

Hijacked accounts claimed that they were going to give people bitcoin or double their stash after they sent some to an address first.

This went on for a long time, and now Twitter is investigating the matter which it says is a “coordinated social engineering attack” using the internal tools and systems. As we reported, the hacker only managed to scam 12.8 BTC, worth $120,000, out of people.

Interestingly, Twitter co-founder and CEO Jack Dorsey is a bitcoin supporter who believes BTC could one day become an internet currency, and his bio simply reads Bitcoin.

According to some members of the crypto community, this is all good for bitcoin. It rings true given that not only ‘#TwitterHacked’ is trending on the social media platform but also #Bitcoin.

Being such a big incident having attacked the accounts of Elon Musk, Jeff Bezos, Warren Buffett, Joe Biden, Barack Obama, Benjamin Netanyahu, Kanye West, Kim Kardashian, Michael Bloomberg, Apple, Wendy’s, Uber, and others, the world’s leading cryptocurrency is getting a lot of attention.

“Millions of people around the world are about to hear about Bitcoin again in the following few hours,” said economist and trader Alex Kruger. “Today’s hacks will be in every newspaper and media channel.”

While some like trader DonAlt voiced concern that “It’s kind of crazy that crypto will be forever associated with scams in a lot of people’s mind after this,” adding “hope the saying “There’s no such thing as bad publicity” rings true for crypto.”

Some good did come out of this as Congressman Tom Emmer said,

“Bitcoin isn’t the problem. Centralized control is.”

Also, Blake Robbins of Ludlow Ventures, who previously worked at Google, Nest, and SpaceX, shared his intention to stack some sats.

“I sort of want to buy Bitcoin now?” he tweeted.

For now, the price of bitcoin is unaffected, currently trading just over $9,100, down 1.80%. It did take a small, less than 2% drop from $9,200 after the incident happened but remained in the range it has long been stuck in.

According to trader DonAlt, the digital asset could squeeze upwards in the short term but is bearish in the mid-term.

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Author: AnTy

Trump Wants To Cut A Check Of At Least $1,000 To Every American, How Will You Spend It?

Americans could get a check for $1,000 or more in the company weeks as the government works on a plan to prevent a recession and protect people from going bankrupt.

On Monday, Sen. Mitt Romney (R-Utah) called for every American adult to receive a $1,000 check “immediately” to help people until another government aid can arrive. By Tuesday, the proposal got bipartisan support, including from President Trump.

The White House suggested that the amount could be even over $1,000, an acknowledgment of how big the current situation and economic crisis are becoming.

“We’re looking at sending checks to Americans immediately,” Treasury Secretary Steven Mnuchin said, adding that Trump wants them to go out as soon as “in the next two weeks.”

“We’re going to do something that gets money to them as quickly as possible,” Trump added.

But still won’t avoid recession?

Giving of money isn’t unprecedented as the US has done this before twice. During the Great Recession, the fed sent every adult a $300 to $600 check plus $300 per child. Then in 2001, the same thing happened when the majority of Americans received a $300 check.

During the last recession, checks went out to about everyone who wasn’t a millionaire and filed a US tax return. Those with less than $75,000 income, for the full amount, while the wealthier people got less.

A good first step according to many as it is simple and relatively fast, however, Andrew Levin, a former special adviser to the Federal Reserve said, “I don’t see how we’re going to avoid having a recession.”

This time, the coronavirus check proposal would be a direct cash payment. Mnuchin said Tuesday that millionaires would not be getting the checks.

Multiple rounds of money needed

As per the Democratic proposal from Rep. Tim Ryan (D-Ohio) and Ro Khanna (D. Calif.), those making $65,000 would receive at least $1,000, for which 75 percent of Americans would qualify.

Another Democratic plan from Sherrod Brown of Ohio, Cory Booker of New Jersey, and Sens. Michael F. Bennet of Colorado goes further with $2,000 for every American adult plus $1,500 per child in the summer and a $1,000 check in the fall if the emergency continues.

“We will need multiple rounds of money for everyone,” said Claudia Sahm, a former Federal Reserve economist. One of the leading experts on recessions, Sahms forecast a deeper recession than that of 2007-2009 but might not last long if policymakers act boldly. “This recession is going to be more severe than the Great Recession,” she said.

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Author: AnTy

Decision Time for Bitcoin (BTC): What’s Next for Crypto Market’s Leading Asset?

Chances are you did not check the crypto market over the weekend. If you had not, well then, you may be in for a surprise…in a good way, of course.

BTC was back above $10K for the first time since October 2019 and had been 160 days since it crossed the physiological barrier of five figures. More importantly, it is also back over the 200-day MA. That’s notable because, as Tom Lee of Fundstrat put it earlier this week, anytime BTC has broken the 200-day MA, it’s gone on to record an average 197% gain over six months.

We’re up over 40% since the start of the year, meaning if there is anything like a 197% gain on the cards, we ain’t seen nothin’ yet.

Of course, it’s impossible to deny the connection between Bitcoin’s strength and that of traditional markets like the Dow Jones and Nasdaq. The stellar performance of those markets seems to be adding fuel to the fire in crypto, but what’s really going on behind these strong markets during a time of turbulence?

Markets Are Rallying on Turbulence

Western markets, particularly those in the US, are experiencing strong rallies since the Coronavirus made itself truly known in China. One would expect the opposite effect — that disruptions to the usual flow of capital, so tied in with China, would fuel major problems for globalized businesses worldwide.

That’s true, but it is only a fraction of the picture. Many see this moment as a turning point in the global balance of supply chain logistics. As businesses have to rely so strongly on China for nearly every step in the supply chain, the disruption caused by the current pandemic has shown businesses the dangers of keeping all their eggs in one basket.

It’s prompted many businesses to consider — and put into practice — moving jobs back to the businesses’ country of origin.

However, the initial euphoria being experienced in markets may give way at any moment to the true economic reality being painted by the pandemic and effective closure of China, the world’s #2 GDP economy. Bulls may be pushing markets higher now knowing full well that a China-led global recession may be in the cards.

Be that as it may, Bitcoin is tagging along for the fun.

Bitcoin: An Asset for Turbulent Times?

This leads us back to the million-dollar question — is BTC a safe-haven asset? We view the current scenario as one testing the mettle of that belief. Should Bitcoin continue prospering even as global pandemonium increases, then we’ll have to side with yes as an answer.

Again, BTC hasn’t had to face a true recession or widespread market downturn on the order of the dot-com crash in 2000. So, as the volume on havoc turns up, keep watching to see how Bitcoin reacts, especially with the halving at hand and the reality of digital gold coming closer to hand.

Be on the lookout for the halving which is now just 3 months away or just over 90 days from unfolding which many think will be a catalyst for demand as the digital asset becomes even more scarce once the BTC blockchain’s reward system drops down to 6.25 BTC per new block created.

Latest Bitcoin Price News and Crypto Market Updates

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Author: Andrew Tuts

Casa Announces Node Heartbreaks to Encourage Maintenance of Bitcoin (BTC) Nodes

Casa, an important Bitcoin (BTC) startup, has recently started a new initiative to encourage its users to check the status of their BTC nodes more regularly. The Node Heartbreaks program can be used to see if a node is working properly and, according to the company, it does this in a quick, secure and private way.

The program works like this: Casa sends a brief connection from its main servers to the node and checks whether it is online or not. If it is, the connection will be complete and the so-called heartbeat will be sent back. This new service will only work with Casa nodes, obviously.

The Heartbeat SatsBack Reward program is being launched today as well. The program will work together with Node Heartbreaks. Each time the users check their nodes, they will receive 0.0001 BTC, which is around a dollar. They will be able to do it five times a week.

According to the company, no IP data or router details are collected, so people will be able to remain private even by checking the network.

As long as the nodes are operational, people will still be able to keep receiving the rewards. According to the CEO of Casa, Jeremy Welch, this is important in order to create a more healthy network.

The nodes are needed to validate the network, so they need to be working properly. With constant validation, any problem will be found quickly and the efficiency of the whole process will increase over time.

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Author: Gabriel Machado

Planned Sell-Off Causes XRP Prices To Crash By 40% On Beaxy Exchange

The crypto market is prone to manipulation. If you don’t believe it, you can just check the many examples that can be easily found. The latest one was a coordinated sell-off of Ripple’s XRP tokens on the Beaxy Exchange.

This new crypto exchange platform was just launched, but it had to suspend its activities for being targeted by manipulators. According to the reports, soon after the launch, the exchange suffering a massive XRP dump with a lot of people selling the asset at the same time.

In order to deal with this obvious market manipulation situation, Beaxy had no choice but to shut down the platform for a few days. It has been a rough start for the exchange, which was launched back in June. So far, technical issues, manipulation and the lack of infrastructure are getting in the way of the company.

Action was taken very quickly, as the abnormal volumes were pretty easy to spot. The prices tanked pretty fast and now all token wallets are frozen, so the manipulators are unable to pull their funds away from the exchange, which prevented more issues from happening.

Fortunately, the exchange will be able to identify the manipulators soon. The company had a Know Your Customer (KYC) system ready since its launch, so the people who caused the crash can be found. However, the exchange did not determine whether it will take action against the scammers or not.

Ripple, the responsible for XRP tokens, has not commented on the situation at the moment.

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Author: Bitcoin Exchange Guide News Team