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The Chinese central bank completed the technological development aspect of its digital currency, moving a step further towards reality.
Amid the Coronavirus pandemic, as countries seek to aggressively tackle the economic slowdown, China has used this crisis as an opportunity to move a step closer to its Central Bank Digital Currency (CBDC). According to a report by Global Times on 24 March, the People’s Bank of China (PBC) completed the development of the basic functions of the digital currency, and is now paving its way towards drafting and formulation of relevant laws to facilitate implementation.
According to the report, this has been done by liaising with various Chinese payment giants such as Alibaba, Tencent, Huawei, and China Merchants Bank. Alibaba’s payments platform Alipay has publicized five patents in relation to China’s digital currency. The patents cover various aspects of digital currencies including issuance, transaction recording, digital wallets, anonymous trading support and assistance in supervising and dealing with illegal accounts, industry media reported.
Cao Yan, managing director of Digital Renaissance Foundation believes that the involvement of private institutions is detrimental for more efficient development considering their rich experience in blockchain technology. Cao added that cryptocurrency plays a convenient role in translating a central bank’s zero and negative interest rate policy into commercial banks.
“If there is a chance China is considering lowering its interest rate into negative territory as an final option and directing such policy to commercial loans and lending, a circulated digital currency rather than M0 will be able to achieve that,” he said.
Although China has completed the technological development step, the next step, which is the legal aspect involving regulations and supervision, will be a lengthier process
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Like other markets, Bitcoin has been hard over the past few weeks. From the $10,500 high established in February, BTC has fallen by 41%, now trading at $6,200 as of the time of this article’s writing.
Despite this downturn, a prominent macro analyst expects the cryptocurrency to soon rally above its previous all-time high.
BTC Price to Surmount $20,000 In 18 Months
In an interview published on Saturday, Raoul Pal — ex-head of Goldman Sachs’ equity derivatives business and the current CEO of Goldman Sachs — remarked that he thinks the price of Bitcoin will rally to its $20,000 all-time high within the coming 12 to 18 months, despite the current crash seen in global markets.
This interview was released shortly after he remarked that he is more bullish than ever on Bitcoin, remarking that there’s a possibility that “all trust” in the “entire system” has been lost. This was presumably in reference to the world’s response to the outbreak of COVID-19, which has revealed clear insecurities in the fabric of society, from politics to finance.
He added that from a pure risk-reward analysis perspective, Bitcoin “beats all.”
The former Goldman Sachs executive previously told prominent industry podcaster Stephan Livera that all popular asset classes are extremely expensive, except for Bitcoin and cryptocurrency.
Equities, he explained, are roughly at all-time highs, and are pushing extreme valuations for relatively little profit and potential.
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Bitcoin bulls were quite pleased on Saturday morning when Bloomberg’s Joe Weisenthal shared the “Automatic BOOST to Communities Act” published by Congresswoman Rashida Tlaib of Michigan.
While all politicians in the U.S. have responded to the coronavirus outbreak by proposing stimulus, Tlaib’s took the cake for being extreme. The program she proposed, which included a temporary Universal Basic Income, was to get the U.S. Mint to issue “two $1 trillion platinum coins” which the Federal Reserve would purchase, crediting $2 trillion to the Mint.
Although some have deemed this measure necessary to ensure the economy doesn’t crumble further, many in the Bitcoin space have laughed, arguing that this news only proves the absurdity of fiat economics.
Bullish For Bitcoin
Bitcoin bulls have understandably been pleased by this proposal. President of the Nakamoto Institute Michael Goldstein jokingly remarked in response to the news: “don’t worry, you will be able to buy a fraction of a Bitcoin with a $1 trillion coin.”
This was in evident reference to the belief amongst certain economists and analysts that this plan will cause rampant inflation of the money supply in the U.S., which should theoretically result in the rapid inflation of goods.
Others in the cryptocurrency space echoed this, writing how the incessant printing of money by authorities will only cause inflation, thereby proving the value of Bitcoin, which is algorithmically limited to a supply of 21 million coins.
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Bitcoin dipped to a low of $5,600 on BitMEX for a matter of minutes, while most cryptocurrencies note double-digit losses. The whole market is plummeting, as it recorded a loss of over $50 billion in only a few hours.
Bitcoin Goes Below $6,000
It’s safe to say that the largest cryptocurrency has seen better days. Bitcoin’s price just noted a severe plunge. Earlier today, BTC was knocking on the door of $8,000, but in a few violent red candles, it tumbled to $5,600 on the popular margin trading exchange, BitMEX. To put things into perspective, this represents a 30% drop in a few trading hours.
To make the situation even worse, Bitcoin’s rapid descend smashed the support levels of $7,000, and the 2020 low of $6,800.
Thus continues the recent bearish trend. In a matter of weeks, BTC went from above $10,000 and a general belief that the market is bullish, to below $6,000 and “extreme fear.”
The only silver lining for Bitcoin at the moment is that the crash amongst the alternative coins is more severe. Thus, its dominance over the market grew to above 65%, as it was fading since the start of the year.
Altcoins Bleed Out As Well
The second-largest cryptocurrency by market cap is down by more than 30% since yesterday. ETH is trading below $140 at the time of this writing.
In fact, most of the top 10 coins by market capitalization have similar decreasing percentages of around 30 as Ethereum. As a result, Bitcoin Cash dropped to $173, Bitcoin SV to $123, EOS is slightly above $2, Litecoin is at $35, and BNB – $10.5.
Tezos and Chainlink are among the worst-performing assets in the past 24 hours. Both are plunging with over 32% to $1.57 and $2.40, respectively.
In the middle of February 2020, the total market capitalization went above $300B, and at the time of this writing, is approximately $171B. This represents a significant descend of over 40% in less than a month.
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Bitcoin has just crashed below $6,000 for the first time since May 2019 after losing more than 20% of its value in less than a day.
The price of Bitcoin briefly touched below $5,900 after more than $1,500 was wiped from its value in under an hour. Then the price rebounded back up to $6,700. Right now the price is $6,400 but it's changing rapidly and is varied across exchanges.
Bitcoin's market capitalization now sits at just under $120 billion—down from almost $142 billion this time yesterday. The rest of the cryptocurrency market is also experiencing a similar flash crash and reversal, though most major cryptocurrencies are still deeply in the red this morning, with losses of more than 20% seen across the board.
XRP down 18% to $0.17. Not a single coin in the top 100 coins by market cap is in the green right now—barring stablecoins and Bitfinex's Unus Sed Leo token, which has its own market principles.
Conversely the price of stablecoin Tether has jumped up to $1.03—when it's supposed to be stuck to the $1 mark—as traders flee the volatilite markets.
Although the exact cause behind the dump is uncertain, it appears that a huge influx of sell orders just hit the market, likely as a result of the World Health Organization declaring the recent COVID-19 issue a global pandemic.
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CME Group, the firm behind one of the first bitcoin futures in the U.S., plans to close its trading floor in Chicago
The move is tied to the spread of coronavirus, which has gripped U.S. financial markets
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CME Group will close its Chicago trading floor at the end of the day on Friday, CNBC reported Wednesday.
The derivatives exchange, which facilitates the trading of contracts tied to oil, agriculture products and U.S. stocks, said it made the decision as a precaution due to the spread of coronavirus. In a statement the exchange group said:
"No coronavirus cases have been reported on the trading floor or in the Chicago Board of Trade building. The reopening of the trading floor will be evaluated as more medical guidance on the coronavirus becomes available."
The company's headquarters will remain open, the statement added. Approximately 450 people trade or work with traders on CME's floor, according to a spokeswoman. CME is also one of the few exchanges in the U.S. that offers Bitcoin derivatives contracts, with the other notable one being Intercontinental Exchange-backed Bakkt.
As of today, there are 1,107 confirmed cases of coronavirus in the U.S., with 25 in Illinois, CME's home state.
Meanwhile, a spokesperson for the New York Stock Exchange's parent company, ICE, said it had no plans to close its trading floor on Wall Street. There are more than 200 confirmed coronavirus cases in New York. In February, Fox News reported that NYSE was preparing for the possible closure of its trading floor.
New York-based Nasdaq plans to prep for a back-up trading floor and data facility in Philadelphia's Navy Yard business center, according to The Philadelphia Inquirer.
Across Wall Street, firms are allowing their traders to work remotely thanks to the blessings of FINRA. Financial services firms from Wells Fargo to BlackRock have confirmed cases within their offices.
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Kraken has entered into the business of forex trading
The new service is going live today, with nine fiat pairs
Kraken’s current business lines include a cryptocurrency exchange, an over-the-counter (OTC) trading desk, and a futures trading platform.
Cryptocurrency exchange Kraken has ventured into the business of traditional forex (FX) trading.
The new service is going live today at around 14:30 UTC (10:30 am EST), with nine fiat pairs.
The pairs include six major currencies - U.S. dollar (USD), Canadian dollar (CAD), euro (EUR), British pound (GBP), Swiss franc (CHF) and Japanese yen (JPY).
Kraken said additional pairs may be added in the future.
Trading fees on forex pairs will be based on Kraken's stablecoin fees, which uses a maker-taker fee model based on volume activity.
Margin trading (i.e., trading using borrowed funds) is currently not available for forex pairs, although Kraken does offer it for cryptocurrencies.
Notably, the forex trading service is not available for U.S. residents.
Core business lines
San Fransico-based Kraken is one of the oldest players in the crypto space, having founded in 2011. Its main business lines include a cryptocurrency exchange, an over-the-counter (OTC) trading desk, and a futures trading platform, as The Block reported last September.
Over the years, Kraken has made various acquisitions to improve its infrastructure and strengthen its team. Most recently, Kraken acquired Australia-based crypto exchange Bit Trade and OTC desk Circle Trade. Last year, in a "nine-figure deal," Kraken acquired Crypto Facilities, which it rebranded as Kraken Futures. In total, the exchange has made ten acquisitions public since its founding.
Kraken's entry into forex trading appears to be an inaugural move. It remains to be seen whether other crypto exchanges follow suit.
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Euro Pacific Capital CEO and chief global strategist Peter Schiff warned the coronavirus recession would be worse than the 2008 financial crisis. Furthermore, in a terrifying tweet Wednesday, the US dollar bear and gold bull diagnosed the underlying problem in both crises.
He argued the coronavirus pandemic and the crashing housing market were the pins that popped debt bubbles. But this time, the debt bubble is much bigger than last time. So the crisis is likely to get much worse.
“The 2008 financial crisis started with housing prices falling. The 2020 financial crisis will start because of the @Coronavirus. In each case it’s the debt bubbles that cause the crisis, not the pins that pop them. Since there is far more debt now, this crisis will be far worse!,” according to Schiff’s tweet.
Now a word about Peter Schiff. Many with interest in the cryptocurrency industry know him as an ultra bitcoin bear and crypto hater. He doesn’t believe Bitcoin is a safe haven asset in times of uncertainty. He frequently taunts bitcoin investors and crypto traders on Twitter.
Peter Schiff Was Right About The 2008 Financial Crisis
For example, Schiff likes to bash Bitcoin:
Bitcoin is no longer a non-correlated asset. It’s positively correlated to risk assets like equities, and negatively correlated to safe-haven assets like Gold. When risk assets go down, Bitcoin goes down more. But when risk assets go up, Bitcoin goes up less. No value in that.
But something else to know about Peter Schiff – He predicted the 2008 financial crisis. For two years from 2006 through 2007, he was making the cable news rounds warning it would happen. He also described in precise detail exactly how it would unfold.
The rest of the financial world was in the throes of euphoria. CNBC anchors literally laughed at him on television. People mockingly called him Dr. Doom, an epithet which he accepted, and even posed with a Grim Reaper’s scythe for a feature story.
Schiff is Right About Debt Conditions Ahead of A 2020 Recession
And the facts certainly back up his assessment of the situation, if not his conclusions about how it unfolds. We do face record debts at the corporate, consumer, housing, government, and global levels.
The coronavirus shock threatens to upend the oil industry because of the levels of corporate debt these companies have taken on during the good years when they should have been saving and shoring up. It’s so bad the White House is making moves to bail them out.
Meanwhile, overall corporate debt sits at a record $10 trillion, worse than it was ahead of the financial crisis that caused the Great Recession in 2008.
US consumer debt is also at a record high, vaulting above pre-2008 crash levels. Total US mortgage debt is also at an all-time high. Not to sound like a broken record here, but government debt is also at an all-time high. And so is total worldwide debt. So Peter Schiff is not wrong about the conditions that he says will lead to a worse recession than the one in 2008.
So whether you agree with Peter Schiff’s take on bitcoin and cryptocurrency or not, you might want to listen to him when he intones on the macro business cycle. He’s certainly earned a high degree of credibility when he discusses these matters.
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President Donald Trump announced a ban on all travel from Europe Wednesday. The ban will go into effect on Friday at midnight and remain in effect for 30 days. The president did announce an exemption for travel from the United Kingdom.
Announcing a rare Oval Office address from Mr. Trump, he said:
“After consulting with our top government health officials I have decided to take several strong but necessary actions to protect the health of all Americans. To stop new cases from entering our shores we will be suspending all travel from Europe to our shores for 30 days.
Economic Fallout from Coronavirus
Stock market futures and the bitcoin price tumbled on the news. It will directly impact financial markets and the economy in two ways. For one, it will disrupt a lot of business, trade, and travel between the United States and Europe.
The economic loss from this unfortunate measure to prevent the spread of novel coronavirus remains to be seen. But it will no doubt have a marked impact on many companies’ bottom line. Airlines, in particular, will feel an immediate effect.
Market Futures Tumble
Secondly, the draconian measure to stop the spread of coronavirus has already startled markets with the seriousness of the threat posed by COVID-19. Dow Jones futures tumbled in volatile price action after the announcement, as well as futures for the broader S&P 500 Index and tech-heavy NASDAQ Composite
When the Federal Reserve announced an emergency rate cut on March 3, the stock market fell as the move spooked investors. It rallied some the following day, warming up to the half-percent reduction in the federal funds’ target rate, then dropped precipitously again the next day. By Wednesday, stocks had officially entered a bear market. It was the swiftest descent into a bear market from a peak in history.
Bitcoin Price Down Too
Just as the Bitcoin price appeared poised to test resistance at $8,000, Bitcoin immediately fell to the $7,600 handle following Trump’s announcement. It would seem, the more uncertain the future is looking, the more liquid cash everyone wants to have ready to spend in case of emergency. So far, Bitcoin is not acting as a safe-haven asset in this coronavirus crisis.
