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Crypto News March 8: US hedge fund manager warns Corona virus to make the market crash like the Great Depression of 1929 with news of Bitcoin and Ethereum. Chainlink, IOTA, Coinmarketcap, Binance, LocalBitcoins, GrainChain, Cardano, Akoin, ICOBox, Horizon Blockchain, Trident Crypto Fund

From the point of view of corona virus that will make the market collapse similar to the 1929 Great Depression to the founder of IOTA, will refund the losses to users with their own money. Here are some highlights from the Crypto market.


Corona virus caused the market to shake

As the coronavirus outbreak rocked the Dow Jones, investors began to worry that the stock market crash associated with the 2008 financial crisis might repeat.

But Kevin Smith, founder and CIO of hedge fund Crescat Capital, believes that Wall Street's uncontrolled speculation has made the US stock market more likely to face an even more frightening recession. : The Great Depression of 1929.

That bubble appeared on Black Monday, January 19, and after less than a month, the Dow Jones crashed nearly 50%. The index continued to “bleed”, falling lower in the following three years, before closing at 41.22 (89% lower than the increase of the market).

More frightening is that it took the stock market 22 years to fully recover.


Great Depression 1929 | Source: Mmakki / Wikimedia Commons

For now, a 89% drop from an all-time high will bring the Dow down to 3,250, an all-time low since the early 1990s.

While the coronavirus panic may be the first justification, the root of the upcoming crisis is very complex and deeply rooted in financial markets.

He said that the impact of coronavirus on the global economy will continue for many years to come.

Smith commented on a tweet from Crescat's portfolio manager, Tavi Costa, which rang the alarm about the wave of emergency rate cuts of 50 basis points this week by the Federal Reserve and Bank of Canada.

Costa noted that the last seven times that the two banks cut interest rates by at least 50 basis points in the same month both led to financial crisis or stock market crash.

Bitcoin news

Bitcoin has no intrinsic value, but Blockchain technology does

Entrepreneur, billionaire Mark Cuban said he believes Bitcoin has no intrinsic value, but the technology of this leading cryptocurrency can be a breakthrough, when there are many impressive use cases. outside the crypto space.

In a new video, Mark frankly criticized Bitcoin, saying that he saw a clear difference between crypto assets and blockchain technology. For Bitcoin, he considered it simply a collection.

"You have to ask about how to value it and how people value it in many different ways, especially Bitcoin. So with Bitcoin, some people might consider it a store of value that makes it look like gold. It is valuable because people see its value, not because it has intrinsic value. "

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Bitcoin is digital gold

Technology entrepreneur and co-founder, Fred Schebesta said Cryptocurrency will be a new step in the coming years.

In a new interview published on March 2, Schebesta rejected claims that cryptocurrencies would become obsolete. He noted that Bitcoin prices will remain stable and growing.

"I am a believer in Bitcoin. I think it is like digital gold and will continue to exist and develop for a long time. "

Ethereum News

Ethereum's media interaction has exploded, with strong price performance and discussions around ProgPoW fueling this spike.

Ethereum's media interaction has increased dramatically recently. LunarCRUSH said that in the past week, the number of interactions has increased dramatically. The company analyzes media interaction depth using various metrics. These include likes, likes, comments, replies, retweets, quotes, shares and other metrics.

By analyzing this data, LunarCRUSH is able to determine the level of community involvement around a particular digital asset.

ETH has more than 45 million participants on the first day of this month. However, the amount of interaction increased to nearly 57 million, up 27%, over the next 24 hours.

110 million ETH has been mined

AZcoin announced that 110 million ETH were mined, of which Genesis accounted for 72,009,990.50 Ether (65.5%), Block Rewards accounted for 35,390,307.09 Ether (32.2%) and Uncle Rewards accounted for 2,608,838 , 63 Ether (2.4%).

News Chainlink

TraderX0, a technical analyst in the cryptocurrency community, recently said LINK was about to have a “diving trip” when it broke below the $ 4.6 support level. This can create a strong retreat.

Although LINK pulled back more than 12% after peaking near $ 5 on March 4, TraderX0 pointed out that market participants are in the decline stage. This period of the market sentiment cycle makes analysts believe that LINK is aiming for a lower level.

Analysts said the increase in LINK's selling pressure could trigger sell-offs among investors, pushing its price down to $ 4 or lower.

IOTA news

The attack on IOTA's Trinity Wallet took place in mid-February. Earlier, on February 12, IOTA tweeted that the team was investigating a suspicious situation with Trinity Wallet.

This is thought to be a coordinated attack to steal balances from 40 GI + accounts. The team asked all Trinity Wallet customers to stop using their mobile phone and PC wallets and not send any extra money to the wallet.

Currently, IOTA founder David Sonstebo notification will refund losses to users in their own pocket.

Coinmarketcap news

CoinMarketCap, the leading cryptocurrency data provider in the space, is currently working on providing derivatives market data for more than 35 cryptocurrencies, including Bitcoin, Ethereum, XRP, EOS, Litecoin, Bitcoin Cash. and Binance Coin.

Crypto derivative tools allow investors to implement more sophisticated and professional investment strategies. They are financial products derived from a basic cryptocurrency, in which the two most popular types of cryptocurrency derivatives are futures and options.

Binance news

According to a recent survey conducted by Binance, nearly half of cryptocurrency traders made their first transaction in 2017.

The research conducted on Twitter received 11,397 votes, with the number of votes indicating that traders were involved in cryptocurrencies in 2017, coinciding with the market boom that made Bitcoin's price reach $ 20,000.

LocalBitcoins news

Bitcoin transaction volume has continued to decrease. Currently, data shows that the peer-to-peer Bitcoin exchange based in Finland, LocalBitcoins has seen the number of Bitcoin traded on its platform drop to its lowest level in the past 7 years on February 22. .


Weekly Bitcoin trading volume | Source: Coin Dance

In the last week of February, LocalBitcoins had only 3,144 Bitcoin traded on the exchange, the lowest weekly trading volume since May 2013, according to statistical website Bitcoin Coin Dance, and decreased by about 75% over the same period. last year.

GrainChain news

GrainChain, a Texas-based company focused on blockchain's distributed ledger infrastructure in agriculture, announced today that it has raised $ 8.2 million in investment led by Medici Ventures.

Using its innovative blockchain platform, GrainChain provides solutions for farmers, distributors, grocery stores and other agricultural businesses to make payments faster and conduct instant commodity transactions. between farms and buyers.

"GrainChain has quietly become one of the most successful blockchain agribusiness platforms in the market, by allowing more and more farmers to make timely payments for their crops, and also gain access to them. more sources of customers. “

News Cardano

IOHK CEO Charles Hoskinson recently clarified the possible impact of the Steem blockchain takeover effort on Cardano before a community question.

Charles said Steem's fight had no effect on Cardano because Ouroboros is not a DPoS protocol.

"This has nothing to do with us. Ouroboros is not a DPoS protocol. Only Larmier coins will be affected. "

Akoin news

Grammy-winning artist and producer, Akon is making significant strides to promote his cryptocurrency project by securing a strategic partnership, starting from Africa.

Last week, Akon launched its own cryptocurrency, dubbed Akoin, on the Stellar network, especially in regions like Africa. Currently, Akon is cooperating with BitMinutes, aiming to serve individuals who do not have access to traditional banking services.

News ICOBox

The ICOBox platform has been received decision of the court, after failing to defend itself against the charges of the US Securities and Exchange Commission (SEC).

ICOBox was sentenced to pay $ 16 million for operating as an unregistered broker. The startup allegedly organized several sales of unregistered security tokens. The U.S. Securities and Exchange Commission began taking action against ICOBox in September 2019, as part of a series of lawsuits and fines on prominent ICO projects.

It is known that ICOBox not only sells its own ICOS token but also helps to earn up to 650 million USD for more than 30 customers. The ICOS sale alone, from August 15 to September 15, 2017, earned more than $ 14.5 million.

News Horizon Blockchain

Horizon Blockchain Games development studio has raised $ 5 million in new capital to continue to operate on its digital card trading game 'SkyWeaver'.

Follow post On the blog, the grant was led by Reddit co-founder Alexis Ohanian, with support from Polychain Capital, ConsenSys, Golden Ventures, Digital Money Group, CMT Digital and Regah Ventures.

News Trident Crypto Fund

Malta-based Trident Crypto Fund has been breached privacy rights last month, exposing the data of hundreds of thousands of users.

Follow report, Trident has been attacked by database hackers, affecting more than 266,000 users. Ashot Oganesyan, chief technology officer of cyber security firm DeviceLock, said that the personal data of Trident customers appeared on many websites.

The stolen database includes user email addresses, mobile phone numbers, encrypted passwords and IP addresses, along with details regarding security vulnerabilities. As of March 3, hackers decoded and published more than 120,000 passwords.

Other news

Someone created Doge-Themed Token worth USD 129,000

A Doge themed irreplaceable token (NFT) is currently becoming the most valuable ERC-1155 token available. This NFT token is backed by more than 1,155,777.1 Enjin, worth about $ 129,000 at the moment.

This NFT token has was created On March 1 inspired by the DOGE cryptocurrency, depicts the dog Shiba Inu famous for its crown. The appearance of the token may be a joke for the ERC-1155 Monolith token, currently worth a second, supported by 1,155,777 ENJ.

BaFin proceeded to deactivate unauthorized Bitcoin ATMs

The Federal Federal Financial Supervisory Authority (BaFin) has announced the suspension of illegal bitcoin ATMs in the country. Now, under the German Bank Act, bitcoin ATM operators need to be authorized by BaFin. The regulator recently clarified what cryptocurrency service providers must adhere to to continue their service.

BaFin released a statement on Wednesday regarding an order issued on February 26 to shut down the KG UG bitcoin ATMs. The announcement stated that BaFin had ordered the UG-based UG Economic Zone and its manager Adam Gramowski, immediately ceasing their cryptocurrency services in Germany.

Viet Cuong

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