Markets

While Some Hoard Dollar Bills, Others Envision Germy Cash’s Quick Demise

Is a cash-based society sustainable in the age of coronavirus? Hoarders say yes, health experts say maybe and the visionaries say no: COVID-19 is the catalyst for systemic payments change. This wrecking ball of a virus stands to change the way consumers, and businesses, think about their use of physical currency. In many countries, cash …

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Bitcoin Price Drops to $6.1K Shortly After Equities Markets Close Red

After trading in the $6,450 to $6,850 range for the past eight days, Bitcoin (BTC) price finally made a larger move, this time to the downside, as the digital asset dropped 8.72% to a daily low at $6,068.  The move somewhat mirrors the performance of traditional markets, which also closed the day with losses. The …

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Bitcoin and Ether Prices Stagnate as Traders Take Wait-and-See Approach

After staging a recovery earlier this week, cryptocurrencies were stuck in a holding pattern Friday afternoon. Bitcoin (BTC) and ether (ETH) appeared to be in a period of consolidation where prices bounce around within a tight range, showing indecisiveness among traders.  Bitcoin and ether had both climbed by less than a percent. Notable performers on …

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Strange Days: S&P 500 Volatility Enters Bitcoin Territory

In a role reversal befitting these topsy-turvy times, Wall Street has recently seen more turbulence than the top cryptocurrency.  The S&P 500’s 30-day volatility of daily returns, or historical volatility, jumped to 200 percent Wednesday, nearly 10 times the average volatility of 27 percent observed in the preceding 12 months, according to data from the …

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US, European Stocks Up but Crypto Traders Remain Cautious

American and European equity markets extended their gains on Thursday while major cryptocurrencies made only slight moves on the day. Bitcoin (BTC) was up 1 percent while ether (ETH) up by less than 1 percent. Notable 24 hour performances on CoinDesk’s digital asset board today as of 20:00 UTC include monero (XMR), up 8 percent; tron …

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Gold-Backed Stablecoins Race to Keep Up With Crisis-Driven Demand

Gold-backed crypto tokens continue to rise in price as sourcing gold itself during the coronavirus-induced downturn is reportedly getting more difficult. Demand for Paxos Gold (PAXG) and Tether Gold (XAUT), two of the most liquid gold-backed token projects, has surged this week. Both blockchain-backed tokens each represent a legal entitlement to one ounce of gold …

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Bitcoin Mining Difficulty Posts Second-Biggest Percentage Drop in Its History

A key measure of competition among Bitcoin miners just dropped by 15.95 percent – the second-largest decline in the network’s history. The drop in so-called mining difficulty signals some miners have bowed out of the ongoing race to solve math problems to win freshly minted bitcoin, as a decline in the cryptocurrency’s price has made …

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For DeFi’s Sake, Maker Should Take Blame for Black Thursday Losses

Anthony Xie is the founder of HodlBot, a trading tool that enables cryptocurrency investors to automate their trading strategies. Many lifelong cryptocurrency stalwarts had their savings wiped on Black Thursday when a sudden price crash triggered the auction of under-collateralized ethereum posted in the MakerDAO vaults.  While the system did not technically malfunction, a confluence of …

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Stocks, Bitcoin Rally on Prospects for US Senate Stimulus Bill

Financial markets rebounded Tuesday after prospects for a stimulus package out of the U.S. Senate improved.  The upswing started with Japan’s Nikkei 225, which closed its trading day at 5:00 UTC up 7 percent. European stocks were bullish as well, with the FTSE 100 index gaining over 8 percent.  As for U.S. markets, the S&P …

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Bybit Enables Two-Way Margin Trading With Perpetual Contracts Quoted in Tether

Singapore-based cryptocurrency exchange Bybit recently added tether (USDT) perpetual contracts to its suite of derivative products. The contracts will use the world’s largest stablecoin by market cap as both the quote and settlement currency for two-way trades, enabling traders to hold both long and short positions at the same time and with different levels of …

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