Showing posts with label corona virus. Show all posts
Showing posts with label corona virus. Show all posts

Over 800+ Blockchain Start-ups In Switzerland's Crypto Valley At Risk, Citing Lack Of Government Aid Amid Crisis...

Venturelab, a support organization for start-ups says financial help offered by the government to weather the coronavirus crisis isn’t sufficient. 

Included among those start-ups - over 800 blockchain/crypto focused companies that made Switzerland's 'Crypto Valley' their headquarters.

Video courtesy of CNN Money Switzerland 


Crypto Markets Surge and "Leave Stocks In The Dust" - Plus, Let's Clear Up Confusion Around Bitcoin Being a 'Safe Haven' Asset...

It's been an intense week, especially here in Silicon Valley, the first area of the US given 'shelter in place' orders. Why we were first hasn't been explained, but it's likely because of the amount of economic power in an area where Google, Apple, and Facebook employees live on the same street.

Since the Coronavirus pandemic took full effect, Bitcoin crashed down to the low $5000 and spent over a week floating around this zone.

Stocks performed the same, causing many to point out once again how the two markets often mirror each other, even though there's major fundamental differences.

Those differences may allow for a much easier recovery, as stocks continue to suffer, Bitcoin broke out with a 20% surge, peaking around $6900.

Read more on this in the Forbes article "Bitcoin Rally Leaves Stocks In The Dust".

With the initial shock of everything wearing off,  I wanted to take a deep breath, followed by a rational look at where things stand, and where they could go next.

No Safe Haven In a Panic...

While some have used the last couple weeks as evidence against claims Bitcoin was a safe-haven asset, I have to say - I never thought we were talking about situations like this.

Rather, a safe haven for crashes like the one we saw in 2008, where bankers and Wall St abused the traditional finance system, and the public would then be asked to trust that the people who just destroyed the system would now turn around and fix it.

That situation (which describes most historical economic crashes) makes Bitcoin look pretty damn appealing, and I think we will see a lot of people turning to it the next time it happens.

But scare like a virus, with people panicking and seeking cash fast - they're going sell whatever gets them that cash.

I'm not sure why anyone ever thought that wouldn't include crypto.

I'll take it one step further and say - an asset immune to panic selling triggered by global pandemic does not exist.

Crypto May Be First To Recover...

When something major happens that causes investors to panic sell, it's no surprise both crypto and stocks take a hit.

But crashing together doesn't mean they need to recover together.

Recovery is a very different game for each. The stock market wants to hear about company profits, see earnings reports, and hear statements from CEO's about their path forward.

The decentralized nature of cryptocurrency means the traders and investors alone can drive recovery - we're not waiting to hear from any person or company. 

There's no "CEO Of Crypto Inc" putting out statements for the media to pick apart - for or better or worse, we're on our own.

Currently it seems to be for the better, but keep in mind this is a double edged sword - for example, we'll never see a bailout for the crypto industry, or a coin considered "too big to fail" and government stepping in to save it.

What To Watch For Next...

What happens in the US will determine what happens next in the market.

The panic has is gone, but people are still on edge - there's two very different possibilities.

The best case scenario - we continue as-is for the next few months.  Cases of the virus popping up at a pace they can be dealt with, eventually ending with a vaccine or some other viable treatment that officially puts an end to the whole thing.

The worst case scenario - as you know people can carry the virus for weeks without feeling ill, and during this time they can spread it to others. It was just a week ago where people were still gathering in large crowds - Las Vegas for example just went dark days ago.

There could be a massive number of people infected who currently don't know it. Not saying there is, just saying it's possible.

So we now enter a phase that could last for 1 to 2 weeks, of waiting to find out which scenario is real.

Author: Ross Davis
E-Mail: Twitter:@RossFM

San Francisco News Desk

ABBC Fights Coronavirus, Leading Blockchain into a Culture of Donation ...

ABBC Coin Press Release
ABBC Foundation, the company behind the development of ABBC Coin, is now spearheading initiatives to raise donations for the fight against the coronavirus outbreak. The foundation is known for always lending a hand to people in need through many charitable events. Now that the coronavirus is spreading at an alarming rate, the ABBC team is quick to take part in a community-driven attempt to help mitigate the effects of the virus.

The donation campaign started with the ABBC community located in South Korea. The community started raising donations that were used to purchase masks and other medical supplies that help prevent the spread of the virus. The initiative done in South Korea has caught the attention of the ABBC Foundation. As soon as the news about this ongoing humanitarian deed reached the foundation, CEO Jason Daniel Paul Philip was quick to mobilize the ABBC team to participate in this initiative.

The ABBC Foundation quickly put the power of blockchain in play. The team opened a wallet that can receive donations from ABBC holders who want to donate and participate in the fight against coronavirus outbreak. The team quickly informed key people in the community to spread the word about this initiative. Now, the ABBC community can utilize the power of blockchain in donation gathering for this pure and noble cause.

ABBC Foundation will facilitate this donation event. The team will consolidate all the donated ABBC Coins and will directly provide a proportionate fiat amount to be spent on materials and ways to prevent the spread of the outbreak. This is to assure ABBC Coin holders that the donations will not be sold in exchanges and affect the prices of the ABBC market.

With this strategy implemented, any ABBC Coin donations that will be donated for the coronavirus campaign will stay in the designated wallet and can still be used in future donation campaigns as well. This means that the community’s donations can reach a lot of people and will have a lasting societal impact.

ABBC Foundation is the first cryptocurrency-based organization to initiate this donation culture for those that need critical help in these trying times. Regardless, the ABBC team hopes that other cryptocurrencies and blockchain-based organizations will join the crowd in creating a force strong enough to keep the coronavirus at bay, possibly for good.

If the entire cryptocurrency community can show to the world how capable it is in implementing efficient solutions to combat world problems, then many more will join the crowd of people who believe in a better world brought about by a culture of charity and donations through blockchain technology.

More than just offering cryptocurrency-based services, ABBC believes that it is capable of furthering the donation culture that could stir the hearts of all people, cryptocurrency users or not, to care for one another.

Information Provided Via Press Release
Distributed By The Crypto Press Association
Cryptocurrency & Blockchain News 2020