Cryptocurrency News Roundup for April 19, 2020
For the first time in weeks, Bitcoin didn’t suffer any setback when the financial markets closed for the weekend. The proponents of the ‘Bitcoin safe-haven’ narrative might argue that the benchmark cryptocurrency has stopped following the global markets.
However, the likelier explanation perhaps would be that the stock markets did relatively well last week, which is probably why Bitcoin also stayed green over the weekend.
At the time fo publishing, the BTC price is hovering around $7,200 as it kicks off the new week.
Meanwhile, in other important news:
Institutional Investors Catching Bitcoin Fever Ahead of Halving
With Bitcoin’s next halving barely three weeks away, it looks like there is a growing influx of institutional investors diving into the asset class. Mega hedge fund Medallion of Renaissance Technologies is the latest to flock to trading Bitcoin.
Renaissance is a major New York-based hedge fund with some $75 billion in assets under management.
On a related note, Grayscale Investments recently published its Q1 Digital Asset Investment Report. The firm, often touted as one of the most trusted authority on cryptocurrency investing and digital asset management, revealed that it currently oversees $2.2 billion in AUM.
Ethereum 2.0 Could Be a Game-Changer
Partner at Metacartel Ventures, Adam Cochran, has taken a deep dive into the economic potential of Ethereum and how the next iteration of the platform could be a game-changer.
One possible reason is that large investors known as ‘rent-seekers’ may switch to Ethereum once proof-of-stake is running. Stable returns of around 3-5% are being eyed by these types of investors due to the scale of their principle.
According to Cochran, if large quantities of ETH are purchased to make similar or better returns on staking, then the supply shock would drive up prices.
Tether Tops $7 Billion Market Cap
Since the beginning of the year, the USDT market cap has increased by a whopping 56%, This dwarfs that of Bitcoin, which only gained 2.3% in terms of market cap over the same period.
Amid all that, cryptocurrency analytics tracker, Skew, has reported that Tether’s market capitalization has reached $7 billion, now commands 3% of the total cryptocurrency market cap.
Amazon BTC Payment Processor Purse.io is Shutting Down
Purse.io was one of the first companies pushing for consumer-based adoption of Bitcoin. It offered Amazon shoppers a means to make purchases with BTC for a discount. Despite being a ‘first mover’ in this sector, the company is calling it quits as profitability for Purse.io was sorely lacking.
The company assured users that it will continue to allow withdrawals and support for a limited period.
Cybercrime Reports Quadruple During COVID-19, Says FBI
During a discussion panel hosted by the Aspen Institute, FBI Deputy Assistant Director Tonya Ugoretz said that cybercrime has exploded since the COVID-19 pandemic began.
Meanwhile, in other related news, Revenue generated by ransomware attack payments mysteriously and dramatically fell in March as COVID-19 lockdown measures spread around the world.
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