Media’s main topics about crypto in February 2020
9 February was definitely not a relaxed Sunday in the crypto world. It was full of excitement, talks, and buzz about Bitcoin hitting $10,000 again. It’s always interesting to see what ideas people come up with when something like this happens.
As always, Ethereum was not letting Bitcoin get all the attention. 😉
A few days later, ETH went up 15% in just one day, and gave people hope for a fruitful future. Moreover, Ethereum 2.0. roadmap was revealed by Vitalik Buterin. This is only one of the major trends for 2020, and you can learn more about others here.
Over the month, we were able to find great news about digital assets also getting more and more recognition in the traditional world.
- Sweden is testing its first central bank digital currency (CBDC): e-krona.
- Google is partnering with Hedera Hashgraph ledger technology
- Christopher Giancarlo, the former chairman of the Commodity Futures Trading Commission (CFTC) believes it’s time for the Federal Reserve to issue a fully digital currency, explains Ting Peng, a Cointelegraph reporter.
Such wonderful news, right?
Is bitcoin a safe haven, or can it be influenced by the coronavirus and others?
The BTC as a safe haven narrative is a tale as old as bitcoin. In the past decade, numerous discussions have been led over the properties of this asset that would allow it to serve as a safe haven or digital gold, as well as over the possible influence of geopolitical and macroeconomic events, particularly those causing a sense of uncertainty.
With the spread of the coronavirus, this narrative was put to the test. If it performed well during the US and Iran conflicts, the signals this time were mixed. Was this simply a correction after a strong start of the year, or is it really connected to the spread of the coronavirus and the tanking stock market? Well, it’s hard to say, but what is for sure is the fact that bitcoin is proven to be non-correlated. Wondering what this means? It means that the value drivers behind its movements are different than when it comes to other assets. If stocks markets are driven by GDP, interest rates, etc., bitcoin is driven by supply and demand, and that is what makes it so special. Non-correlation helps you diversify your wealth, which is why experts believe that everyone should have at least some of it in their portfolio.
Market psychology at work. Some crypto believers already expressing doubts about the store of value:
February’s Crypto Stats
Last but not least, let's check out some statistical data from ICONOMI.