Media’s main topics about crypto in February 2020
India lifts ban on cryptocurrency trading
It was on a Wednesday, 4 March 2020, when the Crypto community and citizens of India, who are supporting blockchain developments, heard great news. India’s Supreme Court overturned the central bank’s two-year-old ban on cryptocurrency trading. There are more than one billion people that can now buy & sell bitcoin, ethereum, and other leading cryptocurrencies in India, and participate in the blockchain industry development.
Starbucks devotees will be able to buy that cappuccino with “Bakkt Cash”
It’s always nice to read the news that cryptocurrencies are slowly entering the ordinary lives of people. “We are currently conducting a limited test for our customers, using the Bakkt payment method,” a Starbucks spokesperson told CoinDesk. “Customers can see Bakkt as an option, but the test is only available at this time.”
WHO launches blockchain-based platform to fight COVID-19
We’ve all been witnessing an era of self-isolation, which came out of the blue. However, we believe positive things can come out of any situation. Thus, we loved the news that WHO launched MiPasa, which “can help monitor and foresee local and global epidemiological trends, and detect likely asymptomatic carriers by feeding big data on infection routes and occurrences to powerful AI processors around the world.”
A paradise month for all professional crypto traders
March was a paradise month for all crypto traders who take advantage of the extreme volatility cryptocurrencies have to offer. At the beginning of the month, the price of bitcoin was roughly $8600, while less than 2 weeks later on March 12th, it dropped to the $4,000 level.
Just before the biggest drop in bitcoin prices since 2013, the WHO declared the Coronavirus to be a pandemic and the U.S. President Donald Trump announced a 30-day travel ban between the United States and Europe. As people started to realize the impact this would have on the global economy, we started to witness a “run for liquidity” across all asset classes. Bitcoin was not alone in this selloff as S&P 500 and DOW Jones dropped nearly 10% in the biggest one-day slide since the Black Monday crash of 1987.
While some people were panic selling their assets, others took advantage of “discounted prices” and added more to their positions. Finally, bitcoin ended its month at roughly $6400.
During the times of extreme volatility, all major crypto exchanges reported increased deposits, trading activities, and new signups, meaning that more and more people are joining the crypto revolution in these times of global instability. This is a sign that people are looking for alternatives if traditional finance breaks. Furthermore, the coronavirus is rapidly increasing the phase at which digitalization is taking place. Due to the virus and prevention of infections, a lot of companies stopped accepting cash as a form of payment, which will definitely have a positive impact on the digitalization of money and the adoption of cryptocurrencies.
Last but not least, countries all over the world started to print enormous amounts of money and pour it into the economy in order to prevent the economic crisis. This may be a short-term solution, but will definitely have a long-term effect on the economy as a whole (i.e., the devaluation of fiat money). No one knows how things will play out, but what is sure is the fact that people started to look for alternatives to fiat currencies.
Many investors are turning to gold, some of them even to Bitcoin, which we still believe has the potential of being a digital gold. In our opinion, it is only the question of time when Bitcoin will be deemed as a safe haven rather than speculation.
March’s Crypto Stats
Last but not least, let's check out some statistical data from ICONOMI.