While most digital assets have been suffering, stablecoins have been surging since the market downturn in mid-March and tether (USDT) is capturing more than 70% of BTC trades today. Besides tether, a wide range of other dollar-pegged cryptocurrencies have also benefited this month, as the market valuation of eight different stablecoins combined is well over $7 billion.
The U.S. SEC has opposed Telegram’s request for clarity regarding the geographic scope of a court injunction barring the company from distributing its Gram tokens.
The combined effects of the hash rate decrease and the ensuing outflow of miners from the market have resulted in arguably one of the biggest blows to the Bitcoin network since 2011. The negative impact is difficult to fully assess at this time. However, the reasons for the slump are disputable and are being attributed to a number of factors — from the upcoming BTC halving and the raging coronavirus pandemic to a worldwide recession causing miners to leave the market.
Coinmetrics presented a framework for understanding miner economics and how to best navigate the upcoming block reward halving. It reasons from first principles rather than relying purely on empirical data. It applies this framework to the upcoming halving for Bitcoin, Bitcoin Cash, and Bitcoin SV.
Coinbase reported that its customers typically buy 60% more than they sell, but during the crash, that figure jumped to 67%. It opined that ultimately, Bitcoin’s value prop should not be defined by extraneous market dynamics, but rather by its unique properties that make it a potentially attractive store of value.
Thailand’s Siam Commercial Bank will be opening up its RippleNet-powered consumer cross-border payments app to companies.
According deVere Group, the use of its fintech apps in Europe has risen 72% during the last week of March.
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Published by kiffmeister
The Kiffmeister is a former Senior Financial Sector Expert at the International Monetary Fund.
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