Coinspeaker Sazmining Proves Efficiency is More Important Than Scale in Cryptocurrency MiningIt’s a common misconception for those outside of the cryptocurrency space to think that scale is the most important factor in running a profitable cryptocurrency mine. While this may be true in other industries, cryptominers must focus on efficiency in order to be profitable and competitive in the long term, especially if the higher processing power comes at a high cost. In mining, running the biggest facility doesn’t necessarily equate to the biggest profits, however increased efficiency has a direct correlation with increased profits.At Sazmining, we know efficiencies can be gained in many ways. Mining design and energy costs tend to have the greatest impact on the efficiency of a cryptocurrency mine. Our team at Sazmining has more than 26 years of combined experience encompassing every aspect of cryptocurrency mining including, electrical distribution design, investor relations, and custom ASIC firmware.When it comes to keeping energy costs low, we have extensive experience working with energy providers to find favorably priced energy in a way that benefits both the mining operation and the energy company. Strong working knowledge of the energy sector and how energy companies earn profits is critical to creating and maintaining favorable power procurement contracts in the energy sector.For example, a miner who is paying a fixed 5 cents per kilowatt hour (KWh) has a much lower break even point than a miner who is paying 10 cents. As the following graph illustrates, the higher the energy expense, the more revenue is needed to just break even, let alone earn a profit. Sazmining’s expertise in negotiating energy rates helps keep the break even point lower, which results in a higher potential for profits.Miners must also look within the design of their mines for opportunities to gain efficiencies. Gaining efficiency in a cryptocurrency mine is not just about cutting costs. In fact, simple cost-cutting can actually be detrimental to the operation. Instead, it’s important for miners to spend wisely in areas that will maximize operations and decrease downtime. Many crypto miners fail to understand the importance of balancing funds between mining rigs, a power delivery system, and cooling.Miners who only focus on scale, tend to focus too much of their budget on mining rigs with the mindset that the more rigs they have, the more crypto they’ll be able to earn. While that may sound good in theory, it can be catastrophic when equipment is damaged due to insufficient cooling systems or when downtime is the double digits due to poor planning of the power supply.Longer-term, miners will actually find more profits with a smaller number of rigs, that have a proper power supply and cooling system. By allocating their budget across all important areas, instead of just focusing on scale, miners will see their equipment last longer, there will be less downtime due to electrical issues, less repairs will be needed and less overheating will occur.For example, you may have a small scale 2 MW facility running at 98% uptime with excellent efficiencies and a power rate of 2.5 cents per kWh. This facility may take about 24 months to reach a full return on investment when accounting for opex and capex repayment. Let’s compare this to a larger scale 25 MW facility that is running closer to 4 cents per kWh and is less efficient, running at 90% uptime. It could be 48 months until the larger facility reaches a return of the initial investment, a full 24 months after the more efficient facility is paid off (assuming similar capex per megawatt).In situations like the current market conditions, where we have seen wide swings in the price of Bitcoin, the larger, less efficient facility, may be operating at a loss on a regular basis, whereas the smaller, more efficient facility would still be generating a reduced profit at the worst market conditions.If we were given the choice between the two facilities above, we’d choose the smaller, more efficient facility. At Sazmining we know how to run multiple smaller operations efficiently and understand that large scale is not always better.Many other industries tend to view market share as the most important thing, often above profits. However, the cryptocurrency mining industry doesn’t have the same type of competition that existed between Amazon and Toys R Us. If one producer spends substantial funds on mining, there is no downward pressure on the smaller miners. Smaller, efficient miners can still be profitable despite the presence of other large-scale miners. As a result, we’ve found it to be much more important for our business to continue to focus on efficiency ahead of scale.Despite understanding the importance of efficiency, both experienced and inexperienced miners can find it challenging to implement efficiencies across their operations. Our team consistently focuses on how to make mining operations more efficient. In addition to running operations, we are also focused on research and development, seeking further opportunities to improve. This ensures that we are at the forefront of developing and implementing the most efficient practices and never remain complacent with the status quo.In addition to increasing efficiency within our own facilities and joint ventures, we have a consulting business line allowing us to broaden our reach. Recent years have proven that cryptocurrency isn’t going anywhere. As the industry continues to grow, efficiency will be critical for miners in order to stay competitive. Using Sazmining’s consulting services can help both new and existing miners run efficient operations in order to remain profitable and competitive.To hear more from Sazmining Inc. on these and other cryptocurrency topics, subscribe here for exclusive content and updates.About Sazmining Inc.Sazmining is the leading US-based operation that offers a 360 approach to cryptocurrency through joint venture crypto mining projects, consulting services, and treasury management to help our partners and investors navigate the financial aspects of cryptocurrency management. Our team has built and scaled a wide range of mining operations in locations as diverse as China, Texas, and Iceland. We are well-positioned to offer a range of services to new entrants to the industry, or established players looking to expand.Sazmining Proves Efficiency is More Important Than Scale in Cryptocurrency Mining
Coinspeaker Wisenex: Get Your BTC Using Wisenex From More Than 166 Countries!Today, Estonia is among the world leaders in the development of the crypto industry. That country is involved not only in technological development, but also it has working laws that regulate the production and circulation of cryptocurrency assets, also crypto exchange.That is why it is so safe to use the Wisenex crypto exchange which is based in Estonia. Since its launch in 2018, crypto enthusiasts from 166 countries have already appreciated its benefits.Wisenex is an automatic service that allows you to instantly and safely buy Bitcoin, among others, the most popular crypto currencies in the world for fiat money. You can use bank cards and bank transfers to buy Bitcoin, Ethereum, Litecoin, Bitcoin Cash and stablecoin Tether USD.You can securely buy Bitcoin. In order to exchange cryptocurrency, as well as get all the features that Wisenex provides, you need to go through a simple registration and KYC verification process. This procedure will be required only once at the registration and will ensure safety of your money. The little data that you provide will be reliably protected from third parties.Then select the type of currency you want to exchange and enter the amount. The system instantly calculates how much money you will receive in return, based on average crypto exchange prices. If you have successfully passed the verification, after the confirmation of the exchange, the funds will be instantly debited from your MasterCard or Visa, both credit and debit cards, and the cryptocurrency will be sent to your crypto bitcoin wallet.Over the years of operation, Wisenex has established itself as a convenient and secure crypto exchanger, which is very simple to use, even for beginners. You can always get the necessary help from customer support services, which minimizes chances of dealing with any problems.Wisenex: Get Your BTC Using Wisenex From More Than 166 Countries!
Management Implements Cost-Cutting Initiatives
Silver Spring, MD – (Globe Newswire – April 21, 2020) – BTCS Inc. (OTCQB: BTCS) (“BTCS” or the “Company”), a digital asset and blockchain technology focused company, today announced it strengthened its cash position in response to and to capitalize on economic dislocations as a result of COVID-19.
BTCS has strengthened its cash position by raising $500,000 in a convertible note financing and applying for a $42,000 loan through the CARES Act Paycheck Protection Program, which is forgivable subject to certain restrictions. The Company has also implemented cost reduction measures, including lowering its annual independent director fee from $75,000 to $18,750 for 2020 and to $15,000 for 2021 and thereafter. Additionally, BTCS management agreed to defer 35% of their salaries for the second quarter of 2020.
“The coronavirus pandemic has sent shockwaves through the global economy,” commented Charles Allen, CEO of BTCS. “While digital assets tumbled with the initial sell-off in equities in March, we believe this is an anomaly that could create opportunity for us to accumulate digital assets at attractive prices. With a strengthened cash position and lowered burn, we are in an ideal position to increase exposure to digital assets at depressed values.”
A core part of BTCS’ business plan is to establish positions in key digital assets. The Company believes Bitcoin, Ethereum, and certain other digital assets are a great store of value and can be an effective hedge against monetary debasement in the wake of multi-trillion-dollar economic bailouts. “In times of crisis, market participants often react emotionally, broadly disposing of assets. We believe this is what happened in recent weeks in the digital asset space,” continued Allen. “Moving forward, buoyed by strong fundamentals, including their fixed and limited supply, we strongly believe Bitcoin and Ethereum will benefit from a flight to higher quality amongst digital assets. Conversely, we believe smaller cryptocurrency projects and their associated digital assets will likely be negatively impacted by the economic downturn, specifically if those projects need additional funding.”
With no active mining operations, BTCS believes it’s in a stronger position to capitalize on the ongoing market dislocation compared to some of its public company peers.
Lastly, recent “shelter in place” orders have delayed development of the Company’s data analytics platform from its original timeline. As development progresses, the Company plans to provide additional updates.
BTCS is one of the first U.S. publicly traded companies focused on digital assets and blockchain technologies. BTCS plans to acquire additional digital assets to provide investors with indirect ownership of digital assets that are not securities, such as Bitcoin and Ether. We intend to acquire digital assets through open market purchases. We are not limiting our assets to a single type of digital asset and may purchase a variety of digital assets that appear to benefit our shareholders, subject to the limitations of the Investment Company Act of 1940. We are also internally developing a digital asset data analytics platform. The Company is also seeking to acquire controlling interests in businesses in the blockchain industry. For more information visit: www.btcs.com
Certain statements in this press release, constitute “forward-looking statements” within the meaning of the federal securities laws including statements regarding our belief regarding our ability to execute our business plan, our intention to acquire digital assets, our view on prices of digital assets, Ethereum and Bitcoin benefiting from investors seeking higher quality digital assets, acquiring controlling interests in businesses in the blockchain industry, expectations on timing of opening up and commercializing our digital asset data analytics platform, and applying and receiving benefits under the Paycheck Protection Program. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation failure to abide by the requirements of the Paycheck Protection Program, large liquidation of digital assets by investors who see cash as a less volatile asset during economic an downturn, as well as those risks set forth in the Company’s filings with the Securities and Exchange Commission. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
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Coinspeaker TSLA Stock Lost 10% Yesterday, Now Up 2%, Low Oil Prices May Send Tesla Stock Crashing 90%Tesla Inc (NASDAQ: TSLA) stock price fell sharply on Tuesday. Sources say that the stock prices fell by up to 9.7%. The reason behind this Tesla stock price drop couldn’t be far-fetched: the WTI oil futures contracts fell to zero yesterday. All major performing stocks (including the all-weather ones) fell to zero. This massive drop has arisen as there is zero demand for oil deliveries. Most of the global petroleum industry has virtually zero storage due to the lack of consumption. This is hitting other industries hard as the global movement restrictions continue to hit home.At the time of writing, Tesla (TSLA) stock price was at $703.19 which means that today the price is rising (+2.40%).Many pundits think that Tesla (TSLA) stock prices will continue to fall. They attribute this to the fact that oil prices are zero or even lower right now.They have forgotten that the world will return to normal and everything will bounce back. This will happen after all is said and done about the COVID-19 situation. That said, it is what will happen post-COVID-19 that will shock such pundits.The world economy as it is is already in bits. Cheaper alternatives and lifestyle patterns are emerging across the board. Even as oil prices rise, people will still think of the long-term effects of owning combustion engines.This is where Tesla holds its appeal.Tesla (TSLA) Stock May Continue Falling Due to Oil Prices DropWhile bears such as Gordon Johnson continue to believe that Tesla stocks will crash permanently, they forget the flipside of events. Tesla has a lot going for it as a company. They have an unparalleled advantage as per intellectual property in the electric vehicle market. Tesla has beaten every other competitor’s hands down to take the number one spot as EV maker.Top Tesla bear Gordon Johnson believes that the Musk-led company will drop prices by more than 90% due to the massive drop in oil prices. Johnson also believes that the average consumer will choose his or her pocket rather than the environment.A massive crash in Tesla (TSLA) stock price is said to be possible. While that may be in the offing, the general truth is that there is also a tendency for the financial markets to go the same way. The influence from the side of the oil market is not exclusive to Tesla.The markets are sure to recover once the COVID-19 situation gets a vaccine, cure, or an effective treatment regimen. Then the true state of things will indeed appear. Tesla’s prices have remained steady even as oil contracts drop.The oil glut won’t remain in the same position. Things may go from bad to worse for everybody for a few months but after that, recovery will occur.China May Come to the RescueAnother factor working against the naysayers is the Chinese love for Tesla stock.The Chinese have fallen head-over-heels for Tesla’s products. The recent sales report has shown a significant increase in orders from China. It also comes as China returns to the business. This is also a pointer to what may happen after the dust settles because of COVID-19.Situations such as COVID-19 are disruptions in the regular pattern of doing things. Cheap gasoline will come but it will go. It is innovations such as Tesla’s that will drive the markets in this decade.The price dip that Johnson is predicting is the most likely support for Tesla (TSLA).TSLA Stock Lost 10% Yesterday, Now Up 2%, Low Oil Prices May Send Tesla Stock Crashing 90%
Coinspeaker Roche Stock Up 1.5% after Q1 Earnings Report, Profit Grows amid COVID-19 Tests DemandSwiss pharmaceutical company F. Hoffmann-La Roche AG (SWX: RO) said that its diagnostic business has moved out of the shadows of its main medicines unit during the coronavirus epidemic. The company said that it “still expects full-year sales to grow in the low- to mid-single-digit percentage range.” Meanwhile, Roche (RO) stock is at 338.20 CHF (+1.68 %). Just to compare: a month ago the price was around 272 CHF. It means that Roche stock gained around 25% in 30 days.Earlier today the company said that its sales increased to 15.1 billion Swiss francs in the first quarter of 2020, rising 2% from the same period a year earlier. The company also confirmed its outlook for 2020 with sales seen growing “in the low- to mid-single digit range” at constant exchange rates.Roche Global Supply Chain ‘Remains Intact’ while RO Stock Is RisingThe pharmaceutical giant noted that its global supply chain for medicines and tests “remain intact” amid the coronavirus pandemic and stressed its antibody test is expected to be available starting from early May with production reaching “double-digit million tests” by June.CEO Severin Schwan stated:“Roche made important contributions to the fight against COVID-19. In close collaboration with authorities we were able to make our cobas SARS-CoV-2 test available and to initiate a global phase III study of Actemra/RoActemra in COVID-19 pneumonia in record time.”Also, let’s not forget that United States President Donald Trump revealed that 3.78 million coronavirus tests have been administered in the country to date, “more than any other country in the world.”Speaking at the Coronavirus Task Force press briefing, Trump thanked Roche Holding AG and Abbott Laboratories (NYSE: ABT) for testing. “Nearly 660,000 Abbott IDs have been distributed, one of the most accurate tests for the virus,” he said. The president also estimated that “there will be 5.5 million testing swabs sent to the states.”‘Safety First’ for Roche“We’ve built sufficient testing capacity to reopen” the economy, he claimed, but added that the administration will be also looking to put “safety first.”Also, let’s just mention that last month Roche CEO Severin Schwan said on Monday that it will take “weeks if not months” before COVID-19 tests are widely available in the United States.Schwan then said that his company made 400,000 testing kits available in the past seven days, but stressed demand is significantly higher than supply.Start of Trial TestingEarlier, Roche said it would start testing of its Actemra/RoActemra drug on hospitalized coronavirus patients. Back in March 19 this year the company announced it is set to start “a randomized, double-blind, placebo-controlled Phase III testing” of Actemra/RoActemra on hospitalized patients with severe COVID-19 pneumonia in early April.The trial will be conducted in collaboration with the United States Biomedical Advanced Research and Development Authority (BARDA), a part of the U.S. Health and Human Services Office of the Assistant Secretary for Preparedness and Response (ASPR), the Basel-based firm said in a statement.According to the latest information, the overall number of people infected with coronavirus in the world stands at little bit less than 2.6 billion. The official death toll in the world reached 179,063 people while 705,401 people have been reportedly recovered.In Switzerland, the number of all infected patients stands at 28,268 with 19,400 people being recovered. The death toll in the country is 1,478. The United States has 819,321 people infected with a death toll of 45,355.Roche Stock Up 1.5% after Q1 Earnings Report, Profit Grows amid COVID-19 Tests Demand
Coinspeaker NewsCrypto Joins Forces with KuCoin in New Blockchain Education PushNewsCrypto, a platform designed to provide traders and investors with market insights and indicators, trading know-how and market tracking tools, has just teamed up with the popular cryptocurrency exchange KuCoin to launch a new blockchain education initiative.Making Education RewardingAccording to the official announcement, NewsCrypto and KuCoin will join forces to release a range of blockchain-related courses, covering a wide variety of topics aimed at promoting cryptocurrency adoption and teaching everybody the fundamentals of cryptocurrency trading.The new Crypto School Program will be directly accessible to KuCoin users and anybody else via the NewsCrypto platform at no cost, and will provide a range of educational resources designed to help participants make more informed trade decisions and better understand the crypto market.The program is provided as a range of interactive quizzes and users will earn points for their participation. Depending on the number of points earned, KuCoin users will also earn special trader titles, as well as potential rewards, which can include Tether (USDT) bonuses and discounts for both KuCoin and sister cryptocurrency futures trading platform, KuMex.Anybody who successfully completes the program will also unlock an exclusive NewsCrypto diploma, allowing them to show off their achievement. They will also be rewarded with Advanced membership on the NewsCrypto platform, allowing them to access a range of advanced market analysis tools, including whale alerts, mayer bands and arbitrage tracking tools—all designed to make finding and executing profitable trades more accessible.“Crypto is changing rapidly, and we will continue to launch new courses to meet your learning and investment needs, and promote the mass adoption of blockchain technology and crypto in the next 5–10 years.” said KuCoin Global CEO Johnny [email protected] will sponsor $NWC School ProgramNew and established KuCoin users will now be able to use NWC services for learning and profitable trading decision purpose.Click these links to visit the programhttps://t.co/1BbonfAn7Nhttps://t.co/zxNI9hvLIL pic.twitter.com/oEAOXRgdeA— Newscrypto.io (@NwcPublic) April 16, 2020The new Crypto School Program is now available to access directly on the NewsCrypto platform and currently has five different topics available, including the basics, trading strategies, and charts. There are also crypto development and economics topics currently in development, these are listed as “coming soon” on the platform.Blockchain Education Initiatives are in VogueNewsCrypto isn’t the first platform to make a major push for blockchain awareness and education. Back in 2019, MouseBelt, a blockchain accelerator firm, launched the Blockchain Education Alliance and teamed up with the University of California to launch three eight-week courses, covering blockchain leadership, blockchain engineering and the business of blockchain.Likewise, the popular cryptocurrency exchange Coinbase launched its own ‘Coinbase Earn’ platform in mid-2019, allowing users to earn small amounts of various cryptocurrencies, including Basic Attention Token (BAT), Stellar Lumens (XLM) and Orchid (OXT) in return for watching videos and completing short quizzes on the content.It isn’t just short educational courses and quizzes that are appearing either. As of April 2020, there are now several bonafide university degrees covering blockchain, cryptocurrencies and related topics like the Internet-of-Things (IoT) and distributed networks. The first of these was launched way back in 2014 by the University of Nicosia in Cyprus, which offers a Master of Science in Digital Currency.Since then, things have come a long way, and there are now even full-fledged undergraduate degrees available. One of these was recently unveiled in China, after the Ministry of Education of China granted Chengdu University of Information Technology (CUIT) permission to open a major in blockchain engineering.This trend paints a clear image of the rapidly growing demand for blockchain and cryptocurrency education, demonstrating the meteoric growth and maturation of an industry that is widely predicted to disrupt practically all other industries.NewsCrypto Joins Forces with KuCoin in New Blockchain Education Push
Coinspeaker The C that’s the Key to Success for These Crypto ProjectsWhat makes for a great crypto project that can withstand market cycles? A startup that can navigate bear markets and bull, and emerge from the other side intact? Team, tech, timing, and product market fit all count, but they’re not the biggest determinant of whether a project makes it or withers on the vine.Analyze the crypto projects that are coasting through the current economic crisis, and a pattern emerges. The ones that are flourishing have cracked the C that’s at the heart of a robust and diverse ecosystem – they’ve built a community. Here’s how they did it and why it matters so much.Putting the Community in CryptoAll crypto projects talk about building a diverse ecosystem of developers, users, and enterprises, but few succeed in converting these words into action. Some start off with noble intentions, only to falter as the magnitude of the challenge bears down on them. Others never truly meant it to begin with and were running on pure hopium that an extended bull market would lift all ships, bringing an army of new users flocking to their network.Users are fickle, and won’t wait years for repeatedly promised products to materialize. Even the most patient of bagholders will jump ship when the mainnet – and the moon – are indefinitely deferred. As early backers leave a project’s ecosystem, it can induce a death spiral as network participants scramble to abandon the sinking ship.The Mixed Fortunes of Crypto EcosystemsAs an example of what this desertion looks like, one need only look to Loom. Once the darling of Ethereum scaling, the layer two has been buffeted by the departure of senior figures including former CEO Matthew Campbell, who stepped down in February. The managerial changes prompted Chorus One, Stake Capital, and StakeWith.Us to withdraw their support as network validators. Simultaneously, several dApps, including Loom’s most popular dApp, Axie Infinity, announced they were leaving to seek scaling elsewhere.As for what a project moving in the opposite direction looks like, Matic stands out as a contender for a functioning community-oriented endeavor. Its focus on the needs of its community, rather than those of its architects, have seen more than 500 validators apply to participate in Counter Stake, the staking program which precedes May’s mainnet launch. The number of dApps utilizing its Plasma-based scaling network has also grown steadily. More than 50 dApps are now committed to using Matic to scale their blockchain applications, including Decentraland and the odd Loom defector such as Somnium Space.Matic’s success so far has been about more than merely opening its doors for business; the project has actively sought crypto projects to build upon its scalable blockchain, and has actively supported their efforts, facilitating token and NFT sales via Matic Network, as was the case with BetProtocol’s $BEPRO token sale. This hands-on support has earned significant goodwill, and had the knock-on effect of enticing yet more dApps. As a result of these efforts, Matic is now attracting new dApp projects on a weekly basis, all of which augurs well for its mainnet launch.Community Isn’t Created in a VacuumExcluding the most popular blockchain networks such as Bitcoin and Ethereum, the most successful crypto project in the past year has been Chainlink. It has prospered not so much on account of its tech – it’s by no means the only oracle solution out there – but through its partnerships. Projects great and small, from Google to Synthetix, have been convinced to use Chainlink as their oracle solution, turning the project into the CoinMarketCap of blockchain smart contracts.These are businesses utilizing Chainlink for commercial purposes, not token-holders supporting the network for speculative or emotional reasons. Nevertheless, the same lesson applies: through onboarding a diverse array of users, across multiple verticals, Chainlink has laid deep foundations.As world events accelerate the reversion to decentralized communities, and local becomes the new global, the case for strong communities has never been more evident. Crypto projects that can capture this cooperative spirit will generate the goodwill and support to survive the current downturn. When fairer conditions return, those community-building efforts will yield dividends.The C that’s the Key to Success for These Crypto Projects
Coinspeaker Bitcoin Halving Is Just 19 Days Away as BTC Mining Difficulty Ramps UpBitcoin halving is approaching fast, as the block remaining to be mined until the event hits 2,837 at the time of writing. These 19 days left before the day X will be a catalyst that will push the market up in the following months, similarly to the previous BTC halving events.Bitcoin MiningThe mining difficulty is soaring upwards at the time of reporting it was at 15,958,652,328,578, as the hash rate stood at 125.52 Exahashes/s. The figure has been scaring most miners who are still using mining tools that have not been updated with the changing environment.As a result, several miners might end up temporarily closing their operations until things normalize in a stable market. This might be until the operating cost gets to be lower than BTC price. In this perspective, the price which is currently trading slightly below $7,000 has to double and beyond after the halving to keep the mining operation profitable.Mining companies will have to update their mining tools to match up with the difficult rise and rise in resource competition. One thing that will work in favor of the miners is the increase in Bitcoin demand and the reduction in its market supply.This comes as institutional investors’ eye in investing in the crypto space, precisely Bitcoin and its future market. The retail traders who have largely embraced the BTC asset to an extent that it commands over 64% of the total crypto market.BTC Halving Bigger PictureThe current Bitcoin halving is more complex in relation to BTC market price due to the ongoing coronavirus outbreak that has gripped the whole world in fear. In addition to the highly speculative nature of the crypto market, the volatility will increase as we approach the event, early next month.The crypto market has formed a tendency to follow the Bitcoin market price in its volatility. Whenever Bitcoin price gets involved in a rally, almost all altcoins led by ETH and XRP follow suit.The hype has made the altcoin market a booming industry that many investors are eyeing to gain profits from. According to a Twitter user by the name Credible Crypto, if someone invested in XRP over BTC prior to the last bull run, the XRP investment would be worth 1.5 times the value of a BTC investor. He continued to say that if the XRP coins were sold at the top, the returns would be 10 times more.However, with the level of uncertainty due to the coronavirus, patience will be the best answer to all the worries and questions.Bitcoin Halving Is Just 19 Days Away as BTC Mining Difficulty Ramps Up
Coinspeaker Brent Price Follows WTI Oil and Crashes to Lowest Level in Over Two DecadesThe breakdown in the oil market is still ongoing, as the coronavirus pandemic continues to bite hard. In a not-so-surprising turn of events, the Brent price – the international oil benchmark – has crashed and is now trading less than $16 per barrel.The pandemic has basically shut down normal life as several countries impose restrictions. At the moment, most countries have closed their borders, and there’s no movement in or out. Furthermore, airlines have grounded almost all of their planes and oil companies are selling next to nothing. Because of this, there is an abundance of oil supply and no demand. This inadequacy in demand has crashed the Brent price.Speaking to CNBC’s Street Signs Asia, Rystad Energy’s head of analysis and senior partner Per Magnus Nysveen predicts that the Brent price will crash even further. According to him, being able to store oil is “a kind of buffer” for the oil market. Typically, storage wouldn’t get so full because there’s enough demand so that storage facilities are not overwhelmed. However, now that there’s no demand, that buffer is gone.“The world is running out of place to store the oil…When the supply and demand balance is positive or negative, then you can build or draw from storage. But when the storage gets full, then there is no buffer for this very strong imbalance that we’re seeing.”Recently, OPEC+ ran into issues when Russia and Saudi Arabia could not reach an agreement on cutting down oil production. This disagreement seemingly began the storage problem. However, the restrictions placed all over the world have now made things a lot worse.Brent crude LCOc1 fell and hit $15.98, its lowest in more than 20 years, since June 1999. At the time, there was also a problem with storage, causing an abundance in supply because the world was needlessly concerned about the Millennium Bug. At 11:30 GMT, Brent was trading at $19.31.OPEC+ has now reached an agreement to cut production by 9.7 million barrels per day.Brent Price Follows WTI CrashThe chaos in the oil market was first confirmed with the West Texas Intermediate (WTI), the North American oil benchmark. The WTI futures fell below zero for the first time in all of its history. This plunge also affected both the S&P 500 and the Dow Jones Industrial Average (DIJA). Even as lawmakers in the U.S. plan to introduce further measures to breathe life into the economy, the Dow lost almost 600 points, falling to 23,650.44. The S&P 500 lost 1.8%. The Nasdaq Composite also fell to 8,560.73, after losing 1%.The crash also affected the Bitcoin market. Bitcoin fell below $7,000 as it reacted to recent developments. Many think that there might not be a direct correlation between Bitcoin and oil. However, the relationship between the financial markets (S&P 500 and the Dow), may have affected Bitcoin directly. The halving is expected on May 12, and the community hopes prices will spike in response.Brent Price Follows WTI Oil and Crashes to Lowest Level in Over Two Decades
Coinspeaker Central Bank of Netherlands Ready to Play Leading Role in CBDC DevelopmentIn line with recent digital advancement, the Central Bank of Netherlands, De Nederlandsche Bank (DNB), released a statement saying its position as regards central bank digital currency (CBDC).DNB, in the statement, revealed that they agreed with the idea of a CBDC. They claim it would be of immense benefit to Dutch citizens. DNB also said they are ready to be at the front line and perform a major function in creating a CBDC.In the statement, DNB said it has “a positive intent for the CBDC”. It also explained that “CBDC could be a contingency to payment made in private money”. This is because they become over-reliant on private money in a digitizing payment system. The Bank noted further that with the COVID-19 pandemic, people no longer rely on fiat like before as CBDC is a potential solution.The Central Bank of Netherlands also acknowledges that CBDC comes with several issues. DNB acknowledges that whenever financial crisis looms, CBDC would enhance bank users to withdraw their money as they avoid risk converting changing fiats to CBDC. However, they understand it is sacrosanct DNB controls the amount of CBDC in circulation.In conclusion, the Central Bank of Netherlands intends to forge ahead in CBDC research. They also want CBDC development urging for a broad debate across the euro area.Difference between CBDC and CryptocurrencyAs CBDC and cryptocurrencies are both digital assets and currencies, they both are more different than similar. CBDC’s are different from Crypto coins/assets like Bitcoin and other altcoins. CBDC, in every case, are doled out by a central bank regulated by the government as these assets are tied to the value of an equivalent fiat currency.However, several countries around the globe are carrying out research to see how much benefits CBDC will add to their economy once it is adopted. Also, a study by the Bank of international settlements (BI) reveals that around 80 percent of countries central banks are preparing to float their own CBDC.Not Only Central Bank of Netherlands, Other Banks Want to Work with CBDC China is currently at the forefront in the digital currency race, having completed several processes to launch its digital yuan. Recently, China began to test its CBDC in four Chinese cities. In the same light, Bank of England has gone far researching CBDC, along with BI.Bank of Canada, Bank of Japan, among others, also have gone far with research as regards adopting a CBDC. Also, South Korea’s Central Bank is making an effort towards creating a CBDC. However, the country does not have plans yet to launch one.Central Bank of Netherlands Ready to Play Leading Role in CBDC Development