Cryptocurrency news: Bitcoin is in the black, markets trust Trump, the danger of crypto-yuan, digital concentration camp
The Bitcoin exchange rate has reached $ 7,200 and is now being adjusted to receive support from the 50-day MA for further continued growth . If successfully secured at this mark, the $ 8,000 road will be open. In addition, through the efforts of Donald Trump and the US Federal Reserve, the fears of a re-collapse of the stock market , which will pull bitcoin to the bottom, have been temporarily removed.
The sensation of the week was the news about the launch of the Chinese national cryptocurrency digital renminbi. In this regard, we propose to discuss two myths. The first is that after the creation of digital currencies of the Central Banks, BTC will no longer be necessary. Second - digital currencies will be the first step towards enslaving people according to the principle of the digital concentration camp.
While everyone considers the losses due to quarantine, the cryptocurrency investment fund set a record for Grayscale Investments to attract investment over one quarter:
In the first three months of 2020, they managed to raise $ 503 million, and of these, $ 389 million were allocated for investments in bitcoin [ 19459010]. By the way, the ether also got a decent piece, and all Grayscale Investments attract money in ten cryptocurrency trusts.
And the Silicon Valley venture company Andreessen Horowitz announced the start of a $ 450 million collection for investments in cryptocurrency companies. Previously, they carried out a similar fundraising in the amount of $ 300 million, as far as some of that money was invested in the Coinbase exchange.
The [Bitcoin exchange rate is also pleasing. We have risen above the 50-day moving average and the next strong resistance is just at the level of $ 8,000, where the 200-day average is taking place:
It is solely the assumption that to confirm further growth Bitcoin needs to be adjusted to $ 7,000 and maybe even lower to get support from the 50-day rolling. Because while it all may resemble a false breakdown.
In general, the growth chances are also increased by the demand for halving , to which a little more than twenty days remain. And as we see on the Google Trends chart, in English and in the Russian version, the search query on this topic is at its peak values:
Everything also says that it is possible to temporarily abandon the fears of another strong stock market crash that will pull bitcoin to the bottom. This does not mean that everything became good there, but the current dynamics show that for some time the economy can stretch out on dollars freshly printed by Trump.
The number of unemployed in the United States increased 22 million people. Leading banks in the country, such as Citigroup, Goldman Sachs and Bank of America, reported a 46% or even 90% drop in profits, which, like , were unlucky in the first quarter of 2020.
Wells Fargo bank, which announced declining income by 88%, did not spare the current crisis.
Meanwhile, the S&P 500 index grew by 3% over the past week, while the Dow Jones added a little more than 2%. So I want to ask these investors, have you read the news? But the fact of the matter is that it was on the news that all these purchases were made.
First, company reports were not as deplorable as expected. The economy as a whole was dragged by IT specialists and medical corporations, for which things are going just fine now. Secondly, people are tired of bad news and recently they are not even afraid that the USA is leading in a sad pandemic rating. They are much more interested in the promises of Trump that almost from May 1, enterprises will begin to return to normal work and everything will be fine.
Indirectly, such optimistic statements were confirmed by statistics from China, and let the country's GDP fall by almost 7%. But everyone expected a much greater decline, and therefore this news is another additional factor to believe that after the end of quarantine, a quick economic recovery is possible.
This week, gold set the maximum price for the last six years, but then, it seems, something went wrong and rushed down:
Supporters of the fact that gold at the beginning of the campaign to a new historical maximum price, such as Peter Schiff, will call what is happening correction. And those who believe in Trump and the $ 8 trillion from the Fed, who must early end the crisis, will call this the start of sales of the precious metal and the return of investors in stocks.
So far we are not going to take the side of the first or second, and we want to wait until the quarantine is completed and see if we have to drive people home again and stop production after a month or two. In such a sad scenario, the “furry arctic fox” will really begin.
There have been various rumors about the development of the digital version of the Chinese yuan for two years, but now you can even look at it. On the network posted screenshots of the application through which payments are made in crypto yuan.
And then it became it was known that Chinese officials from the city of Suzhou would be the first to test new money on themselves. They should be credited with a little crypto-yuan as subsidies for travel by public transport, and they, in turn, must travel this money.
Let's see how the experiment goes, but we did not raise this topic to talk about Chinese officials and how they will pay in public transport. As the era of digital national money approaches, many myths have appeared that make sense to discuss, and the first of them is the death of Bitcoin.
That is how the first myth sounds, they say after the Central Bank of China makes its cryptocurrency, bitcoin will no longer be necessary. Only crypto haters who do not understand what it is, what it is valued for, and also do not know how digital national currencies work, can believe this.
To understand the difference, let's just look at what crypto-yuan will be like.
In this case, the Central Bank will be able to control the issue, that is, print new money at its discretion, and block accounts and cancel transactions, as is now the case with electronic payments.
Cryptoyuan is a digitized fiat, the same as online banking today. Only earlier, to process payments, Alipay, Visa, MasterCard and other payment systems were needed, and now everything will be tied to the server of the Central Bank. And it is precisely these companies that need to worry, as well as smaller payment providers, because if they are not taken into this scheme, then the business can be closed.
] But Bitcoin will be fine, because this is honest money, which only its owner controls, of course, if you did not trust your cue ball to the exchange .
States may want to switch to cashless payments, but cash in the form of anonymous money will never disappear. Because the authorities themselves need such a format of money, because without it there will be no corruption and crime. And then how to get rich?
Digital concentration camp
People are extremely strange creatures, because they tend to ignore the problems that do not specifically concern themselves. After all, they said that China introduced a system for classifying citizens as trustworthy and no, and those who do not follow the party line receive various restrictions from not accepting work to ban travel abroad and refuse credit.
But all these years, the problems of the Chinese, like the sheriff, did not worry the problems of the Indians, to say the least. But now when everyone was locked up in their homes and began to distribute digital badges, for some reason people had a panic and decided to shout “guard” together.
Everyone immediately started talking about China, about how they will make the digital yuan, and then the same dollar will appear, as we will all be put on a tight record, they will control every step and all that remains to be done is to work from the sunset until dawn for the benefit of the prosperity of world elites.
Would states like to establish similar control over people? Of course, because it is so convenient. The question is whether they can do this, or rather, do you want your life to turn into a digital concentration camp?
It is important to understand that a digital pass is not a grid through which you really cannot pass. If people want to break the digital badges regime in one day, then no authorities can stop it.
And for people to have the strength for such an accomplishment, we need only two things: communication, so we advise everyone to take care of the presence of a truly anonymous messenger. As well as a means of payment for conducting economic activity, the role of which is perfectly suitable for cryptocurrencies. As long as we have these two alternatives, we have something to fight for, and we can multiply state plans by zero.
Moreover, the authorities do not dare to introduce anything like this until they see that people are ready to accept such restrictions. So remember your rights, seek remedies and do not say that you were not warned.
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