Video game retailer GameStop reveals its finances from the last financial year, confirming smaller net losses than the year before. The retailer also says that it plans to close more than 300 stores as it aims to save more money. However, these may not be enough to rescue GameStop and it will likely be up […]
A number of international blockchain-based solutions have taken up the challenge of preventing further outbreaks in the midst of the COVID-19 pandemic. The United Arab Emirates (UAE) is the most recent country to propose solutions reliant on a distributed database. As reported by the Emirates News Agency on March 25, the UAE’s Ministry of Community […]
XRP is a ‘Decentralized, Open-Source Digital Asset’, Ripple SVP Marcus Treacher Rebukes Critics Link To Article: https://bitcoinethereumnews.com/technology/xrp-is-a-decentralized-open-source-digital-asset-ripple-svp-marcus-treacher-rebukes-critics/?feed_id=15&_unique_id=5e7eff8a42b6e Advertisement     Ripple has been criticized for being centralized for years now. In fact, many critics have gone as far as calling XRP a fake cryptocurrency because even though XRP does use the blockchain technology, all existing […]
Block.one — the company behind EOSIO (EOS), has injected $150 million into its controversial blockchain-based social media network, Voice. Announced on March 26, the investment comprises $50 million in intellectual property assets and $100 million. The injection is intended to give Voice the resources needed to operate independently from Block.One. Voice is in closed beta […]
Welcome to The Decred Drive. Every Thursday this brief newsletter highlights top-notch Decred content from the previous week. It’s been a long, tiresome week (not sure I can stand any more of Trump’s coronavirus updates — situation is completely out of control in the US now… yikes) and much to cover in Decred land, so […]
**Bitcoin Core Wallet Recovery** The file you need to recover is ‘wallet.dat‘ if you’re using the Bitcoin Core wallet. If you backed up your private key as well, you may be able to find that back too and recover your lost Bitcoins in only a few minutes. You can find wallet.dat under the ‘.bitcoin/wallets’ directory […]
Binance has announced the launch of the Binance Card that allows users to shop and pay with crypto anywhere VISA is accepted.
Binance Card will initially be a virtual card in a Beta version of the new service.
Users can only top up using Bitcoin (BTC) and Binance Coin (BNB).
The team at Binance has continually focused on building ever since the exchange was launched.
Crypto adoption just got the biggest boost this year as the popular crypto exchange of Binance has just announced the launch of a VISA powered crypto debit card. Aptly named Binance Card, it allows for users to top up the card using Bitcoin (BTC) and Binance Coin (BNB). Users of the card will perform all the necessary top-ups through a yet to be released Binance Card App. The tweet making the announcement can be found below.
Introducing the #Binance Card: Shop and Pay With #Crypto Anywhere in the World
Simply top-up your card with funds through the Binance Card App in the form of #Bitcoin or $BNB, and you're ready to go.
The only assets that will be used to top up the card will be Bitcoin and Binance Coin. This, in turn, means BTC and BNB will have additional utility in the Binance Card app thus increasing demand for the two assets. Such demand will most likely affect the value of these digital assets in a positive way. The team at the exchange has explained their plans of rolling out the service on a global level thus increasing the exposure and demand of the two aforementioned assets. Bitcoin and Binance Coin will be the bridge for real use-case of cryptocurrencies for the day-to-day purchase of goods and services. CZ further explained this as follows.
Payments is an obvious use case for #crypto, yet adoption is slow. With only 0.1% of people having crypto, merchants have no incentive to accept it. And with few merchants accepting it, less users use it for payments. A chicken and egg problem.
Now by using the #Binance Card, merchants continue to receive fiat, and the users pay in any #crypto they choose, Problem solved. Let there be #adoption.
How to Get the Virtual Binance Card
At the time of writing this, interested individuals are advised to register their interest in Binance Card through the landing page. The card will initially be a Virtual Card in a beta version. Once the virtual card is available in the various global jurisdictions, those who registered will be notified and advised to complete the process on the Binance Card app. Ordering the card will cost only $15 thus making the card cheaper than other available options such as Crypterium ($50) and Paycent ($49). However, in the latter two cases, the extra charges are for the physical delivery of the card.
(Feature image courtesy of Lauren Hay on Unsplash.)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
The recent price action in Bitcoin has been particularly devastating to miners who had to turn off their expensive to operate machines after the price of the cryptocurrency fell below the cost of production. However, the rapid capitulation of the weakest miners in the market has in the past always led to sustained, steady, long-term […]
WeWork burned $1.4 billion in cash in the final quarter of 2019, on top of the $1.25 billion it lost in the previous quarter. Its main investor, SoftBank, is set to withdraw further funding, meaning that WeWork could run out of cash. WeWork’s business prospects will be damaged by people’s reduced appetite for working in […]
Today, the US has surpassed China in confirmed cases of the Coronavirus.
A total lockdown might be the only option left to curtail the spread of the disease in North America.
The Stock markets might experience another dip due to technical and fundamental factors.
Bitcoin (BTC) might thus be tested one more time by a stock market meltdown.
New developments reaching Ethereum World News regarding the spread of the Coronavirus indicate that the United States has surpassed China in the number of confirmed cases. At the time of writing this, 83,836 Americans are known to have contracted the virus compared to China’s 81,782. Additionally, the British Prime Minister, Boris Johnson has announced that he too is under self-quarantine after testing positive for COVID19.
COVID19 stats courtesy of Tradingview.com
Lockdown in the US Might be Necessary
As much as President Trump has been optimistic about Americans going back to work, such a move would most definitely make things worse for the United States. Drastic measures of curfews and restricted movement, such as the ones that are currently in place in Russia and those used in Wuhan to battle the epidemic, might be necessary for the major cities and states affected by the virus in the US.
US Unemployment Claims at an All-time-High
Earlier today, additional reports estimate that the number of unemployment claims in the US will hit a record 1.5 Million for the current week. This number is greater than the peak unemployment claims in March 2009 (665,000) and October 1982 (695,000).
Bitcoin (BTC) to Be Tested By One More Stock Market Dip
The relief rally currently in the stock markets might be short-lived not only due to the potential of a lock-down in the major US cities and states but also because of the technical behavior of tradable assets that experience impressive gains after a major meltdown. We have seen this plenty of times with Bitcoin when it dumps hard then abruptly pumps through those green wicks before continuing on its downward trajectory.
Tony Dwyer, Chief Market Strategist at Canaccord Genuity, explained this phenomenon in an interview with CNBC. Mr. Dwyer elaborated on it as follows.
We put around 2,575 as a level for this relief rally [for the S&P 500]…Remember in a post crash environment, human nature takes over and historically the two periods we have liked it to is the 1987 crash and 2011 crash…The first panic stage that we highlighted last week being over and now we are due for a relief rally.
If you match what happened in 1987, your recoup 30% of the losses off the low and that is where we came up with the 2,575…it can go a little bit above that before stabalizing and maybe retesting that low.
Lately, we have seen that BTC is heavily correlated to the S&P 500 and a move down by the latter asset will most definitely have a ripple effect on Bitcoin.
Summing it Up
In conclusion, Bitcoin might once again be tested by a stock market dip as a result of three events. Firstly, a total lockdown in major cities and states affected by the virus. Secondly, by an increase in unemployment that translates to the US economy grinding to a halt. Thirdly, by the time tested technical analysis pattern of a possible double bottom at the stock markets. The only fact yet to be determined, is when all this will happen if at all it will.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
