Blockchain
Blockchain Investments to Be Greatly Impacted by Covid-19
History will remember 2020 as one of the worst years in social, economic and political matters. The damages generated by the Covid-19 pandemic at a financial level are very serious, with millions of losses for a large number of countries in the world. Many of the events expected for this year will not happen and according to the update of […]
The post Blockchain Investments to Be Greatly Impacted by Covid-19 appeared first on Coin News Asia.

History will remember 2020 as one of the worst years in social, economic and political matters. The damages generated by the Covid-19 pandemic at a financial level are very serious, with millions of losses for a large number of countries in the world.
Many of the events expected for this year will not happen and according to the update of the IDC (International Data Corporation) World Blockchain Spending Guide, worldwide blockchain investment will decrease in 2020 compared to the scenario of prognosis prior to the pandemic.
If the numbers are analyzed, one will be able to see an important growth in the matter, although it is much less than what was expected for the sector. The forecast for global spending on blockchain solutions will reach nearly $ 4.3 billion in 2020, against the $ 2.7 billion invested last year. This indicates a growth of 57.7%, which translates into trust and support for the transparency provided by the blockchain. The previous calculation estimated a growth of 64%.
The analysis developed by the International Data Corporation found that the decline is led by significant reductions in IT spending and poor economic growth in recent months due to the pandemic.
However, IDC not only looks at what will happen in 2020, but draws up a projection of a five-year period (2018-2023). Its researchers expect and trust that spending on blockchain technology will grow at a moderate pace with a compound annual growth rate (CAGR) of 57.1%, with total spending of $ 14.4 billion by 2023. That figure would be three times more than what has been allocated this year and almost six times more than what happened in 2019.
The Asia / Pacific regions are the ones that invest the most in new technologies, with 19.3% of world investment projected for 2020. The United States and Western Europe follow. Although the uses of the blockchain are multiple, there are three important sectors: cross-border payments and settlements; commercial finance and settlement after commercial transactions, and regulatory compliance.
The role of improving payment methods and helping to maintain records of regulatory compliance and controls continues to be paramount for blockchain operators worldwide.
Associate Market Analyst at IDC Asia / Pacific Ritika Srivastava noted that companies that adopted this technology from the start have seen benefits during the start of the pandemic such as the ability to maintain an auditable history of the product, better control of its supply chain and better product traceability.
At the same time, he added that “the technology has helped companies in many industries overcome the challenges of managing supply chains, verifying medical data and monitoring insurance claims.”
“Like any investment in technology, spending on blockchain projects has been affected in the short term by the impacts of the Covid-19 pandemic. However, as technology investment recovers, investment in blockchain may return to normal before many legacy technologies,” explained James Wester, director of global blockchain strategy research.
IDC’s Global Blockchain Spending Guide quantifies the emerging blockchain market by providing spending data for ten technologies across 19 industries and 18 use cases in nine geographic regions. It was designed to serve as a guide for decision makers to clearly understand the specific scope and direction of the blockchain spending industry today and in the next five years.
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Source: http://www.coinnewsasia.com/blockchain-investments-to-be-greatly-impacted-by-covid-19/
Blockchain
Economist: Ethereum and Bitcoin Look “Bullish” After Withstanding “Macro Beating”

Bitcoin and Ethereum are down from their recent 2021 highs, but compared to their traditional market counterparts, have shown more resilience during the recent “royal macro beating.”
Here’s why one top economist and investor says this is incredibly bullish for the two titan cryptocurrency assets.
Royal Macro Beating Can’t Take Down Bullish Bitcoin And Ethereum
This week, the stock market plunged, and precious metals saw a sharp selloff as the macro environment remains uneasy globally. Yet somehow, amidst a “royal macro beating”, Ethereum and Bitcoin have held up comparably well.
Economist and trader Alex Kruger says the resiliency is “bullish” for Bitcoin and Ethereum. The two top crypto assets have been in an uptrend for a full year now, and the recent macro jitters have been the first major bump in the road since.
Related Reading | “Wonderful” Shark Tank Investor Shifts Portion of Portfolio To Bitcoin and Ethereum
Bitcoin exploded from lows around $4,000 to $58,000 per » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin at the high, while Ethereum fell to under $100 and has risen to $2,000 since. The more than 10x rise, however, might be nowhere near the finish line, and holding up so well here could be the catalyst that sends the cryptocurrencies higher through the resistance level.
Ethereum and Bitcoin have held up extremely well compared to the S&P 500 and gold. | ETHUSD on TradingView.com
The Changing Of The Guard To Crypto Is Underway
The stock market is on thin ice, and precious metals cannot be upgraded or updated, and have limited use in the future as a store of value compared to cryptocurrencies.
The digital gold narrative has been working, and the steepness of the gold selloff above shows how effective the narrative has been. Crypto prices holding up so well while gold plummets, could send even more capital flowing out of metals and into the scarce digital asset.
Related Reading | Mark Cuban Slams Peter Schiff: Gold is Dead, Bitcoin and Ethereum Are Today
Profit-taking in the currency overheated stock market will want to follow the money, wherever the grass is greener and profits are consistent. If that place is the crypto market, the flood gates of capital could finally be coming that helps to push Bitcoin to prices of hundreds of thousands of dollars per » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin, and tens of thousands of dollars per Ether.
The nascent technologies are only now coming into their own as financial assets, and institutional investors have begun to recognize the shift from traditional assets, to digital ones, and the ones who have been early thus far have been the most profitable.
Will Bitcoin and Ethereum continue to hold up this well, or will they ultimately succumb to the continuing macro beating going on across markets right now?
Featured image from Deposit Photos, Charts from TradingView.com
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Source: https://www.newsbtc.com/news/bitcoin/ethereum-bitcoin-macro-beating-gold/
Blockchain
3 million active users help lift Audius (AUDIO) to a new all-time high

As blockchain technology increasingly becomes part of the mainstream conversation, its integration with today’s most used technologies is bound to increase. This means that it’s only a matter of time before video streaming, digital music and social media see gradual blockchain integrations take place.
Audius (AUDIO) is one project that is chasing the first-mover advantage in the music streaming sector. The music-sharing and streaming protocol facilitates transactions between creators and listeners, making it relatively effortless for users to distribute and monetize audio content.
The project has received increasing attention for its approach to decentralizing the music industry and on March 2 the team celebrated reaching 3 million monthly active users.
Data from Cointelegraph Markets and TradingView shows that the price of AUDIO surged 108% since the start of March from a low of $0.38 to a new all-time high of $0.79 on March 4 as the altcoin’s trading volume spiked from $3 million to a record $55 million.

Staking incentives drive user adoption
The first major increase in users followed the project’s October 2020 launch and the activation of staking on the Audius platform in December. This enabled AUDIO holders to earn a 7% yield for tokens that were staked on the network while they listening to music and interacted with the protocol.
By the end of January, the platform had 1.8 million active users and a total of 122 million AUDIO tokens staked on the network. These figures have since increased to 3 million users and a total of 182.5 million staked AUDIO as the platform continues to integrate new features that incentivize community involvement.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for AUDIO on Feb. 28, prior to the recent price rise.
The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

As seen in the chart above, the VORTECS™ score for AUDIO hit a peak of 69 on Feb. 28, just before the start of a prolonged uptrend in price which was further identified by a VORTECS™ score of 80 on March 1. After pulling back over the next 3 days the score again spiked to 70, just hours before a significant rise in the price of AUDIO.
On March 5, the project revealed its plans to integrate non-fungible tokens (NFT) into the protocol as part of its effort to offer a full-service decentralized platform and expand its user base.
NFTs have become a hot topic in the cryptocurrency sector in recent months, and their integration into the AUDIO platform is likely to bring a renewed wave of interaction from users.
As blockchain technology continues to become more prominent in mainstream society, Audius appears well-positioned to become a leader in the streaming music space thanks to a rapidly expanding user base and a growing list of incentives that entice users to stay active on the platform.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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Source: https://cointelegraph.com/news/3-million-active-users-help-lift-audius-audio-to-a-new-all-time-high
Blockchain
Bybit to Cease Services for UK Citizens Following the FCA Ban on Crypto Derivatives Trading


The first consequences from the FCA ban on crypto derivatives trading in the UK are evident for the popular digital asset exchange Bybit. The company announced earlier that it will suspend its services to all customers based in the United Kingdom.
- Established in 2018, Bybit is a cryptocurrency exchange headquartered in Singapore with a reported user base of over one million registered clients. However, the firm will seize offering its services to UK-based customers, according to a recent press release.
- The statement informed that all UK users have to close all of their opened positions and withdraw all account balances by 8 AM UTC, March 31st, 2021. Following that date, UK citizens will be “restricted from accessing or performing any trading activities on Bybit.”
- Furthermore, the exchange will immediately restrict all new registrations using UK mobile numbers and/or IP addresses.
- Bybit’s decision is a direct consequence of a ban on crypto derivatives trading in the UK instituted by the country’s regulator – the Financial Conduct Authority (FCA).
- CryptoPotato reported last year that the watchdog planned to prohibit the sale, marketing, and distribution to all retail customers of crypto derivatives and exchange-traded notes (ETNs).
- At the time, the FCA described such products as “ill-suited for retail customers due to the harm they pose.” It also outlined that traders are unable to determine a reliable value because of the extreme volatility in the market and inadequate understanding.
- Interestingly, though, even the UK population couldn’t stop the FCA from implementing the ban as a survey compiled by the watchdog suggested that over 97% disagreed with the decision.
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Source: https://cryptopotato.com/bybit-to-cease-services-for-uk-citizens-following-the-fca-ban-on-crypto-derivatives-trading/
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