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Crypto Experts Reveal Thoughts: How will Bitcoin Perform after the COVID-19 Crisis has Passed?

Bitcoin Press Release: To educate Crypto-enthusiasts and prepare them for upcoming market conditions, a group of well-respected crypto experts have expressed their thoughts on the recent COVID-19 crisis, and its effect on the global crypto markets.   19th June 2020, London, United Kingdom: The COVID-19 pandemic has had an unprecedented impact on our daily lives, […]

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Bitcoin Press Release: To educate Crypto-enthusiasts and prepare them for upcoming market conditions, a group of well-respected crypto experts have expressed their thoughts on the recent COVID-19 crisis, and its effect on the global crypto markets.

19th June 2020, London, United Kingdom: The COVID-19 pandemic has had an unprecedented impact on our daily lives, our ability to interact and our financial structures and security. Blockchain technology has been around for over a decade, and there are now thousands of projects that seek to utilize its limitless potential to solve some of the world’s most pressing issues. 

Coin Journal has assembled a veteran team of experts in the field of cryptocurrency and financial technology, to gain some valuable insights into what the world may look like after the COVID-19 pandemic has passed. Globally, we can only hope that containment of this danger is now within our grasp, but we can only speculate to the long-term impact that it will leave in its wake.

Heavyweight Opinion 

The panel is headed by Yoni Assia, the CEO of the world’s largest social investment network, eToro. Yoni also brought his market analyst and renowned crypto expert, Simon Peters to the table. The next to join the team, Ciara Sun, is currently employed as the Head of Global Markets at Huobi Group, a global blockchain financial asset service provider.  The panel also has the founder of virtual currency platform, Coincurve, and CEO of Interlapse, Wayne Chen. Finally, the panel would not be complete without the 15-year veteran of Wall Street technology and CEO of BSV blockchain service provider, TAAL; Mr Jerry Chan.

 

They discuss the potential effects of unlimited quantitative easing, the need for a Universal Basic Income (UBI), and how blockchain technology can be a tool for research teams to interact with transparency on a global scale. The team reveal evidence that shows how cryptocurrency stands resilient against the economic downturn caused by social distancing measures and the closure of businesses that have succumbed to the strain. 

Article Excerpts

Speaking exclusively to Coin Journal on the idea of Bitcoin as a ‘safe haven’ asset, eToro CEO Yoni Assia noted that crypto and fiat markets moved in tandem at the start of the COVID-19 panic. Market Analyst Simon Peters then noted a shift, which he describes below:

“Interestingly, this is backed-up by eToro’s platform data, which shows a 77% increase in new registrants whose first action was to invest in Bitcoin. As the price of Bitcoin is travelling in the same direction as gold, you could argue investors view it as a safe haven asset.” 

Other areas of the article speak about the survival of market segments, and the implementation of blockchain technology, especially across supply chains. TAAL CEO Jerry Chan had thoughts relating to limiting the spread of COVID-19 using blockchain technology:

“Pharmaceutical companies have realised the potential application of a scalable version of Bitcoin blockchain, which can be used to track COVID-19 testing and vaccination records, cross-state and cross-borders, in a way which could be used to corroborate or validate statistics submitted to global health organisations.”

The full interview is exclusive to Coin Journal, and interested readers can find the full article containing the detailed discussion of the expert panel here: https://coinjournal.net/news/how-will-bitcoin-perform-after-the-covid-19-crisis-has-passed/

Media Contact Details

Contact Name: Chris Roper,
Contact Role: Senior Cryptocurrency Editor,  Investoo Group

Investoo Group is the source of this content. This Press Release is for informational purposes only. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all.

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Source: https://bitcoinprbuzz.com/crypto-experts-interview-coinjournal/Source: https://bitcoinprbuzz.com/crypto-experts-interview-coinjournal/

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A Crypto Friendly Future For Australia, Senators Propose New Regulations

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The Australian senate committee made 12 proposals to modify the current license and regulations over crypto assets, as well as the laws of taxation. The lawmakers believe Australia could take the lead in the digital economy if the laws were amicable.

The Senate Committee on Australia as a Technology and Financial Center (ATFC) states that the current regulations need to be adapted. As it was stated by the chairman: “The market is asking for regulation, and we are responding while trying to avoid trampling on innovation.”

Last year, Australian tax agents aimed to contact “as many as 350,000 individuals who have traded in cryptocurrency in the last few years.” To make a warning over meeting their tax obligations, as it was reported in News.com.au 

 Related Reading | Why Australia Has Issued A Warning On Crypto Profits To Investors

The Australian law currently considers cryptocurrencies as an asset, therefore its investors are bound to pay a capital gains tax and report to the ATO if the digital asset is held for more than a year or makes any financial gain.

Back then, news.com.au interviewed H & R Block’s director of tax communications Mark Chapman, who told them that many cryptocurrencies investors “have dabbled in this thing and not realized the tax implications”.

This notice stirred crypto investors and The Select Committee recommends accommodations that bring clarity. For instance, giving an incentive of a 10% of tax discount to the miners who use renewable energy.

As the global digital asset market is projected to grow to $6 billion by 2025, the senators believe that “Given the scale of Australia’s existing industry for custody of traditional assets, there is significant scope for Australia to benefit from becoming a leader in the digital assets space.”

Australia Wants To Attract Crypto Businesses

The committee asked for the recognition of decentralized autonomous organizations (DAOs), establishing a new regulatory structure. The senators’ report reads:

“DAOs do not clearly fall within any of Australia’s existing company structures. […] This regulatory uncertainty is preventing the establishment of projects of significant scale in Australia.”

Financial Review quoted the CEO of Blockchain Australia who said that “The recommendation that Australia looks to recognize DAO’s structures is a very strong signal to the world that we are ready to lead this conversation.”

Using the blockchains technology would diminish the need for intermediaries and could turn Australia into a prominent space for blockchain businesses.

The senators also asked Treasury to evaluate the possibilities for a CBDC. This idea has not been well received by the Reserve Bank of Australia before, but opinions might change as many countries are adopting their own and Australia aims to take the lead in the digital currency space.

 Related Reading | 110 Countries Are Exploring CBDC At Some Stage, Says IMF Managing Director

A survey from last September shows that 1 in every 6 Australians owns cryptocurrency and Bitcoin “remains the most popular one”.

As the tendency of Australians is to diversify their portfolio and the interest keeps growing, the proposed clarity in regulations and taxation will be beneficial for the growth of their crypto industry. Applying the measures should not wait for long to protect the customer’s and investors’ interests.

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Total crypto market at $2.5 Trillion | Source: Crypto Total Market Cap from TradingView.com

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Source: https://bitcoinist.com/a-crypto-friendly-future-for-autralia-senators-propose-new-regulations/?utm_source=rss&utm_medium=rss&utm_campaign=a-crypto-friendly-future-for-autralia-senators-propose-new-regulations

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Indicators that Bitcoin price would truly slump multiple times in the coming months

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On October 19, the first Bitcoin (BTC) exchange-traded fund (ETF) made its way to Wall Street, listing ProShares Bitcoin Strategy (BITO) which started trading on the New York Stock Exchange NYSE. The fund saw a little over $1 billion in trading volume at the end of its opening day, while Bitcoin price also rose to a new all-time high of $67,000.

Not too long after however, the spot gains reversed, and by Saturday Bitcoin price had returned to levels even below the $60,000 mark, thereby raising concerns about selloffs — those selloffs that almost routinely follow after a major crypto products launches on Wall Street.

What experts/analysts are saying with regards to Bitcoin Price correction

A renowned independent analyst, Nunya Bizniz took to Twitter in an effort to analyse the present situation based on past events. Recalling two of such major events as the launching of ProShares Bitcoin ETF: firstly, the listing of the first Bitcoin futures on the Chicago Mercantile Exchange (CME) and then the time when Coinbase’s stock (COIN), debuted on the Nasdaq stock exchange.

Each of those times, Bitcoin would rally towards a new all-time high, before plunging to untenable lows.

For instance, Bitcoin first rallied to its then all-time high of $20,000 on Dec. 18, 2017, when CME launched its Bitcoin Futures product. But the launch eventually culminated into Bitcoin plunging to around $3,200 some twelve months later.

In quite a similar fashion, COIN’s debut on Wall Street in April this year, also saw Bitcoin rallying to a new all-time high around $65,000 some ten days after. However, the rise was short lived yet again, bringing BTC to as low as $28,800.

Another analyst Lark Davis has also shared his thoughts, claiming he wouldn’t be surprised if the Bitcoin price crashes following the launch of ProShares ETF based on pervious events with CME.

Now despite all of the bearishness usually linked with high-profile Wall Street crypto listings, some analysts are still of high hopes that this time will be different. The likes of Todd Rosenbluth, head of ETF and mutual fund research at CFRA, and Noelle Acheson, head of market insights at crypto trading firm Genesis, believe that Bitcoin ETF’s impressive debut of this month would result in very little downside moves in the spot BTC market.

In all of this though, one thing remains certain. While some experts expect multiple-month slumps, others expect slumps that may not be for too long. So in any case, and from all indications, a slump in price is expected

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/indicators-bitcoin-price-truly-slump-multiple-times-coming-months/

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MEXC Wins Title Of Best Exchange In Asia At The Crypto Expo Dubai Conference

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MEXC Wins Title Of Best Exchange In Asia At The Crypto Expo Dubai Conference

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MEXC Global was crowned the best cryptocurrency exchange platform in Asia at the Crypto Expo Dubai 2021. MEXC dedicates this accolade to all its loyal customers and supporters, without whom an audience for it would be non-existent.

Some of the prominent players in the blockchain industry graced the rare event, including 50 crypto-based companies, and over 60 CEOs and founders from more than 30 countries. The event hosted more than 3,000 traders, with MEXC as a gold partner.

The expo aimed to bring together investors and industry leaders to network and share ideas on how to transition the global economy into a new crypto era. Major companies in the Asian digital asset sector have a chance to exhibit their diverse products and services in addition to sharing their insights about the crypto industry.

Among the presenters of the Dubai crypto conference, was MEXC. The exchange’s team showcased the company’s cluster of crypto-focused services, in addition to explaining how it plans to penetrate the global population. Representatives also utilized the interacting experience to obtain transformational ideas from some of the leading experts in the digital asset industry. This information will be applied duly when upgrading MEXC’s marketing strategy.

Even more, the representatives physically interacted with executives from many other crypto companies and jointly defined ways to further engage more members of the crypto community.

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Notably, the award lays out MEXC’s successful globalization strategy and its market adaptable ambitions. The Singapore-based exchange currently boasts over $500 million in trading volume. It also has a growing user base in more than 200 countries, including Japan, India, Turkey, Indonesia, South Korea, Brazil, and Africa among many others.

Launched in 2018, the centralized crypto exchange has made efforts to improve coverage of its diverse crypto trading opportunities among investors globally. The company has also forged partnerships with some of the most revolutionary blockchain platforms and crypto on-ramp projects to intensify crypto products.

More recently, the global exchange collaborated with the market-leading blockchains Solana, Avalanche, and Polygon. These promising platforms benefit from MEXC’s eco funding and technical support that encourages mainstream adoption of blockchain technology and the crypto industry.

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Source: https://zycrypto.com/mexc-wins-title-of-best-exchange-in-asia-at-the-crypto-expo-dubai-conference/

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