The third week of March has been exciting for the blockchain and cryptocurrency world. Perhaps the biggest news is CoinZoom launched its regulated exchange along with a crypto-backed Visa
Here is the rest of the week in review:
The U.S. Federal Reserve signaled it would be ready to replace infected dollar bills with clean greenbacks in order to help contain the coronavirus pandemic, an action China's central bank took last month. According to Joey Lee, a spokesman for the central bank's Philadelphia branch, the Federal Reserve is prepared to flood the country with fresh virus-free banknotes if such a move becomes necessary. The Fed does not currently believe destroying bills is needed to stop COVID-19, but it has infection-free bills waiting in the reserves. Though for now, the Fed does not think "cash destruction" of banknotes from the worst-hit states will be necessary to stymie the spread of the virus. In addition to numerous recent macroeconomic policy actions, the Fed has also begun quarantining US dollars shipped from overseas.
Intercontinental Exchange
Crypto prices fell to $129 billion this week. For the majors, Bitcoin SV (BSV), Bitcoin Cash (BCH), and Bitcoin saw outsized gains, while Tezos (XTZ), Litecoin (LTC), and Ripple (XRP) slipped. In the top 100, the biggest losers were Hedera Hashgraph (HBAR), down 17.3%, Bytecoin (BCN), down 16%, and DxChainToken (DX), down 13%. The biggest gainers were Swipe (SXP), up a whopping 147%, Numeraire (NMR), up 112%, and MCO (MCO), up 47%. Next week traders will see if crypto can break its streak of weekly losses in lockstep with equity markets.
The author owns a small amount of BTC and LTC.
- 1. https://www.coindesk.com/regulated-exchange-launches-in-us-with-crypto-backed-visa-card-offering
- 2. https://www.coindesk.com/fed-stands-ready-to-replace-infected-greenbacks-with-clean-bills
- 3. https://www.cnbc.com/2020/03/20/coronavirus-controversy-stock-exchange-owner-defends-sales-by-ceo-loeffler.html