This week’s changes: Coin prices are ending the week on a positive note. Most coins are slightly up from last week's values. Bitcoin Cash halving is approaching. Do you think it will influence the BCH value?
Don’t miss any price change. Follow the market cap rankings, charts, and more.
$400M acquisition of the crypto industry
Binance has officially announced its purchase of CoinMarketCap. CEO Changpeng “CZ” Zhao stated that verbal agreement had been reached months ago. Industry experts believe that CMC will drive traffic to the exchange platform and serve as one additional marketing channel. According to several social media posts and forums, most crypto enthusiasts have been taking a negative stance on this acquisition.
Covid-19 can cause the worst ever recorded recession
IMF declared that we have entered the financial crisis as more than 80 countries have requested emergency assistance from the organization. The Bank of America forecasts that the recession caused by Covid-19 could be the worst on the record. Besides, 20 million people are expected to lose their jobs leading to a massive increase in the unemployment rate to a staggering 15.6%.
BCH and BTC are considered to be the most profitable coins
According to a blockchain analysis tool made by Into The Block, Bitcoin and Bitcoin Cash are the most profitable cryptocurrencies compared to ETH and LTC. BTC and BCH holders continue making money even in this bearish market. Bitcoin Cash holders have entered at a good time and secured their investment with a whopping 84% of HODLers currently in the green in fiat terms. Looking at Bitcoin holders, nearly half of all wallet addresses on the network are in the green on their fiat balance.
Globally, the coronavirus quarantine has changed our everyday lives dramatically. People all around the world form new routines and habits to cope with the lockdowns, unemployment, kids at home and general anxiety. According to Senator Ted Cruz, the isolation will open up the interest in people for Bitcoin as millions of people are learning and working from home and adjusting to a new digital lifestyle. Will this isolation lead to Bitcoin becoming mainstream?
Miners sell more than they actually generate
As reported by data sites and several market observers, Bitcoin miners are increasingly selling coins. They have been struggling ever since the price drop on March 12 and the following bearish market caused by Covid-19. They seem to sell faster than actually generating coins.
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