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Binance, the world’s largest cryptocurrency exchange by trade volume, is unrelenting in its rapid expansion drive in the crypto industry. The exchange has officially launched a crypto mining platform dubbed “Binance Pool,” a move that will likely challenge top mining pools in the industry.
Binance CEO Changpeng Zhao (CZ) shared updates about the new mining platform last week Friday, saying that the Binance Pool has been launched in a closed-beta phase with its first block of Bitcoin already mined. The new service is now available to the public.
Binance Pool Goes Live
According to a Monday press release shared with CryptoPotato, the launch of the comprehensive mining platform is part of Binance’s effort to develop the global cryptocurrency mining industry while empowering miners with more opportunities and financial tools.
Binance pool is integrated into the Binance ecosystem. This gives users access to a list of the exchange’s derivatives products, including Binance Futures, Spot and Margin trading, Binance Staking, and others.
Binance Pool Supports PoS and PoW Mining
Furthermore, the new mining pool from Binance also supports both Proof-of-Work (PoW) and Proof-of-Stake (PoS) mining algorithms. The platform, however, will start with Bitcoin mining services. The exchange plans to add more customized services for miners, which will allow them to earn more on the Binance Pool.
The platform offers a rate of up to 2.5% with 0 startup fee for Bitcoin miners in the first month of launch (from now until May 31, 2020). Both new and existing users on the exchange can access the new service from Binance.com, the company said.
Changpeng Zhao (CZ) commented on the development, saying:
As an integral part of the global crypto market, empowering miners will therein enable significant growth and scale in the larger industry. “With Binance Pool, we aim to establish a comprehensive platform for miners that will bring more possibilities to the mining industry by bridging traditional mining to financial services.
Increased Competition Among Top Mining Pools
Binance is perhaps a practical example of success in the crypto space. Since the exchange launched barely three years ago, it has managed to become the largest exchange and BUIDLer in the crypto industry.
There is no doubt that Binance’s entrance into the mining sector is a challenge for top mining pools, considering the company’s massive user base. At the time of writing, Binance Pool has already generated an estimated hash rate of 1.74 EH/s with more than 40,000 active workers.
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Facebook’s Libra cryptocurrency has been dealt a major blow as partners eBay, Visa, Mastercard, and Stripe announced in quick succession Friday that they are withdrawing from the project.
“Visa has decided not to join the Libra Association at this time. We will continue to evaluate and our ultimate decision will be determined by a number of factors, including the Association’s ability to fully satisfy all requisite regulatory expectations,” Visa said in a statement on Friday.
EBay, Mastercard and Stripe also said Friday that they are withdrawing from Libra, according to multiple reports.
The Switzerland-based Libra said that it is still planning to forge ahead despite the serious setback. The organization had been planning to launch the cryptocurrency in 2020, though it’s unclear if Facebook is still on track to meet that goal.
“We are focused on moving forward and continuing to build a strong association of some of the world’s leading enterprises, social impact organizations and other stakeholders to achieve a safe, transparent, and consumer-friendly implementation of a global payment system that breaks down financial barriers for billions of people,” a Libra spokesperson told CNBC.
Facebook has faced ample criticism since Libra was formally announced this year, with two Democratic senators recently urging Libra partners this week to drop out, saying they don’t have confidence that Facebook is up to the task of overseeing the project.
President Donald Trump tweeted is skepticism of Libra in July, saying Facebook’s cryptocurrency will likely have little dependability.
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Binance (BNB), the eighth largest digital currency by market capitalization, is beginning to serve the immediate needs of people as much as legal tenders can do. A recent hint by a Twitter user, Caleb Tbb, infers that BNB can now be used for flight booking in Australia.
More attention was attached to the update when Binance CEO Changpeng Zhao who was tagged in the update also commented on the development.
Binance (BNB) and Blockchain Gaining Ground in Australia
Caleb Tbb mentioned that he paid for his flight to Canberra with Binance Coin BNB. A noteworthy achievement for the digital token which got the response “Utility” from the CEO of the company.
Caleb Tbb said he made the booking to attend a government-supported Blockchain Roadmap Meetup in Australia. This is yet another amazing development that shows that government of the country is supporting blockchain technology and the new industry is gradually overcoming its challenges against all odds.
He said: “Booked my flight to Canberra with BNB on travelbybit.com to attend the National Blockchain Roadmap Meetup. It’s amazing to see the government supporting the development of blockchain technology in Australia”
Caleb ended his statement by urging every blockchain lover to join hands in the building of blockchain technology as well in the adoption of the technology.
CZ afterwards replied with the word “utility”. This obviously means that the use cases of BNB have set it apart from others.
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Imagine that you have $100,000 at your disposal. You must spend all of it on either bitcoin or gold – no mixing and matching – and the assets will then be stored in a trust that cannot be accessed again for 50 years.
Which option would you choose?
With the two commodities now in roughly the same price range, it’s worth putting aside some of bitcoin’s short-term volatility and liquidity concerns to compare them as long-term stores of value side by side.
Sure, you might argue bitcoin is newer and flashier, and that it has arguably more utility in the digital era than gold. But, gold has the indisputable track record, having been a cherished store of value for thousands of years across human civilizations.
However, bitcoin’s traits have led to those backing the cryptocurrency to believe it could potentially unseat gold over the long haul.
Spencer Bogart, an analyst with Blockchain Capital and formerly of Needham & Company, told CoinDesk:
“If we think about the qualities that make gold a respected ‘money’ or store of value, bitcoin is actually superior in many regards.”
Inflation vs deflation
Another key advantage bitcoin has over gold is that its supply level is fixed and transparent – eliminating fears of the typical inflationary pressures associated with overproduction that could diminish the value of the asset.
“A well-known characteristic about bitcoin is that it’s on a disinflationary supply schedule. While many people think of gold as being the same, gold is actually a sneakily inflationary asset,” said Chris Burniske, blockchain products lead with ARK Investment Management.
Burniske added that the global supply of gold has clandestinely increased by 1–2% annually over the last century.
He continued:
“If you were to ask people what gold’s supply schedule looks like over time, they probably wouldn’t draw you something that looks like an exponential curve. With gold being sneakily inflationary, it’s not set up to preserve value in the way that bitcoin is.”
Such characteristics, in theory, serve to increase bitcoin’s future utility as a means of account, exchange and storing value.
They also suggest that bitcoin’s value, usefulness and importance to society will only continue to grow as commerce becomes more digitized.
“As more infrastructure is built around [bitcoin], we think that demand will rise relative to its mathematically metered supply, increasing its price support,” Burniske wrote in a recent white paper.
Slow and steady
The clear advantages that gold has over bitcoin are trust and reliability, according to those surveyed for this article. However, a change in consumer preferences, new technological disruption or a crackdown by a government could easily kick bitcoin to the end of the bench.
“Gold has something very important that bitcoin lacks: a more than 1,000-year history of being a decent store of value. This is very important for trust and people’s willingness to store value in that particular asset,” said Bogart.
Gold has also proven itself to be of value even when governments attempt to restrict its usage or outlaw it completely.
This happened in 1933, when President Franklin D Roosevelt implemented measures to prohibit and criminalize its possession in the US.
“For more than 5,000 years gold and silver have been tried-and-true money. They’ve lasted basically the duration of organized civilization,” said Dave Kranzler of Investment Research Dynamics.
In this light, Kranzler was keen to highlight bitcoin’s ‘counterparty risk’.
Gold’s advantage over bitcoin is that it’s not dependent on the operation of the internet, thus affording it a degree of protection from heavy-handed regimes, he said.
“There’s nothing to stop any government from shutting down the internet in their country under the guise of national security purposes or what not,” he said, adding:
“We’ve seen democracies come and go, but totalitarianism always seems to creep back in. And when that happens, the government controls everything.”
Elemental value
Gold has also proven itself immune to technological disruption.
According to Burniske, while bitcoin has generated significant cultural cachet, it remains at the bleeding edge and could still be dethroned relatively easily.
“That position is not necessarily going to remain the case if bitcoin is not able to attract new users and provide a happy medium in terms of user experience,” he said.
Yet, as asset classes like Dutch tulips, Japanese real estate, dot-com companies and the US housing market have boomed and busted, gold has consistently plodded ahead, withstanding the test of time.
“I don’t think anyone can say with any certainty that any man-made system is going to be valuable 50 years from now,” said Josh Crumb, co-founder of GoldMoney and a former commodities strategist at Goldman Sachs.
He continued:
“People forget that gold is not a pet rock or a speculative asset, it’s an element. Gold is a very low-risk store of value. Fifty years from now it’s going to still be valuable.”
While investors like Cameron and Tyler Winklevoss have suggested that technological developments as far fetched as asteroid mining could eventually put upward pressure on the total supply of gold (and reduce its scarcity), Crumb reckons that technological creative destruction poses a much greater threat to bitcoin.
“People have been trying to crack gold for 600 years. I think it’s much more likely that we’re going to have quantum computing that can change cryptography than asteroid mining that’s going to bring back loads of gold,” he said.
Complementary or substitutionary?
Perhaps asking whether bitcoin will ever unseat gold as the universal store of value isn’t quite appropriate, as it’s plausible that the two can, and will, co-exist as complementary assets.
“I like bitcoin, particularly in the short-term, so it’s kind of like saying ‘Do you like gold or do you like investing in Facebook in 2011?'” said Crumb. “To me, it’s two totally different things.”
As is standard practice across other realms of investing, the correct answer to the bitcoin versus gold question will ultimately be determined by the risk profile of each particular investor.
“In terms of proper portfolio construction, you want to diversify. You want to have different types of assets that don’t necessarily move together,” said Burniske, concluding:
“There’s always room for collaboration. It’s sensational to pit [bitcoin versus gold] as a fight to the death.”
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Who doesn't know entrepreneur and businessman Bill Gates? The man who co-founded Microsoft in the mid-seventies, one of the world's largest software businesses, while surely becoming one of the richest and most influential men in the world. The man who founded the 'Bill and Melinda Gates Foundation', in an ongoing philanthropic endeavor to eradicate poverty on a global scale. We all know Bill Gates, but what does he have to say about Bitcoin?
Philanthropic billionaire Bill Gates has expressed a variety of opinions on the world's most popular cryptocurrency throughout the years. At times it is difficult to determine whether the self-made billionaire loves or hates Bitcoin.
Whatever his sentiments towards Bitcoin currently are, one thing is for sure: Gates loves to 'flip-flop' on Bitcoin.
Praising Bitcoin in 2014
Cautiously praising Bitcoin years ago in 2014, when the price of one Bitcoin traded around $350, Gates said that 'Bitcoin is exciting because it shows how cheap it can be'.
The Microsoft co-founder added that 'Bitcoin is better than currency', and that fiat currency can be 'inconvenient', especially when it comes to 'large transactions'.
Gates reined in his enthusiasm for Bitcoin
However, by 2015 Gates had reined in his 'Bitcoin enthusiasm'.
When he was asked if he was excited about the potential of Bitcoin he explained that he does believe that Bitcoin has the potential to do 'a lot to make moving money between countries easier and getting fees down pretty dramatically.'
'But Bitcoin won’t be the dominant system', he said. 'We need things that draw on the revolution of Bitcoin, but Bitcoin alone is not good enough.'
Read more: What happens to Bitcoin if the stock market crashes?
Gates blames cryptocurrencies for drug-related deaths
Three years later, at the beginning of 2018, Gates went totally dark on Bitcoin by focussing on its downsides.
'The main feature of cryptocurrencies is their anonymity. I don’t think this is a good thing', he said in a Reddit AMA post.
'The government’s ability to find money laundering and tax evasion and terrorist funding is a good thing. Right now cryptocurrencies are used for buying fentanyl and other drugs so it is a rare technology that has caused deaths in a fairly direct way.'
Gates did have to admit that anonymous cash can be used for the exact same kind of criminal activities.
'Nevertheless', he said. 'A person has to be physically present to transfer cash, which makes things like kidnapping payments much more complicated.'
Even though Gates changed his tune considerably on Bitcoin, he did remain very positive about the underlying blockchain technology.
'There's some really good technology in terms of sharing databases and verifying transactions that is talked about as blockchain, that is a good thing.'
Read more: 9 Bitcoin price predictions for 2020 by crypto experts
'I would short Bitcoin if I could'
Later that same year, Bill Gates had a sit down with Berkshire Hathaway CEO Warren Buffett and Vice Chairman Charlie Munger on CNBC's 'Squawk Box'.
The Windows creator explained that he actually never owned any cryptocurrency, but did say that he held some BTC briefly after it was given to him as a gift.
'Somebody gave me some for my birthday', he said. 'A few years later, I thought, Hey I'm going to sell that.'
His buddy billionaires, who previously called Bitcoin 'rat poison squared' and trading Bitcoin 'something like dementia', seemed to enjoy this little anecdote. Perhaps a little too much.
In line with his ever-changing views on Bitcoin, Gates added that one reason for him to have a negative forecast for cryptocurrency is because he sees the digital tokens as lacking intrinsic value.
'As an asset class, you're not producing anything and so you shouldn't expect it to go up', Gates said. 'It's kind of a pure 'greater fool theory' type of investment.'
Gates also went on to say that Bitcoin is 'one of the crazier speculative things', and that if he could, he would 'short it if there was an easy way to do it.'
A comment that caught the attention of crypto billionaire Tyler Winklevoss, who took to Twitter and challenged the Microsoft co-founder, explaining to him that there is indeed an easy way to short Bitcoin and to put his money where his mouth is. A challenge Bill Gates never responded to.
He is slowly warming up to Bitcoin
Bitcoin enthusiasts will point out that Gates has been spreading out gloom and doom predictions for quite some years now, however, in a video posted at the end of 2018, Gates appears to be warming up (again) to Bitcoin and cryptocurrencies in general.
He apparently is realizing the massive opportunity which Bitcoin presents in helping those in poverty without access to traditional financial institutions.
If we were building a financial system from scratch today, we would do it on a digital platform. Digital could lower the cost of a range of transactions by as much as 90%, providing nearly universal access to innovative financial products and services', Gates said.
Gates points to the astonishing fact that over 2.5 billion people don't have access to traditional financial services and relates to how cryptocurrency can help the world’s most impoverished.
'Poor people do have assets: their intellect, their labor, their savings', he said. 'Their problem is that they don’t have financial tools to capitalize on these resources. They are trapped in inefficient cash economies that rob them of opportunities to insure themselves against risk, invest in their productivity, and ultimately help lift them out of poverty.'
'Transforming the underlying economics of financial services through digital currency will help those who live in poverty directly.'
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Senior analyst at JPMorgan said in December 2018 that institutional investors may not enter crypto space due to extreme volatility in digital asset prices.
He now thinks markets are stabilizing and that institutions could start taking interest in cryptos.
Nikolaos Panigirtzoglou, senior analyst at JPMorgan has said that companies will again start taking interest in cryptocurrencies - if the market continues to remain stable.
Panigirtzoglou, a former economist at the Bank of England, had claimed in a report published in December 2018 that financial institutions were not looking to invest substantially in cryptoassets due to their volatile nature. However, the digital asset market is stabilizing which could “set the stage for more participation by institutional investors”, Panigirtzoglou recently argued.
His comments came during an interview featured on CNBC’s “Futures Now” in which he noted that:
The cryptocurrency market was a new market. It went through a bubble phase [and] the burst.
Could Take Several Years Before Cryptos Reach Mainstream
Panigirtzoglou believes the digital asset industry is gradually maturing and that more firms will start re-entering the nascent ecosystem as crypto and blockchain-related technology continues to improve. However, the London School of Economics and Political Science (LSE) graduate stated that it could take several years before cryptocurrencies reach mass adoption.
According to Panigirtzoglou, the crypto ecosystem needs a proper regulatory framework so that investors begin to feel confident about making investments in cryptoassets. He remarked:
The big obstacle is regulators right now … [and regulatory guidelines have been a] bit slow to realize.
On February 1st, 2019, Michael Novogratz, a former partner at Goldman Sachs and the CEO of Galaxy Digital Holdings Ltd, a New York-based firm focused on the digital assets industry (ticker: GLXY), had said that he was “confident” that cryptocurrency prices would recover.
Expressing views similar to those shared by Panigirtzoglou, Novogratz had advised his followers via Twitter to “stay the course.”
Institutions Are Slow "To Move"
Novogratz also thinks digital asset prices won’t recover anytime soon. The former hedge fund manager has predicted that it could take several months before we potentially begin to enter the next bull market. Having worked with Wall Street firms for many years,
Novogratz explained that institutions take time “to move”, however he was confident that more big players would enter the crypto space.
Although it is difficult to accurately predict if and when the crypto market will rally again, Novogratz claims there’s plenty of development of work going on “under the hood.” Meanwhile, an anonymous trader, who reportedly earned over $200 million from trading ether (ETH), stated in a recent interview that he thinks “big players will [eventually] enter” the crypto market.
The experienced trader and early bitcoin adopter noted that the “next bitcoin block reward halving will serve as an additional trigger for growth.”
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In a soon-to-be-published interview, Securities and Exchange Commission (SEC) Commissioner Robert J. Jackson Jr. has recently revealed he expects a Bitcoin Exchange-Traded Fund (ETF) to “eventually” be approved, as a proposal is set to satisfy all of the regulator’s requirements.
According to a tweet published by Adjunct Professor at NYU Stern Drew Hinkes, Jackson believes it’s a matter of time until a Bitcoin ETF is approved. He was quoted as saying:
Eventually, do I think someone will satisfy the standards that we’ve laid out there? I hope so, yes, and I think so. Getting the stamp of approval from the deepest and most liquid capital markets in the world is hard, and it should be. Once we make it available to everyday mom and pop investors, we are taking risks that Americans can get hurt.
Jackson’s comments back the SEC’s motives to have rejected various Bitcoin ETF proposals in the past. These are related to the cryptocurrency ecosystem’s liquidity, potential market manipulation, and custody concerns.
As covered, the SEC has rejected back in August of last year nine Bitcoin ETF proposals from ProShares, Direxion, and GraniteShares. These proposals were based in Bitcoin futures rather than being backed by “physical” Bitcoin.
The VanEck-SolidX Bitcoin ETF, which was withdrawn last month over the US government shutdown and quickly resubmitted again, is backed by “physical” Bitcoin. While the published interview excerpt doesn’t refer to this proposal, it does refer to the rejected Winklevoss Bitcoin ETF application. The SEC’s decision, at the time, stemmed from their inability to prevent fraud and market manipulation.
Commenting on it, Jackson noted that it wasn’t a difficult case, as the risk for manipulation was “enormous.” He stated:
The case that we had last year involving the Winklevoss trust, in my view, was not a difficult case. So there you had a situation where the risk for manipulation and for people getting hurt was enormous. The liquidity issues in the market were very serious.
Earlier this year Bitwise Asset Management filed another Bitcoin ETF application with the SEC, after being rejected last year. According to some analysts, an ETF will help institutional investors enter the crypto space, which would presumably lead to a rise in prices and liquidity.
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What is blockchain technology? Since blockchain technology was conceived in 2008, it has slowly but surely evolved into something much more complicated. For many people, perhaps yourself included, the big question is what blockchain exactly is. It’s easy to assume that blockchain innovation and Bitcoin are synonymous with each other.
However, it’s important to understand that Bitcoin is a digital currency that is part of a much larger system. The advantage of this innovation is that you don’t need to know how it works to utilize it. However, having a broad understanding of blockchain innovation will help you to understand why it is widely thought of as revolutionary. This thorough blockchain technology guide describes what blockchain technology is and how it came to be. Check out on for more information about blockchain innovation.
Blockchain innovation existed as a computer system science idea long before it found its way into the world of cryptocurrency. The concepts of information structures and cryptography form the basis for this technology. The earliest kind of blockchain was the hash tree which is likewise referred to as the Merkle Tree. The data structure run by confirming and managing information in between different computer system systems. In a typical peer-to-peer computer network, establishing data was crucial to ensure that absolutely nothing was changed during the transfer. Information verification and recognition also made sure that incorrect data wasn’t sent over the network.
The Merkle tree became the basis for “guaranteed chain of blocks” in the early 1990s. That led to the production of the very first blockchain. In 2008, Satoshi Nakamoto conceptualized the idea of a dispersed blockchain. The brand-new blockchain would be managed autonomously with no central authority. The blockchain would likewise contain a protected history of all exchanges, validate each transaction, and also utilize a peer-to-peer network to time stamp each exchange.
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Mizuho is launching its new stablecoin pegged to the Japanese Yen in 1:1 ration that will promote the spread of cashless digital systems in the country.
Japan’s second-largest banking institution Mizuho bank is currently preparing the infrastructure to launch its stablecoin by March 2019, reports Asian Nikkei Review. The report suggests that the stablecoin will be pegged to the Japanese Yen. Furthermore, the stablecoin will also facilitate making cashless payments with no-fee transfers among its users.
The stablecoin aims at improving services for low-cost cross-border transfers and remittances. Mizuho’s digital currency service will provide direct competition to Japan’s local credit card companies. This will further help to promote more digital payments in the country while moving towards a cashless society.
Mizuho is also talking to 60 other regional banks to collaborate and support the liquidity for the stablecoin. Earlier in 2017, Mizuho Group chairman Yasuhiro Sato initially termed this as the “J-Coin” project. This project started by Mizuho bank included other regional banks, Japan post bank, and other Japanese “megabanks”. If things go as per the plans, this project will see the first instance of stablecoin mass adoption by banks, financial corporations, and retail users.
Cashless Payments to be Made Possible Using Simple QR Codes
Ahead of the 2020 Tokyo Olympics, Japan is planning to spearhead its cashless economy. In this regard, the Japanese government has introduced subsidies and tax breaks to encourage businesses to accept online payments.
The purported J-Coin project involving Mizuho’s stablecoin will have a simple QR code at vendor outlets to make cashless payments. The QR code could also be easily accessed through a dedicated smartphone application supporting the stablecoin. The Mizuho stablecoin will be pegged to the Japanese Yen in 1:1 ratio.
In addition to the Mizuho Bank, the Mitsubishi UFJ Financial Group also launched its MUFG stablecoin in April 2018. The financial group plans the nation-wide rollout of the MUFG stablecoin by 2020.
In future, the Mizuho stablecoin can also be used to give salary payments to the bank’s employees. It will also team up with China’s huge online payment platform Alipay which allows payments using QR codes. This will also allow foreigners to easily make payments in Japan.
During his interview with The Yomiuri Shimbun, Mizuho Financial Group President Tatsufumi Sakai said:
“The business of financial settlements has become more important and is expected to continue to grow. So we have to take a serious approach.”
The president also said that it will leverage the data from new payment services for its future businesses. Mizuho is currently pursuing cross-industry alliances with several other IT companies.
“We’ll do business with other companies if we have the opportunity. Timing and speed are very important. There is a limit to how much we as a financial institution can develop just through our conventional businesses. We’re focusing on new technology,” Sakai said.
For more latest news update Cryptocurrency training Crypto trading signals & automated trading software join below given telegram channelhttps://play.google.com/store/apps/details?id=com.freecryptosignals.app Join- https://t.me/btctradingclubJoin- https://t.me/freebitmexsignalsThe effect the shutdown will have on cryptocurrencies, if any, is uncertain.Cryptocurrencies, like Bitcoin, are extra-governmental. This means that they are beyond the power of governments. While they may be banned, regulated, or otherwise monitored by national governments and the laws that they pass, true cryptocurrencies are owned by the people who use them. When the government shuts down, cryptocurrencies are not directly affected.Fake News About Direct Effects by CCNSome cryptocurrency news sites, including CCN, have reported that the forthcoming crypto trading platform Bakkt may not receive approval from the U.S. Commodity Futures Trading Commission (CFTC) to launch on January 24 as scheduled.This may very well be true. During the shutdown, a limited number of CFTC workers will be forced to continue working without pay (though they may be paid at some later time when the government reopens). With the limited number of employees, it is possible that the agency will focus on more important issues than approving Bakkt for release.Calling this possible postponement a direct effect on cryptocurrency is not only an over-exaggeration, but it is also fake news.First, Bakkt is not a cryptocurrency. It is a cryptocurrency trading platform. Thus, its postponed release is indirectly connected to cryptocurrency. Second, the effects of its release or postponement on cryptocurrency, if any at all, are undetermined. After all, there are many other cryptocurrency platforms that are functioning without approval from the U.S. government right now — and they have been unaffected by the government shutdown.Indirect Effects?Indirect effects, however, are much harder to determine. This is the third time the U.S. government has shutdown this year and the price fluctuations of Bitcoin and other cryptocurrencies during the first and third are inversely related while the second shutdown was too short for any conclusions to be drawn.The January ShutdownThe first shutdown began at midnight on January 20 and ended 60 hours later. During this period, Bitcoin suffered overall losses opening at $12,283 on the Bitfinex exchange at 12:00 A.M. on January 20 and opened at $10,462 at noon on January 22 when the government reopened.But there is no way to correlate the shutdown with these losses. After all, the shutdown also began the first day Donald Trump took the presidency, which may have impacted the cryptocurrency market indirectly. Furthermore, this loss marked the beginning of steady losses seen over the last year following the cryptocurrency boon of late 2017 and early 2018.The Current ShutdownTo make things more difficult, Bitcoin and other cryptocurrencies have been increasing in value the past week. On December 22, BTC opened at $3,882.80 at 12:00 A.M. EST on Bitfinex, when the government officially shut down. At 10:00 P.M. on December 23, it opened at $4,311.60.But overall increases in value did not begin at midnight on December 22. They began several days prior. Correlating these gains to the current government shutdown is, thus, not possible nor even reasonable.The Overnight Shutdown in FebruaryFurthermore, the second shutdown occurred during a single night in February. Changes in overall cryptocurrency prices on that night and subsequent days may be correlated to the shutdown, but there’s no way to know for certain.It is all just speculation at this point. There is not enough data to generate a causal link between government shutdowns and the price of cryptocurrencies, or any other factors for the matter.ConclusionIn short, while some cryptocurrency news sites are making claims about direct effects, they are stretching the truth beyond what is reasonable, or even ethical. They are presenting possible indirect effects based on speculation as something other than what they really are.The simple truth is that we do not know exactly what effect a government shutdown has on cryptocurrency. During the January shutdown, prices fell. Since this shutdown began, prices have risen. And the shutdown in February was too brief to help us draw any conclusions.Perhaps when the government reopens, there will be more data available to help us understand the effects of U.S. government shutdowns on cryptocurrency and its price fluctuations. But until then, it is all just speculation, no matter what the other news outlets want to tell you.
