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Bitcoin falls below 8K
The price of Bitcoin (BTC) closed the week at $8.024, a shocking loss of 9,92% and a new minimum weekly, not seen since January 13, when the asset was listed for $7.946. At the time of writing, Bitcoin is trading at $7.787 according to CoinMarketCap. The fall in prices occurs when the global financial markets suffer a sell-off. Recalling that the crude oil Brent fell by more than 30 per cent on Sunday, its largest fall in a single day since 1991. To the extent that it fixed the price of Bitcoin, the altcoins also suffered large losses. The majority of the top 20 alternative currencies followed suit, falling by double digits. Ether (ETH) fixed 13,67%, and was below $ 200, Bitcoin Cash (BCH) fell 17,67% and XRP lost 12,17% of its value.
Bitcoin is working exactly as expected according to the analyst PlanB
Bitcoin (BTC) to not be “stuck” this weekend, in fact, is working exactly as expected, says the creator of the renowned indicator of price stock-to-flow. In a tweett of march 8, the analyst PlanB said that, even though BTC / USD had fallen below $8,000, the pressure of the low in reality it was not an event.
“Chart #bitcoin S2F is adjusted to the ‘collapse’ of today … nothing really happened, btc is still on the track S2F”. PlanB
Stock-to-flow is a measure of where you should go to Bitcoin in the function of supply of existing stock, in comparison with the “new” Bitcoin entering circulation, or flow. The resulting ratio determines the expectations, which require that BTC / USD to reach the $100,000 at some point in 2021.
CTO of PayPal, says that the cryptocurrencies have become more similar to the “game assets” that a currency
The developers of cryptocurrencies must closely follow consumers, said the technical director of PayPal. Sri Shivananda, a veteran of eBay who has been in your position in PayPal from 2016, made his comments at the Summit of Global Business Economic Times (ET), reported ET on the 9th of march. During his speech, Shivananda pointed out that the cryptocurrencies, in many cases, have become more similar to the “game assets” that a currency. He said: “The main thing to keep in mind in this business is to follow the consumers. If consumers start to feel that there is some influence that is obtained through the cryptocurrencies, everything else will align automatically”.
China injected $4.7 million in the platform of trade finance blockchain of the Central Bank
The chinese government has allocated additional funding for a platform of financing of trade based on Blockchain developed and directed by the central bank of the country. The people’s Bank of China (PBoC) will receive 32,35 billion yuan, equivalent to $ 4.7 million in “special funding” from the government. It will work in a period of three years for research and development of the commercial initiative, confirmed the authorities to the local media. Known officially as the Platform Blockchain of the Bay Area in Trade Finance in banks and companies, stored order data, logistics and transactions in the system to create new efficiencies in transactions. It also says that it gives regulators greater oversight. In addition, it provides small and medium-sized enterprises (SMES) access to financial tools more and more sophisticated.