#CryptoCorner: #Bitcoin Mounts Considerable Recovery, Japanese Representative Urges CBDC, Mining Giant Huobi Reports 2019 Financials
#CryptoCorner: #Bitcoin
Mounts Considerable Recovery, Japanese Representative Urges CBDC, Mining Giant
Huobi Reports 2019 Financials
Point Roberts, WA, Delta BC March 20, 2020
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Stocks discussed: (NasdaqGS:FB)
Bitcoin (BTC) has pulled off a considerable recovery
over the past few days, growing from around $5,300 on Thursday to a current
trading price of $6,600, according to data from CoinMarketCap.
This current trading price is a full $2,000 higher than the low Bitcoin saw on
Monday, March 16, when it sank to about $4,600. This bullish movement is
commonly being attributed to the news of increased liquidity injections from
central banks, including the U.S. Federal Reserve, which saw its largest
balance sheet increase since the 2008 financial crisis.
Bitcoin’s recovery
has raised the tide for much of the rest of the crypto market, perhaps most
notably Bitcoin Cash (BCH), which is up 22 percent in the last 24
hours, and Bitcoin SV (BSV), which has grown an impressive 33 percent in the
last day.
In an interview
with Cointelegraph, Japanese House of
Representatives member Kozo Yamamoto said that Japan should adopt a digital yen
“as quickly as possible.” Breaking down money into three traditional roles – a
medium of exchange, store of value, and unit of account – Yamamoto argued that
the first and second of these roles could be taken care of by a company,
similar to Facebook’s (NasdaqGS:FB) Libra project. Of the third role,
he said:
"We must protect it (the role of a unit of
account) no matter what. If Japan doesn't issue a digital currency and people
in the world use other digital currencies, the Japanese yen will be forgotten
and lose its sovereignty."
Italian bank Banca
Sella has announced the launch of a Bitcoin trading
platform called HYPE BITCOIN. The initiative was the result of a collaboration
between Banca Sella and Italian fintech firm Conio. Antonio Valitutti, General
Manager of HYPE, explained:
“We have identified in Conio's technology and
experience the way to offer not only the possibility of buying and selling
Bitcoin in an extremely simple and immediate way but, above all, the
opportunity to offer our customers total custody and therefore real ownership
of the currency, thanks to a sophisticated three-key security system. What our
team is most satisfied with is that HYPEBitcoin is a proposal that fits
perfectly with both the curiosity of those who want to approach and experience
access to the world of the most widespread and well-known cryptocurrency, and
with the needs of a more professional audience "
Crypto mining giant
Huobi released the financial results for its digital
assets mining and trading pool, Huobi Pool, for the fiscal year ended December
31, 2019. According to the report, Huobi Pool reached an operating revenue of
$320 million, which is up 547% from $53 million in 2018, and “operating profit
rose 218% from $2.5 million in 2018 to $6.3 million in 2019.” Ciara Sun, VP of
Global Business at Huobi Group, commented:
“2019 was a pivotal year for Huobi Pool, driven by
strong revenue performance from our staking operations and the rapid growth of
our cloud PoW mining service. We’ve invested heavily in the Huobi Pool
ecosystem and we’re excited about the division’s continued traction as we
expand the service globally this year.”
Sam Mowers, Investorideas
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