#CryptoCorner: BTC Loses 11% in Sunday Sell Off, Accenture ( $ACN) Teams with Mastercard, AWS and Others with Launch of Blockchain-Based Circular Supply Chain
#CryptoCorner:
BTC Loses 11% in Sunday Sell Off, Accenture ( $ACN) Teams with Mastercard, AWS and Others with Launch
of Blockchain-Based Circular Supply Chain
February 25th #CryptoCorner
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February 25 Crypto Corner
BTC
Loses 11% in Sunday Sell Off, Accenture Teams with Mastercard, AWS and Others
with Launch of Blockchain-Based Circular Supply Chain, Russia to See Crypto
Regulation in March and Plans Oil-Based Crypto and Indian Supreme Court Gives 4
Week Deadline for Regulation
Stocks
discussed: (NYSE:ACN) (NYSE:MA)
Over the weekend the crypto market
saw a brief surge on Saturday, followed by a sudden, and even bigger drop on
Sunday. According to data from CoinMarketCap, the
market cap reached as high as $144 billion at its peak on Saturday, but then
plummeted $16 billion down to $127 billion. The effect on individual coins was
no less dramatic, with Bitcoin (BTC)
reaching as high as $4200, only to drop 11 percent down to around $3800. It is believed that a
high volume of future contracts could have resulted in the high sell pressure
seen on Sunday.
Professional services firm Accenture
(NYSE:ACN) issued
a press
release today detailing their launch of a blockchain-based
circular supply chain in collaboration with Mastercard (NYSE:MA),
Amazon Web Services and others. David Treat, a managing director and global
blockchain lead at Accenture, explained:
“Our identity capabilities are already
empowering millions of users around the globe to access essential services like
healthcare, banking and travel. Our circular supply chain capability combines
these components with blockchain and expands its application to places and
things, which is allowing us to rethink global supply chains. Through effective
public and private partnerships, we can place sustainability and customer
empowerment at the heart of global business models and we invite more partners
to join us.”
Russia will see new crypto
regulation in March, according to a recent report from local outlet Rambler. The
report goes on to illustrate the possibility of an oil-backed cryptocurrency.
Former Energy Minister Igor Yusufov explains the potential advantages of such a
crypto, in a loose translation:
“In the current situation of the oil market
and the instability of payments in dollars - the logic of the development of
the digital economy on a global scale suggests exactly this path of
development. After the launch of the cryptocurrency platform, oil-producing
countries will be able to maneuver with respect to financial and trade
restrictions, which have become too many in recent years. Based on this, the
project will bring the greatest benefit to OPEC + countries, including Russia,
which will be able to increase oil and gas exports.”
Inc42 reports
that the Supreme Court of India has ordered the Union of India to produce a
regulatory policy for cryptocurrency within the next four weeks. According to
the article, if authorities fail to create the regulatory policy within the
timeframe, the Court will move forward with their judgment.
Sam Mowers, Investorideas
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