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Friday, March 20, 2020

#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 - Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market .

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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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