#CryptoCorner: #Bitcoin Sees Spike, Coinbase Sees Record Volumes, NetCents (CSE: $NC.C) Completes Technical Integration of #Crypto Credit Card
#CryptoCorner: #Bitcoin
Sees Spike, Coinbase Sees Record Volumes, NetCents (CSE: $NC.C) Completes
Technical Integration of #Crypto Credit Card
Point Roberts, WA, Delta BC March 23, 2020
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Bitcoin Sees Spike Following Fed Announcement, Coinbase
Registers Record Volumes, NetCents Completes Technical Integration of Crypto
Credit Card and IMF Discusses CBDC
Stocks discussed: (CSE:NC)
Bitcoin (BTC) did not see much
movement over the weekend, but has just this morning spiked from just under a
$5,800 trading price to a peak of about $6,300, according to data from CoinMarketCap. This comes after a statement from the Federal
Reserve’s Board of Governors, announcing the central bank’s intention to use
“its full range of tools to support households, businesses, and the U.S.
economy overall in this challenging time.” Characterized widely as “unlimited
QE,” the news triggered “a brief rally in stocks and corporate bonds,”
according to a Bloomberg report this
morning, but that fizzled soon after trading opened in New York. Similarly
Bitcoin seems to have steadied at press time.
But regardless of
trading price, Bitcoin, and crypto trading more generally, is registering
serious volume. A report from CoinDesk indicates that
popular San Francisco-based exchange Coinbase witnessed record site traffic and
a surge in market volume over the last several days. According to the article,
Coinbase “processed $2 billion in crypto last Thursday and Friday,” and citing
data from Bitwise, “$394 million in volume over the past 24 hours.”
Crypto payments
provider NetCents Technology Inc. (CSE:NC) has completed the technical
integration of the NetCents Cryptocurrency Credit Card. Notably, the press
release indicates that NetCents has “started the first merchant integration,
which will enable merchants to allow their users to load their branded credit
cards using cryptocurrency.” Clayton Moore, CEO of NetCents Technology, said:
“Since starting this process, our relationship with
Visa has evolved and expanded. We look forward to working with Visa, evolving
and driving these initiatives together. We consider it a privilege to support
Visa in their effort to bring best-in-class products to the market. We hope to
update you on these advancements in the near future.”
A
recently-published speech by International
Monetary Fund (IMF) Deputy Managing Director, Tao Zhang to the London School of
Economics explored the pros and cons of central bank digital currencies
(CBDCs). Among the pros highlighted by Zhang were an increased efficiency
brought on by decreased costs, greater financial inclusion afforded by the lack
of requirement of a bank account, lower barriers to entry for new firms,
enhanced monetary policy and the ability to counter other digital or
cryptocurrencies. Zhang went on to identify the increased responsibilities
required of central banks to implement CBDCs and the risk of negatively
affecting their reputation and trustworthiness. Zhang also explored the idea of
a hybrid option called a synthetic CBDC (sCBDC), wherein the “private sector
would issue coins fully backed with central bank reserves, under the
supervision of the central bank.”
Sam
Mowers, Investorideas
For
investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain
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