#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 - 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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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

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