Surprise Rate Cut, Crypto Mainstream, Steem Controversy
BTC price hovered around 8.8k after a dump following panic in Dow Jones Industrial Index. The Dow plunged 1000 points before seeing a similar recovery. Similarly, gold saw a selloff which prompted discussions amongst influencers on CryptoTwitter on BTC’s viability as a safe haven asset. The most logical explanation so far seems to be investors wanting to cover margin calls, hence a selloff on risk-on assets. With RBA cutting rates to 0.5% and the Fed’s surprise rate cut of 50 basis points (the first since 2008), odds are on that a recession is looming in the distance. Overall, long term sentiments remain bullish with Willy Woo recently calling for 135k BTC price in an interview with Max Keiser on RT news. At press time, BTC price has rallied above 9k after India Supreme Court overturned RBI crypto ban and Korea Parliament legitimising crypto albeit under strict kyc rules. We believe the price of BTC will trend around 8k-9k or hit perhaps a lower target not far from the 7.9k mark before a recovery. As usual, trade with caution.
Now ! Digital Asset Fully Legal in South Korea
Feb. 5- The passing of the amendment signifies the official entry of cryptocurrency trading and holding into the legal system for the South Korean government. A restructuring of the domestic blockchain industry is expected to take place as a result of this event.
Exchanges, trusts, wallet companies, and ICO are now required by law to have a real-name verification partnership with an approved Korean bank. Besides the tax concerns, investors also concern on further damages if their preferred exchange closes, charges higher fees, or requires more documentation to continue trading on the platform.
India’s Supreme Court Lifts Banking Ban on Digital Asset Exchanges
The Supreme Court of India has ruled against a decision imposed by the country's central bank nearly two years ago that stifled digital asset trading in Asia's third-largest economy. Petitions by digital asset exchanges and startups that opposed the decision made by the Reserve Bank of India in April 2018, which banned domestic financial institutions from providing banking services to digital asset exchanges.
Hours after the ban was lifted, an Indian digital asset exchange has added support for bank account transfers.
🏦RBA cuts rates⬇ to new record low to shield economy from coronavirus fallout
Australian economy has been hit by the impact of bushfires and coronavirus outbreak.
Attempting to protect the Australian economy from the financial fallout of the coronavirus outbreak. The Reserve Bank of Australia (RBA) has cut official interest rates by a quarter of a percentage point to a fresh record low of 0.5 per cent.
The fallout from the coronavirus crisis is deepening with the Reserve Bank forced to cut interest rates to a new record low of 0.5 per cent to help the economy.
National Australia Bank (NAB) chief customer officer consumer banking Mike Baird said the bank's decision to pass on the quarter of a percentage point cut across its variable home loan products would support households and encourage cashflow into the economy.
🔥Tron x Steemit - Watch the votes
Justin Sun, the controversial founder of the Tron blockchain, has seized control of the Steem blockchain – with the apparent help of several prominent crypto exchanges.
The turmoil began on Feb. 14 when it was announced Sun had acquired Steemit, a blogging site that owns a very large quantity of the STEEM digital asset.
STEEM community leaders, the validators of the blockchain, initiated a soft fork on Feb. 23 that censored the stake of tokens held by Steemit. Leaders or validators on Steem are called witnesses, serving similar roles to bitcoin's miners.
Steemit have since published a blog “An Open Letter to the Community HF22.5”, including the commitment to the community and the product roadmap.
MARKET PULSE📊
Not much fluctuation from last week in the index reading of 40, Bitcoin has returned to $9,000 level at time of writing with the BTC Fear & Greed Index at 39.
Despite the bullish momentum, the high volume levels are not here yet. Let’s stay tuned!
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