on the crypto
In recent days, several cryptocurrencies have shown new signs of life. Bitcoin, for example, is traded over again quota $ 7.000 for the second time this month.
Bitcoin has once again crossed the $ 7.000 mark
In addition to BTC's sudden turnaround, Ethereum is trading for $ 170, while other major currencies - such as Ripple and Litecoin - have increased in value. In most cases, the cryptocurrency industry appears to be in a recovery phase alongside the stock market, as the Dow Jones has returned to growth in the past few hours.
These two waves probably stem from two major factors. First, President Donald J. Trump has announced that some state economies are likely to reopen their doors to business in the coming weeks or before May 1st.
Some states have not had very serious consequences for coronavirus and may therefore return to normal functioning before the end of the month. In the end, Trump is leaving it up to individual regions to decide for themselves when they can get back to work and what the most appropriate measures to take are.
Some areas - such as New York, probably one of the regions most affected by the United States during this pandemic - have stated that they are trying to keep non-essential activities closed until mid-May, but in many other states, the situation may be more favorable, and this could lead to a reduction of economic problems in the USA.
Libra is getting smaller
The other thing that is probably contributing to the sudden bitcoin boom is the fact that Libra is shrinking. Facebook has just announced that the Libra project will be revised to support only fiat-based stablecoins or tokens.
The Libra Association said it was trying to minimize regulators' concerns through this process, although actually making these changes will allow Libra to be launched sooner and take advantage of the recent surge in digital payments that has occurred in connection the spread of COVID-19.
Quantum Economics founder Mati Greenspan explained in a statement: "This is good for bitcoin ... Bitcoin has increased by 6% ... The new watered-down version of Facebook's Libra is an admission that they are also not in able to replicate the immaculate conception of bitcoin and that their blockchain will no longer be a valid competitor of any existing cryptocurrency. He will, however, be a serious contender for PayPal, Venmo and Square. "
Is Libra falling into oblivion?
Yoni Assia - the CEO of the e-Toro cryptocurrency exchange - says there is a downside to the whole package of new changes, since Libra will now be much more centralized.
“The main disadvantage of these changes is that the system is less open and less decentralized. Therefore, the bitcoin community will probably ignore this like any other centralized project, "said Yoni.
