Relief: Federal Reserve Chairman Does Not Plan to Ban Cryptocurrency

Cryptocurrency fans and investors just breathed a major sigh of relief. Jerome Powell– Chairman of the Federal Reserve– has confirmed that he “has no intention” to ban cryptocurrency in the US. Powell’s Position on Crypto The chairman confirmed and clarified his position today while testifying in front of congress. House Representative Ted Budd asked Powell to explain one of his previous statements on the matter.  [caption id="" align="aligncenter" width="967"] Jerome Powell. Source: Reuters[/caption] In July, Powell joined a slew of…

US Fed Hints Another Stimulus Package as BTC Surged Above $9.5k

Bitcoin’s price incurred an upsurge above $9.5k yesterday while the U.S. Fed. Reserve left benchmark lending rates close to zero and talked about the provision of another stimulus. Bitcoin rose by more than 4.98 percent yesterday thereby attaining $9,233, following the warning by the U.S. Federal Reserve regarding a medium-term economic disaster prompted by the current COVID-19 pandemic. The price of Bitcoin has been on the upside by over 30 percent in the past seven days as halving is imminent.…

Two Emerging Events Could Bolster Bitcoin

The backdrop of current worldwide economic trouble is a concern when it comes to the performance of Bitcoin. However, up till this moment, Bitcoin has done well such that it posted year-to-date gains while the performance of equities market is still well beneath its level in the beginning of 2020. At the moment, there are two swiftly emerging events which may prompt both prevalent adoption and accumulation for Bitcoin. These two events have the potential to bolster the benchmark cryptocurrency…

Facebook’s Libra Could Have Helped the U.S. Maintain Its Financial Superiority

The United States Federal Reserve plans to buy unlimited bond and also print dollar but do not appear to be going well. The country continues to experience a rising unemployment rate. Nonetheless, it appears that the cryptocurrency space has a solution to this challenge. Mark Yusko of Morgan Creek Capital spoke on a recent podcast, suggesting that a central bank digital currency (CBDC) may help with the plan of printing dollar bills. Yusko said CBDCs may help with faster distribution in…

The Current Financial Trend Will Boost Bitcoin

Some factors should make traders go short on Bitcoin following the 50 percent crash in March. The crash compelled numerous people to abandon the crypto domain as the liquidity of cryptocurrency markets fell recently. Dan Tapiero of DTAP Capital and Gold Bullion International noted the unbelievable nature of the latest price action in the investment-level corporate bond market. Charts revealed that corporate bonds’ index is about to attain its lifetime highs following an extreme 20 percent retracement, coming from bonds…

Bitcoin increases by 10% and markets slightly recover

Get the weekly summary of cryptocurrency market trends, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $173 billion. Bitcoin gains 10% in dollar value and trades safely above the $6,500 mark. Ethereum traded steadily between $135 and $140 XRP rises to $0.19 but drops by 3% on the weekend The Trump Administration announces a $2 trillion economic stimulus. The equity market also increases by 10% Covid-19 has now spread to…

Draft of Coronavirus Bill Suggests Issuance of the Digital Dollar in The US

As the markets continue to shift negatively, the US looks to Congress for agreement on a significant stimulus package to rescue the economy from impacts of the coronavirus pandemic. The Democrats in the US house want to create a ‘digital dollar’ and the establishment of ‘digital dollar wallets according to a proposed draft stimulus bill, which has been circulating ahead of formal publishing. The digital wallets would be maintained by the Federal Reserve Bank. The new proposals will facilitate payments…

Ripple CEO Ascertains XRP’s Place on the Table Amidst USD-backed CBDC Launch.

The race to launch a CBDC among central banks worldwide is perpetually picking up as its development is ongoing in nations like Singapore, while China buckles up for its launch within 202o. However, people's focus is set on the US Federal reserve's potential to release a CBDC backed by the favored currency, USD. In recent times, reports have it that the Head of Blockchain technology said that the company would not release its JPM Coin if the Federal Reserve released…

U.S. Federal Reserve Official Says Various Cryptos are Like ‘Burning Garbage’

This year has brought tremendous gains in the crypto market. Several leading cryptocurrencies are performing exceptionally well. Numerous questions still need answers regarding the use, potential, and adverse effects of cryptos. Comments on crypto demerits arose, including Minneapolis Federal Reserve president, Neel Kashkari, commenting on the same. He spoke recently at an event, stating that cryptos are "like a giant garbage dumpster," and they do not have the fundamental features of any stable currency. He added that USD is valuable…