Bitcoin Price, Stocks, Rally on Trump COVID-19 $1 Trillion Stimulus Reveal

Bitcoin’s recovery from last week’s catastrophic drop to $3,700 continued on Tuesday as the digital asset briefly topped $5,500 before pulling back below $5,400. The improvement in the crypto market’s price action appears to have received a boost from today’s White House press conference which saw the U.S. Treasury Secretary Steven Mnuchin confirm reports that the Trump Administration would support a $1 trillion dollar Coronavirus response package.  The stimulus aims to provide a swift intervention to small businesses, various industries, and citizens who have all been hit in the pocket…

Kevin Durant Has Coronavirus, Is the Source a St. Patrick’s Day Shocker?

Kevin Durant and three other Brooklyn Nets have tested positive for COVID-19. The Utah Jazz are widely considered to be the first team with the infection. However, a closer look reveals the NBA’s outbreak may have started in Boston. The coronavirus continues to spread through the NBA. ESPN journalist Adrian Wojnarowski tweeted today that four Brooklyn Nets players have tested positive for coronavirus, including superstar Kevin Durant. The NBA keeps getting bad news. | Source: Twitter On Tuesday, Durant told The Athletic, Everyone be careful, take care of yourself and…

Investment Platform Republic Aims for Asset Creation on Algorand Chain

Republic, a platform letting users invest in early-stage companies, announced plans to launch its own digital asset on Algorand’s blockchain.  “We are excited to be using their cutting edge blockchain technology to enable the creation of a new dynamic digital asset,” Republic co-founder Kendrick Nguyen said of Algorand in a March 17 statement provided to Cointelegraph. The asset will allow the public access to the success or failure of Republic through investment.  The digital asset will be a security, Republic associate general counsel and partner Jed Halfon confirmed to Cointelegraph…

IDG-Backed Crypto Exchange KuCoin Establishes KuGroup to Expand Services

Despite the ongoing global crisis fueled by intensifying coronavirus fears, Singapore-based cryptocurrency exchange KuCoin takes action to expand its services and restructure business. Backed by major venture capital firm IDG Capital, KuCoin exchange has established KuGroup, a core division of the company that will manage all KuCoin products. KuCoin announces two new appointments alongside company restructuring According to a March 17 announcement, KuGroup encompasses three business divisions in the company, including KuCoin Global, KuCloud and KuChain & KCS Business Group. As part of the strategy and company structure upgrade, KuGroup…

Alibaba Imports E-Commerce Platform Adopts Blockchain Traceability System

Chinese e-commerce giant Alibaba announced its import e-commerce platform Koala has updated its products to include a full-link traceability blockchain system on March 16, according to a Sina Finance report from March 17.  Blockchain increases logistic transparency  The report revealed that the integration of Ant Financial’s blockchain in the Koala platform allows online buyers to find out the purchasing goods detailed logistic information through scanning a QR code with Alipay.  The updated Koala application is designed to provide consumers with a traceable icon after completing the purchase on the order…

Akon’s Crypto Project Adds Financial Infrastructure Outfit Delchain As Partner

Akoin, a cryptocurrency project from famous singer Akon, has joined up with blockchain financial infrastructure company Delchain.  “Bahamas-based digital asset management leader Delchain, an affiliate of Deltec, has provided strategic advisory services and expertise in connection with Akoin’s token generation event on a top tier exchange, scheduled for Q2 of 2020,” Akoin president and co-founder Jon Karas said in an email to Cointelegraph. Delchain is reportedly associated with Deltec Bank and Trust Limited.  Akoin helps people in asset maneuvers Constructed on Stellar’s blockchain, Akon’s crypto endeavor aims to provide utility…

Blockchain Can Save Pharmaceutical Industry $180 Million, Study Says

UCLA Health and LedgerDomain, a blockchain development platform, announced a new study revealing that blockchain technology would save the United States pharmaceutical industry over $180 million each year. The study was launched as part of the U.S. Food and Drug Administration’s Drug Supply Chain Security Act Pilot Project Program. The program is part of a broader effort to develop an electronic, interoperable system to track prescription drugs throughout the U.S.  According to the Drug Supply Chain Security Act enacted in 2013, by 2023, pharmacists in the U.S. will be required…

Bitcoin Safe Haven Narrative in Question After Biggest Drop in 7 Years

Bitcoin (BTC) price is slowly recovering, reaching $5,500, after last week’s Black Monday style market meltdown which led to Bitcoin price pulling back sharply as traditional markets suffered the third worst trading day ever. Monday’s correction was followed by major cryptocurrencies – Ether (ETH), XRP, and Bitcoin Cash (BCH) all losing 11.6%, 8.3%, and 4.2%, respectively.  Crypto market daily price chart. Source: Coin360 The dump in crypto prices has raised further doubts over the classification or use-case of Bitcoin and cryptocurrencies at-large. Bitcoin’s safe haven argument as “digital gold” is…

Trump’s Bumbling Coronavirus Rhetoric Will Reignite U.S.-China Trade War

Donald Trump angered China by referring to the coronavirus as the “Chinese Virus” in a tweet. The war of words over the coronavirus risks cutting off diplomacy at a time when China may need to renegotiate its side of January’s trade agreement. Ultimately, the Trump administration’s rhetoric risks pushing U.S.-China trade negotiations into a more aggressive phase. Donald Trump is at it again. Referring to the coronavirus as the “Chinese Virus” in a tweet and then defending the slur later, the president provoked an angry reaction from Beijing. And with…

Spain Bans Short-Selling, Trump Would Be Foolish to Follow Suit

Spain has banned short-selling for a month. IBEX 35 had fallen by close to 40% in under 30 days. Research proves that banning shorting does not prevent stock market slides. President Donald Trump would be severely mistaken if he were to follow Spain’s example. Short sellers in Spain will have to wait a month before they can resume shorting. Spain’s securities regulator, Comisión Nacional del Mercado de Valores (CNMV), has banned the practice. This move is to stem the “extreme volatility” following the coronavirus pandemic. Critics of short-selling argue that…