Bitcoin Tumbles While US and Europe Face Recession

Bitcoin Tumbles While US and Europe Face Recession
фото показано с : beincrypto.com

2020-3-9 12:18

The economic slowdown that has happened due to coronavirus and the potential of an oil war could turn into a recession that will beat down Bitcoin and traditional markets.

According to Joachim Fels, global chief economic adviser at Pacific Investment Management Co., the slowdown will quickly turn into a recession. [Bloomberg]

The strategist and adviser had previously stated that the chance of recession was just 35%. However, with the outbreak of the coronavirus, and the subsequent economic impacts from it, the future is far bleaker than before.

Trouble in Credit Paradise

While Fels believes that the recession would likely be brief due to the rapid expansion and contraction of the viral impact — it could continue. In particular, Fels made clear that the credit situation in the US was troubling, stating: “We are concerned about potential cracks in the U.S. credit cycle in an environment of dwindling corporate cash flows, which could lead to a sharp tightening of financial conditions that feed back into the real economy.”

The impact of tightening credit coupled with reductions in cash flow could be dramatic. As liquidity in the market continues to decrease, a contraction of the economy would be the only response to corporate spending reductions.

Bitcoin’s Response

While the economy may enter into a substantial recession, some have hoped for Bitcoin to remain stable. Last week appeared to show Bitcoin having staying power, as it decoupled from the stock market.

However, the weekend revealed that the cryptocurrency was following in the footsteps of the Dow with massive losses. On Sunday alone, a decline of more than 10% left traders and Bitcoin faithful reeling.

Amid threats of exiting the market completely, many traders have found themselves holding bags. A host of traders had entered in January, hoping for returns on the pre-halving run-up.

However, as outside economic forces pull the plug on growth, the digital asset has seen dramatic losses. At press time, the price of Bitcoin was $7,900.

The post Bitcoin Tumbles While US and Europe Face Recession appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 68782.35 (+0.08%)
Объем 24H $41.768b
Изменеия 24h: 0.06 %, 7d: -3.39 %
Cегодня L: $66916.68 - H: $68910.37
Капитализация $1360.714b Rank 1
Цена в час новости $ 7920.83 (768.37%)

economic bitcoin recession traditional markets according down

Источник: beincrypto.com

economic bitcoin → Результатов: 126


Here’s the Current Political Event That’s Driving Bitcoin Higher: Economist

Bitcoin has rapidly become a macro asset throughout the past few weeks and months, with the crypto trading largely based on global economic trends and events This has greatly benefited the cryptocurrency as of late, with a combination of stock market strength, weakness in the Dollar, and some economic uncertainty in the future all bolstering it One economist is now noting that there is one crucial economic event that will likely guide Bitcoin’s price action […]

2020-11-7 02:00


Iranian Government Gags Crypto Exchanges To Fight 127% Inflation And New US Sanctions

The government in Iran has gagged bitcoin exchanges across the country, claim bitcoin users and alternate coin community of the Islamic state. The government has been censoring its citizens from engaging in crypto-economy, to apparently counter the fresh round of economic sanctions that the US government is looking to impose later in August this year.

2018-7-5 21:31


EU Research: Cryptocurrencies Are Not a Major Threat to Sovereign Currencies

The European Parliament’s Committee on Economic and Monetary Affairs received a Monetary Dialogue titled “Virtual Currencies and Central Banks Monetary Policy: Challenges ahead” recently. The EU Report was confident that cryptocurrencies are “unlikely to challenge the dominant position of sovereign currencies and central banks.

2018-7-2 20:59


Фото:

New Report Warns EU Policymakers Not to Ban Bitcoin

New research analysis on cryptocurrencies for the Economic and Monetary Affairs Committee of the EU parliament cautions lawmakers neither to ignore nor “attempt to ban” virtual currencies.   A ‘Contemporary Form of Private Money’ The report, provided by Policy Department A at the request of the European Union Parliament’s Economic and Monetary Affairs Committee, is titled Virtual currencies and central banks monetary policy: challenges ahead.

2018-7-2 14:00


Ripple [XRP] Partner CEO: Cryptocurrency Is Ammo for Economic Shift

SBI Holdings (a partner of Ripple) CEO Yoshitaka Kitao said, during the Japan Blockchain Conference in Tokyo, that blockchain technology would fuel the next boom in the Japanese economy. The company is at the forefront of blockchain innovation as it plans to invest over $460 million in the industry through an AI & Blockchain fund, which […] Ripple [XRP] Partner CEO: Cryptocurrency Is Ammo for Economic Shift was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-6-29 21:14


The Complete CryptoEconomy Solution – Introducing AGATE

Released in January 2009, the Bitcoin code was the first ever Blockchain Technology to surface the market which started a crypto-revolution across the globe. Within almost a decade, the market saw a flurry of new technologies emerging and disrupting businesses and economic sectors but, every solution simply focused to a particular use-case and imposed with […] The post The Complete CryptoEconomy Solution – Introducing AGATE appeared first on ZyCrypto.

2018-6-26 20:07


Фото:

The Central Banks Of Australia And New Zealand Against Cryptocurrencies

The trend of ‘central banks’ talking about cryptocurrencies is warming up once more, with The Reserve Bank of Australia (RBA) and The Reserve Bank of New Zealand (RBNZ) weighing in on the debate. The pair have moved to debunk rumours that they are investigating in establishing their own central bank digital currency, on the basis that they believe such a project would inevitably damage their current banking system.

2018-6-26 17:00


Фото:

Институт экономических исследований назвал самые устойчивые криптовалюты

Эксперты института экономических исследований проанализировали устойчивость основных криптовалют и пришли к выводу, что в этом рейтинге лидирует Bitcoin. В исследовании Американского института экономических исследований (American Institute For Economic Research — AIER) было проведено сравнение самых популярных криптовалют.

2018-6-26 16:50


Фото:

Эксперты AIER назвали самые устойчивые криптовалюты

Эксперты Американского института экономических исследований (American Institute For Economic Research — AIER) проанализировали устойчивость основных криптовалют и пришли к выводу, что в этом рейтинге лидирует bitcoin.

2018-6-26 16:50


Фото:

Head of Swiss Department of Economic Affairs Conveys Optimistic Vision on Blockchain Technology

Johann N. Schneider-Ammann, the Head of the Federal Department of Economic Affairs, Education and Research of Switzerland, affirmed his belief that blockchain technology is here to stay. Speaking at the Crypto Valley Conference in Zug on June 21, Schneider-Ammann addressed the attendees, quoting Mikhail Gorbachev’s “Life punishes those who come late.

2018-6-26 14:49


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

2008-Esque Fed Caps Buybacks and Dividends from Banks

As the effects of the lingering COVID-19 crisis continue to unfold, the Federal Reserve has continued juicing the economy with stimuli. However, as in 2008, the Fed recently announced that it has put a cap on buybacks and dividends for large banks.

Coronavirus Puts World’s Financial Hubs At Risk Due to Centralization

Global banks around the world are stepping up their efforts as the Coronavirus outbreak spreads to London, New York City, and elsewhere. Would we be less at-risk if our financial systems were not so centralized? Decentralization is usually considered to be the rallying characteristic that brings the entire blockchain space together.