Plus, majority of crypto transactions are valueless |
Hello Bitcoiner,
This week’s changes:
Bitcoin is continuing to pump in price during this week. BCH is also moving up, while the other top crypto assets aren't doing as well. Ethereum leads the way with a three percent drop. The third Bitcoin halving is only 2 days away.
Prices are as of 9.00 a.m EDT.
Don’t miss any market movements.
The economy was collapsing way before the COVID-19 in the U.S.
The global economy has shuddered and the majority of people still attribute the financial meltdown to the pandemic. However, many citizens are now blaming the government lockdowns, overly-predictive models, and industry shutdowns. Moreover, a recently published report states that the financial crisis in the United States started five months before Covid-19’s first death report in the United States.
Majority of crypto transactions are valueless
Over three months, researchersexamined network traffic of three high-scalability blockchains: EOS, Tezos, and XRP. The authors found that only a small fraction of transactions are used for value transfer purposes. Particularly, the research showed that 95 percent of the transactions on EOS where the result of an airdrop of a valueless token, 82 percent on Tezos was used for maintaining consensus, and only 2 percent of transactions on XRP were considered valuable.
Lebanese economic crisis is ahead of us
Lebanon’s currency is collapsing and the country is clearly facing an unprecedented economic crisis. The Lebanese currency has already lost about 60% of its value. The central bank’s policies have come under fire while citizens are protesting against how the government handles the economic meltdown. They claim that the actions led to people’s living situation deteriorating "terrifyingly." Can we expect this to happen to all countries?
Do stock market investors know something that the rest of America doesn’t?
S&P 500 valuations rise to 18-year highs as earnings fall at the fastest pace since the 2008 financial crisis. The stock market keeps rising while the global economy is collapsing. People start to think that Wall Street knows something that the rest of America doesn’t when it comes to what a post-COVID-19 pandemic future looks like.
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