Nations deal with cryptos
Positive news from Asia caused a sensation in the cryptospace industry last week. India and South Korea legalized the trade in cryptos and Bitcoin subsequently jumped above the important USD 9000 mark. But also in Europe more and more nations are getting involved with the blockchain technology. Unfortunately, the reports come at a very bad time, as the coronavirus is affecting all markets. We take a look at the most important events.
France recognizes Bitcoin as the real currency
Last week, reports from France caused a stir in the crypto community. According to the reports, a few days ago a French commercial court recognized Bitcoin as a currency in the classic sense of the law. Should the news be confirmed, this would be a big step towards adaptation. The news channel “Les Echos” already reported on Thursday about the court ruling. A legal dispute between the crypto-exchange Paymiuim and the company BitSpread had preceded the ruling.
Bullish news from Asia
India and South Korea legalize the trade in crypto-currencies. For many experts, these reports are in direct correlation with the price rally from the previous week. Meanwhile, critics fear that the privacy of users could be endangered, as several exchanges will have to issue whole clear names in the future. South Korea is considered a “crypto-bullish” nation. According to various SCAM’s the law could provide more security with quality controls.
BaFin decision in Germany
In Germany, too, there is movement in the Blockchain issue. For example, the Federal Financial Supervisory Authority (BaFin) this week published new guidelines on cryptocurrencies in which Bitcoin and other cryptos have been classified as digital assets since the beginning of the year. In addition, companies will in future require a license if they store or trade in crypto-currencies for third parties. 40 banks have already acquired these.
Bitcoin price rises after the news from Asia
It is unclear to what extent the news has affected the Bitcoin share price. However, many experts see a direct correlation between the rising Bitcoin price and the interest of various nations. The topic “Blockchain” is making its way into the mainstream and many governments recognize this trend.
Drastic dump at the weekend
Over the weekend the positive news was masked by the negative headlines around the corona virus and on Monday the traditional markets started the new week with record losses. The DAX lost all of its gains from 2019 and the oil price slid a whopping 30%. In the meantime, Wall Street even had to suspend trading, while the BTC recorded a daily loss of about 10 %. The future state of the global economy is uncertain and the No.1 crypto currency is not living up to its reputation as a “safe haven”.
What is the situation on Tuesday?
Today, Tuesday, there was much to suggest a slight correction, but this tendency turned out to be false in the past few hours. At the time of this article, Bitcoin is quoted at 7845 USD and is thus moving further and further away from the important 8000 USD limit.
What are the Alts doing?
The Altcoins can recover at least minimally on Tuesday. Ethereum is fighting at the 200 USD mark and Ripple is defending a rate above the 0.20 USD mark. Tezos conjures up the best performance (from the top 30) on the crypto floor with a price increase of around 10%.