Cryptocurrency Weekly News – Latest Updates

There are tons of news that surround cryptocurrency every day. Most of the information is about Bitcoin; however, other crypto assets are mentioned as well. Here, we will present to you, the most important crypto news that occurred this week. Keep reading to find out more information on the subject.

There are a lot of crypto related events that happen daily in the world. This article will cover the most intriguing ones that happened during the past couple of days. The Coronavirus has affected everything, including the crypto world. That’s exactly why there are tons of news about cryptocurrencies that are connected to the world’s biggest problem at the moment. We have picked some of the most exciting and most recent news for this article. First, we will talk about a medical post that was built in Italy through donated bitcoins.

Welcome to Cryptocurrency Weekly News
Welcome to Cryptocurrency Weekly News

Next, we will discuss if the world is ready for virtual conferences. Lastly, we will talk about the financial hit cryptocurrencies are going to suffer due to COVID-19. Keep reading to find out more about the above-mentioned topics.

Medical post built thanks to Bitcoin donations

The whole world is in lock-down at the moment due to the Coronavirus. However, certain countries are taking bigger hits than the rest. Italy is one of those countries which is why they have been taking all kinds of donations. On April 5, Italy’s “blood donation day,” the Italian Red Cross constructed an advanced medical post using funds generated through a crypto fundraiser. The Italian Red Cross has raised nearly $32,000 through cryptocurrency donations in less than one month. Roughly $22,000 has been used to finance the construction of the initiative’s first advanced medical post in the town of Castel Gandolfo near Rome. 

Helperbit is the company that set this campaign in motion. It was a major success because more than $10000 were donated in 3 days. However, that is just the start to this campaign. The Italian Red Cross will continue this campaign for the foreseeable future. Cointelegraph spoke to Davide Menegaldo, COO of Helperbit — the firm that set up the Red Cross’s crypto campaign — who stated that the blood donation days will take place on at least a bi-weekly basis for the next four months, with the next event scheduled for April 19.

The 2.195 BTC that the Red Cross has thus far spent incurred just 0.55% in total fees — highlighting the efficacy of cryptocurrencies for making donations:

“This initiative showed how it was possible to transform BTC coming from all over the world into a tangible asset, needed during an emergency situation, in just two weeks and with a total much lower than 1%.”

97% of donations were in the form of BTC, with 3% comprising alternative cryptocurrencies. 90% of contributions came from anonymous donors.

Virtual conferences can be the future

Blockchain and cryptocurrency are sectors of the financial technology industry that are used to leading the way when it comes to innovation, and it’s no surprise that blockchain conferences are quickly moving online in an effort to keep people in the crypto community connected while also maintaining the strict social distancing we should all be following during this testing time. This technology has been available for years and a lot of people and companies used. However, its not something that’s accepted as a norm through offices and households.

The question is whether virtual conferences remain a permanent fixture after the COVID-19 is dealt with. Dozens of blockchain conferences have been cancelled already this year, and many more are likely to follow. Those that decided to press on earlier in 2020, before governments announced strict lock downs of their citizens, struggled to make a mark. It’s clear this pandemic doesn’t look like it’s going to end any time soon. So, the obvious option is to move events online, a move some canny organizers have pivoted to.

Virtual conferencing means that businesses and individuals can be much more inventive in their approaches and offerings. There are many remote conferencing applications and tools available, allowing anything from a virtual roundtable discussion in a 3D environment to a full on “Sims” experience that allows people to create an avatar and attend the virtual conference as if they were playing a computer game. 

Coronavirus and it’s effects on crypto markets

Since the start of this pandemic, the whole world has been in lock-down. This affects all aspects of human life including crypto markets. However, this was true during the beginning of this pandemic. In the last couple of days crypto companies have seen an increase in volume. Bitcoin dumped roughly 50% between March 12 and 13, in tandem with mainstream fears. Bitcoin seemingly decoupled from traditional markets several weeks ago, however, trading sideways and then up, arguably independent of the mainstream markets.

“Institutional investors have been getting more involved in crypto trading after 2017; when the traditional markets finally underwent a major correction in early March, everyone on Wall Street tried to get out of position, into USD, and that seems to have brought crypto markets down with it,” Jia said. 

On top of that, other companies are also seeing a surge in activity. Fiat-to-crypto marketplace MoonPay has also seen increased customer numbers since the beginning of March, when global uncertainty increased drastically. As a matter of fact, March was a record month for MoonPay. They saw a surge in cryptocurrency purchase volumes of over 80%.

Tune in Next Week!

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