Italian private bank launches Bitcoin trading service. View in browser

“During this emergency situation we cannot abandon the doctors, nurses, and the health care workers who are on the frontline battling against the pandemic for the recovery of the patients. We thank them for all their hard work and ask our customers, partners and members of the Hungarian crypto community, to support them if they can” ~ Barnabás Debreczeni, founder of MrCoin.eu

Market State

The coronavirus outbreak has devastated the global market. During the month the cryptocurrency market erased $75 billion in value. On the 12th of March, 2020 both the traditional and the cryptocurrency market has experienced “Black Thursday”. During which the global markets registered the greatest single-day fall since the 1987 stock market crash. Bitcoin halved its price by crashing from over $8000 to $3800 on Black Thursday. It then quickly bounced back above $5000. Since then Bitcoin started to gradually recover and gained temporary stability around $6600. Despite the market crash, statistics from exchange data and search engines Google Trend and Baidu showed that people are actually more interested in buying Bitcoin rather than selling it. Several exchanges claimed that they witnessed a considerable increase in trade volume during the market crash.

Bitcoin’s block reward halving is less than 50 days away which means in 50 days miners revenue will be cut in half. The recent price drop amid the spreading coronavirus has forced no-longer-profitable miners to switch off their mining equipment which will allow the remaining miners to mine more profitably. Bitcoin has been considered as an uncorrelated asset and moved independently of major stock market indices. However, during this time correlation between Bitcoin and traditional stock market reached a new all-time high of 0.6. Even gold has followed the decline of traditional markets. Recently, both Bitcoin and gold have reacted positively and enjoyed a significant recovery following the Federal Reserve’s announcement of cutting interest rates to near 0% and statement of having an infinite amount of cash.

Check the latest Bitcoin Price
Quiz of the week

What is the difference between a hot and a cold wallet?

  1. Hot wallets send transactions faster than cold wallets.
  2. Hot wallets are connected to the Internet, while cold wallets are kept offline.
  3. Hot wallets require two or more private keys to authorize transactions, while cold wallets require only one.

Scroll down to see the answer at the end of the newsletter.

Do you like the newsletter? Share it with your friends!
Top stories of the week
A Joint Effort By the Hungarian Crypto Community To Help Health Care Workers

Hungarian leading cryptocurrency service providers are encouraging the community to support local hospitals fighting the coronavirus pandemic via crypto donations. Cryptocurrency exchanges, MrCoin.eu and Coincash.eu and cryptocurrency lending platform, INLOCK.io have launched a cryptocurrency fundraising wallet for this purpose. At the same time, Mrcoin.eu has made an emergency donation of 1.000.000 HUF ($3000) to “Foundation for the Patients, Doctors and Workers of Saint László and Saint István Hospitals” and offered to purchase a $5000 worth mobile respirator. Anyone can send Bitcoin (BTC), Ether (ETH), Tether (USDT) and USD Coin (USDC) to the fundraising wallet to show support for doctors, nurses and health care workers treating coronavirus patients. Coincash.eu and Mrcoin.eu - in cooperation with each other - will convert the donated Bitcoin, Ether, Tether and USD Coin into Hungarian Forint. Crypto to Forint conversion will be free of charge. This way the medical foundations will receive the full donation amount. Contributed crypto funds will be converted to Forint within one working day for large amounts or weekly if the amount of donated crypto reaches a minimum conversion value (35 EUR/10 000 HUF). Thanks to blockchain technology the crypto donations are completely transparent and immutable. Anyone can check and keep track of the current balance of contributed crypto funds here and there with the help of block explorer software.

Italian Private Bank Launches Bitcoin Trading Service

Italian private bank, Banca Sella’s mobile banking platform Hype has announced a partnership with Milan based fintech startup Conio to enable customers to buy, sell, and store Bitcoin. The new feature is the result of demand for Bitcoin among Hype’s customers. According to a survey conducted by Hype, 13.5% of its customers showed interest in trading cryptocurrencies. Bitcoin wallet and trading are now available to at least 1.2 million Hype customers. According to Conio, Hype became the first bank to integrate a fully fledged crypto wallet. By linking up with Conio, Hype’s mobile platform gives users their own crypto wallet, including a private key. Each wallet uses three keys for security; two of them are needed to authorize transactions. One key is held on the user’s device, another on Conio’s servers, and the third is kept offline by Hype. Customers can directly use their account balance to buy Bitcoin without extra verification requirements, with a daily purchase limit of €500 and an annual limit of €2,500 for Hype Start accounts. Meanwhile, Premium accounts can buy up to €4,990 per day or €50,000 per year, with the bank charging a 1% fee on every Bitcoin purchase and sale.

US Federal Reserve Cuts Interest Rate to Zero and Bitcoin Is a Hedge Against It

The US Federal Reserve has lowered the interest rates to near zero and launched a bond-buying program, known as quantitative easing, of at least $700 billion to protect the economy from the effects of the coronavirus. The last time the interest rates were cut down to near zero level was in December 2008, during the financial crisis. Bitcoin happened to launch in January, 2009 and the genesis block had an encoded message that said “Chancellor on brink of second bailout for banks” which was a headline from the Jan. 3, 2009 edition of the Times (probably intended as proof that the block was created on or after January 3, 2009). Central bank managed monetary system creates money through debt. Zero interest rate means depositors receive nothing instead of earning interest income. This incentivizes people and banks to spend or lend their money instead of keeping it in a bank. More money will be created when banks lend even more money. An increase in the supply of money will dilute the money already in circulation, and will eventually lead to an increase in prices everywhere else. While fiat money can and has been diluted by the central banks, Bitcoin is a hedge against inflation with its scarcity and limited supply.

The Italian Red Cross Collects Bitcoin Donations to Fight the Coronavirus Pandemic

The coronavirus pandemic has led the Italian Red Cross and the Colli Albani Committee to launch a Bitcoin fundraising campaign on the 12th of March in partnership with HelperBit, an Italian blockchain based donation platform. The initiative is supported by Young Srl, a FinTech startup operating in the cryptocurrency sector, and by Blockchain Education Network Italia, a non-profit association born in 2014 that spread Bitcoin and blockchain knowledge across Italy. The Bitcoin donation campaign aims to raise funds for an Advanced Medical Post (AMP) to cater the rising coronavirus patients. The initial goal was to raise €10000 (2 Bitcoins) and any additional funds provided will be spent to cover the costs of protective equipment for the medical staff. The campaign has already reached its target within just 3 days. The campaign organizers thanked the donors for their generosity and decided to continue the fundraising with a new target. Italian Red Cross has now set a new goal of €24,500 (4.43 BTC) to purchase equipment for emergency operations, such as a defibrillator with a vital signs monitor. So far the campaign has raised 80% of its target from 66 donors. Coronavirus is forcing charitable organizations to turn to new payment methods. The president of the Colli Albani Committee, Bruno Pietrosanti, said “We believe that an innovative fundraising tool like Bitcoin can help us find the necessary economic resources that are very difficult to obtain in this historical moment.

Blockchain Can Help Saving $400 Million per Year for Air Cargo Industry

SITA, a Geneva based air transport, communications and information technology firm, and the trade association ULD Care are exploring the possibility of using blockchain to bring efficiency and save $400 million yearly in the air cargo industry. Blockchain will enable cargo firms to digitally track and record custody changes for airline cargo containers, or Unit Load Devices (ULDs). This will bring down costs, improve efficiency, prevent loss and damage. The proposed platform also offers a wide range of authentication and trust-based benefits, reducing the risk of tampering, cybercrime, trade-based money laundering, fraud, and illicit trade. Most custodian firms rely on paper documents to monitor and track cargo for shipments that complicate the process and cause frequent trust and transparency issues. Vice President of ULD Care, Bob Rogers said “a container travelling from Shanghai to Long Beach could take up to 30 days to finish its journey, but the true travel time on sea or road is only around 15 days, with the remaining time spent on back-office and paperwork.” He also noted that "Air cargo represents only 1% of all global trade in terms of volume but accounts for 35% of the total trade value and the inefficiency is significant. Using blockchain could revolutionize the process of paperwork and back-office activities, thus reducing a ULD's overall travel time.”

Tweet of the week
Meme of the week
Quiz answer

What is the difference between a hot and a cold wallet?

The correct answer is “B”.

Thank you for reading :) 

Please stay home and take care of yourselves and your loved ones.

Cheers, 
MrCoin Team

💌 hello@mrcoin.eu
📞 +36 16 555 333

website facebook twitter instagram
MrCoin

96 Kensington High Street, London, W8 4SG, UK

No longer want to receive these emails?

Unsubscribe