Bitcoin’s unfolding is mirroring the crash of the Nasdaq during the dot-com bubble, but the cryptocurrency’s pace is 15 times faster. Social media outlet Twitter may also be planning to block cryptocurrency related advertisements, while a leading payment processing company has said it is open to working with central bank-backed digital currencies. And the Bitcoin price has moved up further as market concerns were calmed after a dovish letter from the G20.
Here is a wrap up of the main news from the cryptocurrency and blockchain space over the last 24 hours.
Morgan Stanley Warns Bitcoin Unfolding 15 Times Faster Than Nasdaq 2000 Crash
Bitcoin is unwinding in a similar fashion to the Nasdaq during the dot-com bubble nearly two decades ago, but 15 times faster, global investment firm Morgan Stanley said. The firm’s strategist Sheena Shah said the Nasdaq in 2000 and Bitcoin now both rallied 250 to 280 percent during their peaks ahead of bear markets. “Just that the bitcoin rally was around 15 times the speed,” the strategist added.
Twitter Also To Ban Cryptocurrency-related Ads?
Twitter is likely to follow Google and Facebook as it prepares to ban advertisements for cryptocurrencies and related products, according to Sky News. Cryptocurrencies, mainly bitcoin, continued their downward trend following the news. As per the report, the social media platform may ban ads globally related to initial coin offerings or ICOs, most of cryptocurrency exchanges, token sales, as well as cryptocurrency wallets. The company will implement the new advertising policy in two weeks.
Mastercard Open To Dealing In Central Bank-issued Cryptocurrencies
Mastercard is open to the idea of using national digital currencies issued by central banks, according to a Financial Times report, which quoted a senior executive at Mastercard. The company is of the view that cryptocurrencies created by central banks would have the same security and ease of use as decentralized cryptocurrencies such as bitcoin, but with less volatility.
New York Hotel To Sell Ownership Via $400 Mln ICO, Kevin O’Leary Says
Kevin O’Leary, investor and “Shark Tank” television show participant, announced that he is part of a deal in which a “prestigious” hotel in New York is selling ownership in the company through a token sale. He predicts that asset-based coins will someday replace small-cap stocks. He did not reveal the name of the hotel due to a nondisclosure agreement. The $400-million initial coin offering, or ICO, is “a big deal” that is expected to happen in the next three weeks, he said.
U.S. Bans Purchase of Venezuela’s ‘Petro’
The United States announced a ban on the purchases of Venezuela’s Petro’ cryptocurrency. The Trump administration’s move comes in response to the Latin American regime’s attempt to bypass U.S. economic sanctions by launching a national cryptocurrency.
Czech Startup Saifu Aims To Bridge Gap Between Fiat And Crypto Currencies
Czech startup Saifu is set to close the gap between fiat and cryptocurrencies by providing a secure and regulated platform that integrates fiat and cryptocurrencies into one account. Saifu calls itself a “crypto-fiat financial institution.” Saifu provides a financial platform that works as an online bank account.
Coca-Cola, U.S. State Department Join To Fight Forced Labor, Using Blockchain
Coca-Cola Co. has joined with the U.S. State Department to launch a project using blockchain technology to fight against forced labor globally. U.S. tech company Bitfury Group, Emercoin and Blockchain Trust Accelerator or BTA, a non-profit organization, are also involved in the project. Reuters reported that the project, using digital ledger technology or DLT, will create a secure, decentralized registry for workers and their contracts.
Sierra Leone Denies Blockchain Use In Recent Election
Sierra Leone’s National Electoral Commission said that blockchain technology was never used in any part of the recently concluded presidential election. Citing its Chair Mohamed Conteh, the NEC said on Twitter that it has not used, and is not using blockchain technology in any part of the electoral process. A Switzerland-based startup Agora had claimed that it employed blockchain to help track the Sierra Leone presidential poll held on March 7, apparently the first time in the world that the technology underlying cryptocurrencies such as Bitcoin was used in an election.
As of 7.40 am ET on Tuesday, Bitcoin was up 9.35 percent at $8,529.44 and Ethereum was higher by 3.31 percent at $532.05 on Coinbase.