This week was a bad one for the cryptocurrency industry as the Coronavirus continues to play with the markets and affect all areas of life. The virus, which has now spread to all continents apart from Antarctica, is showing no signs of letting up as the world goes into red alert. Alongside the virus news, Warren Buffett has been on the end of a putdown from a crypto enthusiast and another major brand is taking a surprising step into blockchain. Here is our pick of the stories this past week:
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Coronavirus causes Price Drop
The Coronavirus has continued to play havoc with the major markets. $4.3 trillion in U.S. stocks vanished in the past 7 days. The price of gold also fell, which is something of a surprise considering its normally considered a safe haven asset.
Bitcoin has not been safe too. The leading crypto was said to be rising in price because of the Coronavirus, but now it is having an opposite effect with the price down 13%. BTC couldn’t hold it’s 200-day moving average. Many analysts believe this is a big problem and may hinder the chances of a bull run.
Anthony Pompliano V Warren Buffett: War of words
Warren Buffett made headlines this past week when the investment guru made some unsavory comments about cryptocurrencies. The 89-year-old claimed he didn’t own any crypto because it was “worthless” and was only useful for money laundering. His comments came after he had a three and a half-hour lunch with Tron CEO, Justin Sun.
One person who didn’t take kindly to his scathing comments was Anthony Pompliano. The Morgan Creek digital assets co-founder said that Buffett’s comments were hypocritical as his other investments are linked to money laundering. Pointing to Wells Fargo bank, one of Buffet’s investments, and their links to the Sinaloa cartel as an example.
Ripple Announces South Korean Partnership
Ripple has partnered with three South Korean customers for its blockchain-based payment network, RippleNet, adding even more financial institutions to the company’s growing list of partners and benefactors.
The three remittance companies, Sentbe, Hanpass, and WireBarley have all signed cooperation agreements, according to official Ripple sources. The assumption is that they are looking to more efficient cross-border payments through RippleNet.
China Halts National Digital Currency Plans
China’s national digital currency plans have been put on the back burner as the nation tries to contain the coronavirus epidemic. The People’s Bank of China (PBoC) has been finalizing its plans for its Digital Currency Electronic Payment (DCEP) and research, yet planning for the first quarter of the year has ceased and a “big announcement” delayed.
An unidentified source told the Global Times: “The coronavirus outbreak has led to postponed work resumption in government institutions, including the People’s Bank of China (PBoC). Policymakers and research staff involved in the DCEP project are no exception, which weighs on the development process.”
Kaspersky makes blockchain moves
Kaspersky Labs are creating a blockchain-based voting machine t has been revealed this week. The multinational cybersecurity and anti-virus provider says the technology will use QR codes or tokens so that voters only get one vote, negating the need for polling stations potentially. The likelihood of this replacing the current system is unlikely currently, due to the potential of hacks and voter exclusion. However, it could be a mainstay in the future. The Democratic primary in Iowa was done digitally but this ended in a spectacular disaster.
