Is China Responsible For The Bitcoin Pump?!? + $70 Giveaway
Today we have a pretty cool and amazing list of cryptocurrency news to discuss with you. Let’s see what they are.
Now first up, a state-owned media company in China claimed that Bitcoin has proved to be the safest cryptocurrency among all other coins. This comes at the same time as the U.S government is in a trade war with China. So is China turning to Bitcoin as a hedge against Trump’s tariffs? Furthermore, according to a new article on CoinSpeaker, Square, a financial service, merchant service aggregator based in San Francisco, announces that it will enable Bitcoin deposits for its Cash App’s users. And the last item for today, the Federal Reserve System is about to embark on interest rates cuts. This is likely to boost Bitcoin price in the short-term, as reported on CryptoGlobe. So as you can see guys, we have a pretty cool set of news for you today. If you guys are interested, please stay with me until the very end of this video.
Do you guys remember what our giveaway for this week is? It is a $70 worth of Bitcoin tokens. I’m sure that you all want to win; all you need to do is like, comment, and subscribe. We will be announcing who the winner is on Saturday, by drawing a video and then drawing a winner from the video. So good luck to you all guys!! And if you love what we do, then please make sure you like and subscribe to this video and just comment down below and you could win that $70 worth in Bitcoin tokens.
The Market Today
Before I share with you the news, let’s have a look at today’s crypto market. For the top 10 on Coinmarketcap, it is super amazing to see that Bitcoin is breaking the $13,000 mark for the first time since the bull run in 2017 with a nearly 12% increase. Ethereum also follows the optimistic trend with a 7.83% gain. At third place, Ripple’s XRP is slightly dropping by 0.05%. Moving on to the top 20 we’re mainly in reds guys. TRON and Monero are losing by 5.08% and 7.38% respectively. In contrast, NEM is the only token in the green with a 9.9% increase.
China’s Media Believes Bitcoin is a Safe Haven in a Rocky World
Now let’s get straight to the news we got for today. Per a report by Decrypt, on June 25, Xinhua News Agency, a Chinese state-run media agency, published an analysis over Bitcoin’s latest price surge with the conclusion saying that:
Bitcoin is a safe haven in a rocky world.
With the recent trend, Bitcoin proves itself to be a safe nest by attracting the attention of many investors. On the Chinese media agency page on Twitter, it stated that:
Bitcoin price continues to maintain momentum after breaking the $10,000 mark, but speculation has increased recently. Analysts believe that bitcoin and other crypto-currencies will have to take time to win [the] market’s trust.
The report placed Bitcoin in a context where everything is extremely volatile due to the current trade disputes and the long-awaited downturn of the global economy.
The current relationship between China and the cryptocurrency market has been pretty rocky and volatile at best. The Chinese people are allowed to own and hold digital assets, but Bitcoin trading and organizing Initial Coin Offerings (ICOs) are prohibited by the Chinese government. To make things worse, they are planning on banning Bitcoin mining as well. It is said that, if this law is put through, it is like the final nail in the coffin for China’s crypto market.
Square Adds Bitcoin Deposit to its Cash App
Moving on to the second piece of news. Coinspeaker reported that Square, a mobile payment company based in San Francisco, has added Bitcoin deposit to its Cash app. While some users are very excited about this new update, many others say that their apps haven’t received the new update. We also have some that believe that trusting third party apps with your Bitcoin is reckless and doesn’t imply on you holding your keys. But guys, we’ve seen a similar trend from Square in the past. In 2017, they allowed a group of users to buy and sell Bitcoin as a test. Later, they announced this feature to all users, as we all know. Can we expect a similar strategy here? Just wait and see.
And For those who are unaware, Square and Twitter CEO Jack Dorsey is a Bitcoin advocate. It is reported that in the first quarter of 2019, Square gained a $65.5 million revenue through Bitcoin. Square also owns a company named Square Crypto with the former Google director Steve Lee in their team.
The US Banks Are Reducing their Interests Rates
And the last news item for today, the central banks of some of the world’s largest economies, including the United States, are about to reduce their interest rate, which will likely fare well with Bitcoin investors, boosting Bitcoin’s price even higher, says Deutsche Bank’s Jim Reid.
The caretakers of the U.S, under severe political pressure from President Trump – are already turning to monetary policies that can support growth. The President recently tweeted that: “Despite a Federal Reserve that doesn’t know what it is doing – raised rates far too fast (very low inflation, other parts of world slowing, lowering & easing) & did large scale tightening, $50 Billion/month, we are on course to have one of the best Months of June in US history”
So far, when it comes to the interest rate cuts and monetary policies from the Fed, such policies can be seen as a motivation for Bitcoin’s price versus the US currency (BTC/USD).
After going through all the news, what is your opinion?
Do you think that Bitcoin is really a haven for crypto investors?
Have you found the new update of Bitcoin deposit on your Square Cash app, or are you eagerly waiting?
And lastly, how massive do you think the interest rate cuts from the Fed will affect the crypto space?
Guys, don’t hesitate to share with me what you think just right in the comment below. And also remember you can win $70 in Bitcoin. All you need to do is like, comment, and subscribe. It’s Cindy with Cryptopig. I’ll be seeing you guys tomorrow.
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.