Cryptocurrency news for today 9th of March

The collapse in oil prices, which led to a massive slaughter of long positions in all financial markets, was reflected in digital assets. Bitcoin sank 10%, while altcoins are no better. Despite the pessimistic sentiment, experts urge not to panic and explain why bitcoin will resume its growth soon. Meanwhile, the head of Coinbase is not sure that Bitcoin will retain its leadership position and that this particular coin will determine the massive adoption of cryptocurrencies. Perhaps EThereum will become it, but this is also inaccurate.

Read about these and other key events in the cryptocurrency industry over the past day in our daily digest.

Coinbase CEO Not Sure Bitcoin Will Win Cryptocurrency Race

Brian Armstrong drew clear parallels of the development of cryptocurrency with the stage of the formation of the Internet, and identified four main tasks on the solution of which the fate of the entire industry will depend. These are scalability, anonymity, decentralized identity and developer tools. According to Armstrong, projects should focus on these development vectors, since without them it will be difficult to bring cryptocurrency to a new level. In particular, he noted that the speed of processing transactions must be at least thousands in order to be able to speak of the possibility of its mass use. More details

Bitcoin will soon forget about oil and resume growth – expert opinion

According to Jehan Chu, managing partner of consulting and investment company Kenetic Capital, there is now a domino effect, which is creating a widespread bearish sentiment and provoking sell-offs across the entire spectrum of the market, including in the cryptocurrency segment..

Cryptocurrency news for today March 9

However, what is considered force majeure and outrageous volatility on the oil or stock market is not uncommon for Bitcoin. The expert noted that today’s fall is not something new, moreover, sales may continue, but ultimately, the weakness of the global economy, the spread of the coronavirus and the fall in oil prices will only strengthen the position of digital assets and attract new investors to the market, such as only the main wave of panic will subside.

Cryptocurrency news for today March 9

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Will Ethereum become the locomotive of the cryptoindustry

For a long time, bitcoin retained its status as the most promising cryptocurrency in the world. However, the beginning of 2020 was marked by the rise in popularity of altcoins. Now, some experts, such as Weiss Crypto, believe that the future of the industry is in ETH. Representatives of the company announced this on their official Twitter page. In particular, the text says that it is Ethereum tokens that are the main project that is promoting the industry. Experts recommend investing their money in this particular asset. More details

The dollar will lose the most from the war with cryptocurrencies – ING

Because of its dominance in the traditional money market, the dollar is far more at risk in the war on cryptocurrencies than others..

Cryptocurrency news for today March 9

According to ING economist Carlos Coccuzzo, the dominance of the US dollar as the unrivaled global currency will mean the US is at the most risk, as soon as central banks declare war on cryptocurrencies and start issuing their own digital currencies. More details

Black Monday in the oil market hit bitcoin

The oil market opened on Monday with a bearish gap due to the failure of negotiations between OPEC Russia, which refused to participate in an additional cut in production by another 1.5 million barrels per day. Dow Jones Industrial Average (DJIA) futures are also falling, promising a crash on the open, bitcoin (BTC) plunged below $ 8,000. Brent crude tested at least $ 31.50 a barrel at the opening of trading on Monday. WTI went down to $ 27.60. Both varieties fell in price by more than 30% in a day, having suffered from a colossal blow caused by the disruption of OPEC negotiations against the background of the projected decrease in demand caused by the spread of the coronavirus. More details


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