Bitcoin Bounces as Stocks Hold Firm

July 12, 2020, by Maayan
Bitcoin finds support with risk assets as markets shrug off virus fears. Virus shock could still lead to crypto adoption.

BTC up 300 points in cryptocurrency boost

Bitcoin was 300 points higher at $9,300 on the week as fears over a second wave of the coronavirus subsided leaving the top ten crypto coins in the green.

A former executive of Coinbase and partner at investment company Andreesen Horowitz has suggested that the Coronavirus could speed the adoption of cryptocurrencies.

Balaji Srinivasan believes that the government actions over the virus have only led to a more centralized system—a regime that BTC was created to rival.

The angel investor commented:

“There are certain things that are hard to do, unless you do them centralized. It is not the case that every government failed. It is the case that every government is powered up. And it is the case that every government is powered up and gains lots of power over the economy, basically pausing transactions etc.”

The increasing bailouts have only led to more state control, and added more leverage to a bloated global economy.

Litecoin Could Get a Cardano Team Boost

The founder of altcoin Cardano is interested in building a cross-chain support in a move that could boost LTC.

Charles Hoskinson tweeted his peer, Charlie Lee, suggesting:

“It would be great to do something together”. The move could lead to some interesting developments if the two development teams joined forces and an announcement down the line could add further buzz to the LTC project and also boost the coin’s price

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.