Coming every Dominicus, Hodler's Assimilate will aid you runway every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a calendar week on Cointelegraph in one link.

Superlative Stories This Week

Bitcoin price did not crash 60% due to coronavirus, Binance CEO says

It'southward stylish to think that Black Thursday's bloodbath on the crypto markets was caused by the coronavirus. But Changpeng Zhao, the CEO of Binance, disagrees. He believes the pandemic certainly triggered the current global meltdown — but added the mass sell-offs over recent weeks have proved that the earth'southward economic system is far also weak. Many investors are hoarding cash as the doubt continues, just Zhao believes they will begin to broaden their portfolios in time. "Accept people bought more Bitcoin however? No, in most cases. Many of them are still panicking over toilet paper," he said. BTC has come a long way over the past seven days — and, at the time of writing, it's up past 12%, sitting pretty at almost $6,000. This is some way off the highs of $6,900 that were accomplished earlier in the week.

Is Bitcoin correlated with the U.S. stock marketplace?

The contend at present is nearly how closely Bitcoin's performance is tied to the U.Due south. stock market place. According to research by Santiment, the correlation betwixt BTC and the S&P 500 has now reached a two-twelvemonth high — a bearish sign for the crypto markets. Historical data shows that such a high correlation is frequently accompanied past major downturns in BTC's value. Santiment said: "With this pandemic, we are obviously seeing very similar movements in tandem every bit the coronavirus justifiably has investors in virtually every sector in a similar state of cautiousness." Not everyone agrees with this analysis, though. Since the March 13 lows of $3,775, BTC has rallied by about 77%. Compare that with the South&P 500, which has fallen past 7.4%, and the Dow Jones, which is off past nearly x% over the aforementioned period.

Congress proposal to give everyone $ii,000/calendar month "strengthens case for Bitcoin"

Countries around the earth are now trying to figure out how to support those who accept lost their jobs because of the coronavirus — and how to go on their economies afloat. In the U.S., one Democratic representative in Congress has proposed giving $2,000 a month to every adult — and $1,000 to every child. Other nations are similarly exploring radical measures, with the U.K. recently announcing plans to pay 80% of the wages of workers on furlough. Some in the crypto community have been taken ashamed by these ideas. Mati Greenspan, founder of Quantum Economics, told Cointelegraph that the American proposal would cause massive inflation — and would even do good Bitcoin in the long run if the Democrats won the White House in Nov.

MakerDAO governance approves USDC stablecoin equally collateral

Nosotros've got a picayune bit of time to switch gears and cover some different news in this week's Hodler's Digest. MakerDAO has added the USDC stablecoin every bit a third blazon of collateral, post-obit an emergency vote this calendar week. The move is designed to urgently increase Dai'south liquidity later how last calendar week'south ETH flash crash created bad debt worth millions of dollars. A major downside with this decision is how it undercuts Dai'southward selling point of exclusively existence backed with decentralized assets. USDC is pegged to the U.S. dollar and was created by Coinbase and Circle.

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Bakkt announces new direct payment integration with Starbucks

Bakkt — a platform best known for offer crypto derivatives — is diversifying into retail applications for digital avails. The visitor'due south new app, Bakkt Cash, has now been added every bit a payment method to the Starbucks app on a trial basis. The power to buy a caramel latte with an actress espresso shot using crypto is certain to cause plenty of excitement. Also this week, Bakkt managed to raise $300 million in a Series C funding round that was backed by Microsoft'south venture upper-case letter arm and the Intercontinental Exchange. The visitor is developing an app where cash, cryptocurrencies and loyalty points can be stored in ane identify and used to make purchases. Unfortunately, it's unclear how much this new Bakkt characteristic will be used by Starbucks customers, with the coffee concatenation closing its locations to eat-in customers because of the coronavirus.

Winners and Losers

At the end of the week, Bitcoin is at $6,093.87, Ether at $128.94 and XRP at $0.15. The total market cap is at $170,237,547,952.

Amongst the biggest 100 cryptocurrencies, the top three altcoin gainers of the calendar week are Swipe, Numeraire and MCO. The tiptop three altcoin losers of the calendar week are Hedera Hashgraph, Komodo and Terra.

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For more info on crypto prices, make sure to read Cointelegraph's marketplace analysis.

Most Memorable Quotations

"In 2008, there wasn't a pandemic pausing global economy. But I believe the coronavirus is just a trigger, non the root cause. Our economy should exist stronger, at least stiff enough to survive some shocks."

Changpeng Zhao, Binance CEO

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"We are stepping into the next generation. The next generation is happening correct now with national bank-issued stablecoins, I believe. I would say it will grow the cryptocurrency user base like 10 times or more."

Lennix Lai, manager of financial markets, OKEx

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"The engineering makes sense. The reason why it hasn't become widely accepted is that Corporate America has a 'walled garden' approach to information — they demand to beginning sharing data, a huge paradigm shift."

Lisa Butters, Honeywell International Inc.

Prediction of the Calendar week

Bitcoin's price recovery may have months, Fundstrat analyst warns

We've seen some green shoots in Bitcoin'south cost this calendar week, but i technical annotator at Fundstrat Global Advisors warns that it might be some time earlier it stages a full recovery. Rob Sluymer said that "lower highs and lower lows are in place for Bitcoin" after investors practically fled every asset grade — and this leaves it in a "compromised, potentially vulnerable long-term profile." Looking alee, he added: "Bitcoin volition likely need months of consolidation to repair the technical damage now in place." Another prediction this calendar week came from eToro annotator Simon Peters, who predicted that the coronavirus crisis could strengthen Bitcoin.

FUD of the Week

Woman arrested for stealing $480,000 from crypto commutation she co-founded

A woman has been arrested for stealing 63.v BTC from the cryptocurrency exchange she had previously co-founded. Ayushi Jain used to work for Bitcipher Labs and was arrested in the Indian city of Bengaluru. The 26-year-erstwhile was accused of stealing the cryptocurrency — worth nigh $480,000 — in 2 unauthorized transactions on January. 11 and March 11. Ayushi has since confessed to the theft, and the stolen funds have been recovered by detectives. A senior police officer said: "We seized a laptop which independent the history, showing how Ayushi used the passphrase and stole money in installments between Jan and March."

Less than 1% of Australians used crypto to pay for services in 2022

A report by the Reserve Bank of Australia suggests that cryptocurrencies aren't as popular as previously thought. The survey revealed that less than 1% of Australians used digital avails like Bitcoin to make a consumer payment in 2022. This is despite the fact that electronic transactions are becoming increasingly pop, and over 80% of those polled had heard about cryptocurrencies. In terms of the most-used culling payment methods, crypto was third behind "purchase now, pay later" services and "tap and get" mobile payments.

Bitfinex to delist 87 crypto trading pairs aiming to better liquidity

Bitfinex has announced that it is removing 87 crypto trading pairs due to low liquidity levels. The major cryptocurrency substitution hopes the measure will improve liquidity elsewhere and help it move toward a more streamlined and optimized trading experience. In a argument provided to Cointelegraph, Bitfinex said: "The decision was taken afterward monitoring [the pairs] for six weeks and finding a consistent low level of liquidity. We take this type of activeness to concentrate trading in fewer pairs."

Best Cointelegraph Features

Does Bitcoin have intrinsic value or is it based on thin air?

Bitcoin was dealt a blow after the newly appointed Bank of England governor said that Bitcoin has no extrinsic value — echoing like remarks by billionaires including Mark Cuban and Warren Buffett. Are they correct? Joseph Young finds out.

Flight hot off the shelves — virtual land based on blockchain

Virtual state worth hundreds of thousands of dollars has been sold on platforms such equally Decentraland — and one bargain was worth a whopping $215,000. Elena Perez takes a await at what's driving demand.

China's digital yuan is an economical cyberweapon, and the U.S. is disarming

Every bit Beijing races to develop its central depository financial institution digital currency, the U.S. Federal Reserve sees no need for a dollar parallel. Jonathan Rosenoer has written about the implications for Cointelegraph Mag.