Revolut backs cryptocurrency as safe haven amidst Coronavirus crisis

Revolut last week announced it is making cryptocurrency available to all its seven million customers, as central banks start injecting unprecedented stimulus into their economies to cushion the damaging effects of the Coronavirus pandemic.

Blockchain Documentary: Switzerland and the Crypto Revolution | Dash | Bitcoin | Cryptocurrencies

Documentary on Crypto Currencies and Blockchain technology: Switzerland and the Crypto Revolution (2019) – How the Banks and Governments will be Reborn. This documentary was made possible in a joint partnership of the Swiss Government, Blockchain Propulsion, Dash Brazil and 88i Insurance Platform.

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A lot of cryptocurrencies were created out of thin air, says Chamber of Digital Commerce CEO

Perianne Boring, founder and CEO of the Chamber of Digital Commerce, joins CNBC’s ‘Squawk Box’ to discuss the fallout of crypto exchange FTX and what it means for the crypto industry. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

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Inside The Cryptocurrency Revolution

Bitcoin’s emergence as a global digital currency has been as revolutionary as it has been erratic. But while fledgling investors obsess over every fluctuation in the cryptocurrency market, nation-states are more interested in the underlying blockchain technology and its ability to revolutionize how business is done on the internet and beyond. VICE’s Michael Moynihan travels to Russia with Vitalik Buterin, inventor of the ethereum blockchain, to get a front-row seat to the geopolitical tug of war over Internet 3.0.

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Covid variant concerns pressure crypto, bitcoin enters bear market territory

CNBC’s Kate Rooney joins ‘Squawk Box’ to report on how cryptocurrencies are trading amid fears over a new worrisome coronavirus variant in South Africa. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

Bitcoin fell sharply alongside other assets on Friday, hitting a seven-week low and officially entering bear market territory.

The world’s biggest cryptocurrency sank nearly 8% in the last 24 hours to $54,321, according to Coin Metrics data. The slide brought bitcoin to its lowest level since early October.

Bitcoin is down more than 20% from an all-time high of nearly $69,000 which it hit earlier this month. Bear markets are typically defined by a decline of 20% or more from recent highs.

Other cryptocurrencies also plunged Friday. Ether, the second-biggest crypto, fell more than 10% to $4,059, while XRP slumped 9.9% to just under 95 cents.

Digital currencies are falling in tandem with other risk assets amid panic over a new, heavily-mutated variant of the coronavirus first detected in South Africa.

The World Health Organization on Thursday gave a briefing on the new variant, which is known as B.1.1.529 and is thought to contain more than 30 mutations. The U.K. and other nations have temporarily suspended flights from six African countries in response.

Global stock markets were sinking Friday, with European stocks set for their worst session in more than a year and U.S. stock futures down sharply.

Investors are retreating from riskier assets for the relative safety of bonds, with U.S. Treasury yields moving sharply lower. Bond yields move inversely to prices.

Bitcoin has often been described by its proponents as “digital gold,” a reference to the yellow metal’s status as a so-called safe haven asset.

Crypto investors say the virtual currency offers a store of value as well as a hedge against inflation.

It’s worth noting that bitcoin is a volatile asset, and has been known to experience price swings of more than 10% on a single day.

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