The price of cryptocurrencies drops by about 30% in 24 hours

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The price of cryptocurrencies drops by about 30% in 24 hours

The price of cryptocurrencies drops by about 30% during the day, as a consequence of the massive liquidations on the market. The World Health Organization has officially announced a coronavirus pandemic, causing a negative effect on the entire financial market.

People have begun to liquidate all types of investments en masse, and the action has increased in recent days. The stock market has been declining for more than three weeks and has continued its downward path today. Analysts noted that the price of gold and bonds, usually considered security assets, did not rise.

Bitcoin’s price dropped during the day from $ 7,900 to $ 5,900 according to CoinMarketCap. This is the lowest level recorded since May 2019. Altcoins is also down 25% to 35%.

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Some investors believe that bitcoin is treated as a source of liquidity to offset losses on the stock market:

“How did the BTC move from a security asset in crisis situations to trading as a risk asset? When things go from bad to very bad, as they did last week, investors liquidate everything they can as quickly as possible. They sold assets that generated profit to offset other losses ”,

of declared Galaxy Digital CEO Michael Novogratz.

Bitcoin futures market data to some extent validate Novogratz’s view. Global open interest has declined sharply in recent weeks, indicating a slowdown in institutional activity.

On the other hand, a low value of Bitcoin has been considered an opportunity for some crypto-enthusiasts. The Bitcoin price index calculated by Coindesk shows that after falling to $ 5,700, BTC rose sharply to $ 6550. This shows that there are investors who want to take advantage of the price reduction.

Currently, Bitcoin is trading around $ 6,000 according to CoinMarketCap.

Creator FarmVille develops a blockchain-based gaming platform

The creator of the popular Facebook FarmVille game, Eric Schiermeye, has announced that he will enter the blockchain gaming industry. His company, Blockchain Games Partners, will develop a blockchain-based gaming platform called Gala Network.

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This will allow players to have full ownership of blockchain-based in-game items, represented as non-fungible tokens. The items can be used on several games built on the Gala network. Currently, the team of developers of the project includes 15 people.

Blockchain Games Partners is partnering with Sandbox Games to develop Townstar – the first game to be launched on Gala Network. Townstar will include a fixed-price in-game token that can be mined within the game.

France proposes a sandbox for security tokens

The French Financial Markets Authority (MFA) has proposed the creation of a dedicated sandbox for security tokens at EU level. This is a “Digital Laboratory” that will run for three years. The project would give authorities the opportunity to identify the right methods to regulate the emerging blockchain industry.

The MFA analysis considers that the current legislation is incompatible with the growth of the blockchain sector.

“These frameworks were designed to fit the infrastructures of the centralized market”,

said MFA President Robert Ophèle in a speech. He explained that “the legislation is not in line with the decentralized nature of the blockchain environment” and therefore makes many projects almost certainly unprofitable.

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Ophèle insisted that Europe cannot adopt new regulations for security tokens because they have not studied them sufficiently.

A sandbox such as the Digital Laboratory proposed by the French financial authority would provide the opportunity to generate more flexible regulations.


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