BitPinas Crypto News Roundup (April 30, 2020)

Cryptocurrency news around the world in our news roundup today, April 30, 2020.

BTC Hits $9,000, Reverses March 2020 Crash

Bitcoin reaches $9,000, reversing the flash crash which saw the asset class plunging to $3,850 last March 13, 2020. As of press time, Bitcoin is at $9,306.

Some analysts note that Bitcoin is now the best performing asset of the year versus Gold and S&P500.

It is also important to remember that Bitcoin is less than 15 days away from happening. Here is our article regarding what will happen before and after Bitcoin Halving, as well as why past halving movement may be unreliable to look into.

It's official. #Bitcoin is the best performing asset of the year (& decade) 😉
Bitcoin (orange)
Gold (yellow)
US10Y (black)
S&P500 (blue) pic.twitter.com/skFp93FulF

— Alex Saunders 🇦🇺👨‍🔬 (@AlexSaundersAU) April 29, 2020

CZ of Binance: Charity Programs Drive Adoption

Speaking at the Virtual Blockchain week, Binance founder Changpeng (CZ) Zhao said stablecoins and charity drive cryptocurrency adoption. According to him, if he’s going to donate to a charity (or another person) using crypto, that charity will “get a wallet or register an account on an exchange to accept it”.

He also said stablecoins can drive adoption among merchants because stablecoins are an “intermediate step” in solving the problem of individuals who want to be in crypto but still “need their expenses to be covered in fiat”.

OKEx is now a Validator in Ethereum 2.0 Testnet

OKEx Pool, the staking arm of OKEx announced that they joined an Ethereum 2.0 testnet as a Proof-of-Stake validator. Topaz is a completed testnet of ETH 2.0 mainnet configuration. This is a key action before Ethereum switches its consensus algorithm from Proof-of-Work to Proof-of-Stake. OKEx Pool is one of the first batch of mining pools to work as a validator.

3 Factors Why Bitcoin Price Exploded to $9,400

wow, $12 billion! pic.twitter.com/tlYJJyOjuF

— CZ Binance (@cz_binance) April 30, 2020

Cointelegraph published a report explaining the reasons on the sudden surge in Bitcoin price from $7,700 – $9,500 in one day.

1. Unlike past rallies, the upsurge was primarily led by spot volumes. Binance and Coinbase saw record high daily volumes. (Refer to the Twitter link above.)
2. Historical BTC Levels were broken with ease
3. Institutional Demand acted as safety net.

(Philippines) PDAX Donate Via Crypto Continues

Local Crypto exchange PDAX is accepting cryptocurrency as donations to frontliners during the COVID-19 pandemic. Aptly called Project Crypto Aid: Covid-19, proceeds will be donated to public hospitals and where the funds will go can be tracked via blockchain.