Coming every Sunday, Hodler’s Digest will help you track 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 week on Cointelegraph in one link.
Bitcoin price did not crash 60% due to coronavirus, Binance CEO says
It’s fashionable 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 world’s economy is far too weak. Many investors are hoarding cash as the uncertainty continues, but Zhao believes they will begin to broaden their portfolios in time. “Have people bought more Bitcoin yet? 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 by 12%, sitting pretty at about $6,000. This is some way off the highs of $6,900 that were achieved earlier in the week.
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