TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Federal Reserve will issue at least $4 trillion in loans. Gitcoin to offer grants to fight coronavirus. Bitcoin correlated with S&P 500. Tezos to settle its class-action lawsuits. MoneyGram sold all the XRP received from Ripple, and “buy bitcoin” searches skyrocket on Google.
Federal Reserve to Issue $4 Trillion in Loans
The Federal Reserve will issue more than $4 trillion in loans directed to the rescue of the US economy as a response to the coronavirus pandemic. Treasury Secretary Steven Mnuchin stated the bill proposing these measures would be voted on this week perhaps, and it would include issuing $3,000 checks to the average family, giving small loans to businesses and companies to maintain payrolls.
Gitcoin Offers Grants to Fight Coronavirus
Gitcoin, an Ethereum-based bounty platform, launched a new feature: Gitcoin health-based grants to help people get funded in their fight against the outbreak and reach of the coronavirus pandemic. The company now allows for people to donate to any of the twelve coronavirus campaigns, including one to help the Italian Red Cross and a Save The Children dedicated fund. Gitcoin has also announced they will match donations through April 6th up to $100,000.
Bitcoin Correlated With S&P 500
The price of bitcoin is correlated with the movements of the S&P 500 index, according to numbers from The Block. The correlation seems to be even higher when traditional markets (and crypto markets) experience pullbacks, likely related to the current pandemic situation affecting trading in worldwide markets. This indicates that, in contrast to most analysts, bitcoin is somewhat vulnerable to falls in traditional markets and would not be a “safe haven” asset uncorrelated from them, as a Coinbase article also states.
Tezos to Settle All ICO Related Class Action Lawsuits
Tezos, a cryptocurrency focused on tokenizing assets, agreed to settle all class-action lawsuits regarding their initial coin offering (ICO). The lawsuits state Tezos organized an unregistered securities sale, while Tezos argues there was no ICO but instead a fundraising event where tokens were issued as gifts for donations. Tezos maintains they did nothing wrong, and qualifies these lawsuits as meritless, but also recognizes lawsuits are expensive and it is in the best interest of the community to settle with a one-time payment.
MoneyGram Sold All XRP Obtained via Ripple Rewards
MoneyGram, the legacy remittance company who entered a partnership with Ripple, a crypto-based remittance company, declared it sold all of the XRP obtained via rewards for “developing and bringing liquidity to foreign exchange markets.” According to a spokesperson from the company, Ripple obtained $11.3 million dollars in XRP during last year, but these assets as soon as they were obtained. In turn, Ripple acquired a $50 million stake on MoneyGram, who also started offering services in Korea last year.
Buy Bitcoin Searches Grow Amidst Market Selloff
People are still interested in buying cryptocurrencies, at least according to Google Trends. Despite the recent cryptocurrency market selloff, searches related to buying bitcoin have skyrocketed, growing much more compared to alternatives. Also, cryptocurrency exchanges like Coinbase and Kraken have experienced a growth in traffic, trading volumes, and registrations compared to growth during the last cryptocurrency bull run in 2017, caused mostly by traders trying to capitalize on volatility.
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