Fed Starts Unlimited Quantitative Easing; Stimulus Bill Draft’s Digital Dollar; COVID-19 Crypto ETF

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Federal Reserve announces unlimited quantitative easing. Stimulus bill draft introduces digital dollar. HashCash launches coronavirus reverse ETF. Twitter lifts Messari’s shadowban. Top Korean exchanges lose revenue, and Steem fork Hive receives cease and desist letter over its name.

Fed Announces Unlimited Quantitative Easing

Quantitative Easing

The US Federal Reserve announced a new phase of their rescue package to fight against the effects of the coronavirus pandemic, which now includes “unlimited” quantitative easing. This round of quantitative easing will start at $300 billion dollars to try and ward off a “credit crunch.” The amount will keep growing in time, as the Federal reserve states they will buy assets “in the amounts needed” to support the correct functioning of the economy. The announcement marks the first time a quantitative easing policy is established as unlimited.

House Stimulus Bill Drafts a Digital Dollar

Quantitative Easing

The emergency stimulus bill still being discussed by House Democrats could include the concept of a digital dollar to distribute payments directly to citizens. The draft of the bill introduces the concept of a digital dollar defined as “a balance expressed as a dollar value consisting of digital ledger entries that are recorded as liabilities in the accounts of any Federal Reserve bank; or an electronic unit of value, redeemable by an eligible financial institution.” The draft is not final though, and the idea might be retired before passing it.

Coronavirus Reverse Crypto ETF Unveiled

Quantitative Easing

A coronavirus reverse ETF crypto instrument called Corona Fund Index Cryptocurrency (CFIX) has been launched by blockchain firm HashCash to allow cryptocurrency traders to hedge their bets shorting traditional markets easily. CFIX is considered a reverse ETF because its value goes up when its correlated index, the S&P 500, loses value. The firm will launch a cryptocurrency with the same name on April 2, and will donate 90% of their revenue to a Corona Relief Fund.

Messari’s Twitter Shadowban Lifted

The alleged Twitter shadowban of cryptocurrency data firm Messari had been facing since March 20th has been lifted, according to Messari’s founder and CEO Ryan Selkis. Selkis thanked personally Twitter CEO Jack Dorsey, declaring Messari will provide a better-curated coverage of coronavirus news. While the cause of the ban was not revealed, Selkis stated it was likely due to news of the coronavirus impacts on markets.

Top Korean Cryptocurrency Exchanges Lose Revenue

The two biggest cryptocurrency exchanges in South Korea are experiencing heavy losses as thirst for crypto trading wanes among traders in the country. Upbit’s and Huobi’s revenues dropped in more than 60% each, making these last two months a disaster for them. Trading volumes fell sharply on all cryptocurrency exchanges in the country. However, the Korean government has given legal status to cryptocurrency trading in the country, and this could help these companies regain some lost ground.

Steem Fork Facing Troubles Over “Hive” Name

Hive, the cryptocurrency that forked from Steem after TRON CEO Justin Sun attempted a hostile takeover of the blockchain, is now facing legal troubles due to its project name. A cryptocurrency mining company called HIVE Blockchain Technologies Ltd, based in Canada, published a cease and desist notice directed to the new cryptocurrency to abandon the name, declaring the “use of the same brand in connection with similar goods and services also passes off on the goodwill that HIVE has developed.”

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