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Gold Backed Coins Struggling – March 27th News

Home - Cryptocurrency News - Gold Backed Coins Struggling – March 27th News

Read our latest article, in which we will discuss the top 3 news of the world of the crypto. We hope that this review will help you understand how the cryptocurrency world works and how fast it develops.

US, European Stocks Up but Crypto Traders Remain Cautious

bitcoin price chart today

Source: Coindesk

The first article describes the up of exchanges in Europe and the USA and the caution of crypto traders.

From this publication, we will find out that the American and European market has grown on Thursday.  On the crypto market, however, slight movements could be observed. Bitcoin up only 1 percent while Ether didn’t even hit the 1 percent mark. The author of the text also states that the current growth in stock exchanges will not stop the long-term economic problems because the situation with coronavirus and government-mandated business closures hit crucial economic engines.

USA Federal Reserve Chairman – Jerome Powell, said that the US economy could be in recession. He also added that for now there is nothing fundamentally wrong with the US economy. On Sunday, the US Treasury Secretary said his department will work with Congress on creating Financial programs, which he estimated would involve as much as $4 trillion. In addition the government intends to provide another $2 trillion in stimulus to individual Americans. a measure passed unanimously in the Senate and set for a vote in the house on Friday. 

Basically what this article is saying, is because this recession happened not in the way of financial collapse, like it did the previous time, but this one was due to the virus, then, that affected the global economy. There’s nothing fundamentally wrong with the economic system. And the future crisis is caused by the effects of the Covid-19 pandemic.

It goes into more in-depth information. Definitely give this article a read, it’s very interesting.

https://www.coindesk.com/us-european-stocks-up-but-crypto-traders-remain-cautious

Bitcoin Is a Safe Haven for a Worse Storm Than This

The main topic of the next article is Bitcoin and its place in the economy. Bitcoin was designed for many reasons, but one of the most important was to be a safe haven asset during times of financial distress all the way from the beginning Genesis block to today. Its fans have treated it as something worth owning when the market goes crazy.

The article addresses the issue that this gold still remains a society safe haven asset even though we’re seeing the same economic trends that we saw in the recession. People are turning to more safe Securities like gold.

For example, if this recession was actually caused by another bank meltdown or a financial crisis in the United States due to student loans and people being unable to repay them causing them to foreclose on their homes. And we see another housing crisis. That’s the perfect storm that this article is talking about.

Being able to have that happen and then people moving their money to gold and Bitcoin.

https://www.coindesk.com/bitcoin-is-a-safe-haven-for-a-worse-storm-than-this

Gold-Backed Stablecoins Race to Keep Up With Crisis-Driven Demand

The last article we are talking about today concerns the relationship between gold and stablecoins.

Basically what this article is saying that there are cryptocurrencies that are pegged to the price of gold. Gold backed crypto tokens continue to rise in price as gold itself, during the coronavirus induced downturn, is reportedly getting more difficult so source.

The price of these tokens are actually pegged to the price of gold. But if somebody wants to cash out the way that they do this is having enough gold on hand to match the amount of tokens in circulation, but as more people are buying they need to increase their gold stores and with how difficult it is to get right now. They’re having trouble meeting the demand. As the price goes up, demand for paxos gold, PAXG and tether gold XAUT, two of the most Liquid Gold back token projects, has surged this week.

These blockchain backed tokens  represent a legal entitlement to one ounce of gold stored in institutional vaults, both tokens are redeemable for physical gold. This article is packed full of information. It has tons of graphs, tons of references, definitely give it a read, stay up to date on what’s going on with gold backed stablecoins.

https://www.coindesk.com/gold-backed-stablecoins-race-to-keep-up-with-crisis-driven-demand

These 3 publications are proof of how the crypto world is changing and functioning. We try to provide you with the latest information on cryptocurrencies, trading and other market-related facts. Therefore, follow us and know more!

Arty Bryja

About The Author

Arty Bryja
Business Development Manager

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