Today, Bitcoin has seen a 10-week low following a drop of its total market cap of 64.9%. Peter Schiff, a Bitcoin skeptic, affirms that Bitcoin prices will drop further. He confirmed in his tweet on July 5 that Gold seemed to be chipping away at resistance just below $1,800, while Bitcoin was alternatively chipping away at support just above $9,000. He further noted that he had anticipated both resistance and support to comply, leading with a spike in Gold and loss on Bitcoin’s side. Could this be the start of the alt season?
For more on Bitcoin and altcoin prices, read our daily analysis here.
China Initiates Monitoring of Huge Cash Transactions
China has initiated a pilot program to ensure checks on large cash transactions in Hebei Province from July 1. The decision was made after altercations between banks and debt-burdened small lenders.
As per the China Securities Journal, people should launch approval before making transactions surpassing 100,000 Yuan while over 500,000 Yuan for corporations. The move is expected to curb tax evasions and money laundering. This article will focus more on the 2-year project to extend to Zhejiang and Shenzhen provinces later this year.
Read the full story here.
Travala.com and Expedia join to Facilitate Crypto-paid Travel Bookings
Now that Covid-19 has been stalling travel plans for most, crypto-based payments are welcome to enable travel. The partnership between Travala and Expedia brings this to fruition after an announcement of their partnership on July 6.
Expedia’s 700,000 accommodation offers and over 2 million options worldwide, with over 30 digital currencies to use when booking for trips, are now available on Travala’s platform.
Find out more here
Increasing Liquidity Globally to Spike Global Bonds and Stocks
Following economic depression due to COVID-19, financial strategists suggest that global debts will increase to approximately $16 trillion by the year’s end. Likewise, liquidity is supposed to follow suit hence increased global bonds and stocks.
If you need to know what would happen to the global economy after covid-19, read some insight that will put you at ease here
$100K Investment into Humanitarian Blockchain Projects by UNICEF Crypto Fund
In the wake of COVID-19, UNICEF aims to fund startup blockchain projects in third-world countries dedicated to humanitarian works. UNICEF Crypto Fund is an avenue to improve government institutions’ efficiency.
Find out more on what Cecilia Chapiro, an investment advisor at UNICEF Ventures has to say on the investment here