hello folks you have reached the cryptocurrency portal today i'm going to go over a little information about bitcoin and the markets in general but first off i hopefully you and yours are doing fine in these uh uncertain times around the coronavirus and everything so i'm thinking of everybody out there so let's go through some of the discussion points about bitcoin what it means in the marketplace and what's going to be happening on a go for basis first thing i wanted to draw your attention to is this article where it says a private bank is launching bitcoin trading for the huge customer base in italy obviously amid the ongoing lockdown they have in their country because of the corona virus so let's go through this together it says as italy's national lockdown continues a private italian bank is planning to launch bitcoin trading for more than one million customers uh banca stella's e-money platform hype is currently beta testing bitcoin trading with a small number of users and the bank plans to roll out the new app feature for its entire customer base by the end of the month now while hype users will be able to create a bitcoin wallet for free the platform will charge a one percent commission on bitcoin sales and purchases the hype team collaborated with the italian crypto financial services firm coin io to create the wallet which will utilize a three key security system according to coino the press release the custody system has three keys two of which are always necessary for transaction and is structured as follows number one a key is on the customer's smartphone number two a key is in the coino servers and number three a key is kept by hype offline and is divided between different operators all right so to operate the customer just needs to use his key coin i o automatically uses his own if the customer loses the phone coin i o blocks any transaction the key in hype is used by the customer only in emergencies to recover his funds and now thanks to these characteristics coin io is positioned as the first bitcoin startup in the world to have established a banking partnership so more use cases i know it's in these uncertain times who knows what's going to happen going forward but the the engine of the economy kind of slowly moves on very slowly customers will be able to buy and sell bitcoin without the need to upload any additional personal documents to hype's platform the italian minister guccepicante said on thursday that italia's italy's coronavirus lockdown will extend past its original april 3rd time frame as the death toll from the pandemic continues to rise that's sad surpassing 4 000 with over 47 000 confirmed cases my heart breaks for everybody there in italy of course the whole world but we're talking about italy right here the outbreak has shuttered non-essential businesses and physical outlets forcing people to work at home and to conduct more transactions and processes on the internet now prior to the outbreak italy's banking system has already strained due to a deep recession that has triggered a number of small bank closures across europe the pandemic has also prompted merchants to refuse cash for fear of contracting the virus and that's an interesting uh thought process there about cash on a go forward basis and another use case for cryptocurrencies and bitcoin and and all of them and digital assets just you know you don't have cash and cash can probably uh spread any diseases uh not any diseases but a lot of diseases um so it's another use case so let's keep going two billion dollars in bitcoin and crypto trading volume hits coinbase during the market mayhem so there's been a lot of market mayhem in the regular stock market obviously in the cryptocurrency space um so let's go through this it says bitcoins incredible incredibly volatile price action last week we all saw that it fell into the 3000s and at the time of this discussion it's a little over six thousand i'm sure it'll be different by the time you watch this video the volatile price action last week triggered a huge trading volume spike and record traffic on the crypto exchange coinbase coinbase is the uh well-known cryptocurrency exchange and the largest in the united states in a 24-hour period between thursday and friday as the price of the top cryptocurrency plunged from 7 500 to as low as 4121 the u
s based exchange says trading volume topped 2 billion dollars the ceo of coin coinbase c brian armstrong says months preparation and improvements have made the exchange far more resilient to major market events and searches and demands his quote is over the last couple of years we've invested heavily in increasing reliability and scalability of our systems this included increasing the redundancy and throughput of our exchange expanding the capacity of our core products and improving our internal processes and responses when things go wrong this hard work contributed to our stability last week while many platforms in both crypto and traditional that's true a lot in the traditional as well had a lot of strain going on with all the uncertainty in the marketplace and they struggled with the increased volume we set new peak traffic records 50 higher than our previous peak across a number of our internal systems now what's interesting about this obviously with the cryptocurrency spike in prices back at the end of 2017 that really kind of got a little uh a lot of headlines back then and a lot of new retail investors started peaking their interest when bitcoin got twenty thousand dollars a coin there was a lot of onboarding issues across um crypto exchanges not pointing at any specific crypto exchange but now two a little over two years removed from that all these crypto exchanges have had a lot of time to scale up so one it's helping with this market mayhem but two in the future when we have a bull run of cryptocurrency markets they will be well positioned with regulatory certainty a little more than 2017 even though there needs to be a lot more in this space onboarding anti-money laundering criteria and all the above so they're ready so when the next fear of missing out fomo happens when the bull market happens uh these cryptocurrency exchanges will be ready now the san francisco exchange has also launched batched bitcoin transactions to reduce demand on the bitcoin blockchain so it's a little bit in the weeds but that's good they batch their transactions puts less strain on the blockchain and then can the whole blockchain in general can sustain even more transactions and it becomes more scalable previously coinbase processed a single transaction whenever a user sent btc with batched transactions coinbase packages multiple send requests into a single transaction before broadcasting it to the bitcoin network now a batch transaction consisting of numerous customer send requests reduces stress on the network by taking up less space in each block when compared to processing and sends individually according to coinbase the new feature has the potential to save users more than 50 percent on the network fees that's great as long as they pass those on sounds like they are going to when they batch those transactions it'll help out the network make it more scalable reduce fees for coinbase and hopefully they pass those off to the consumers making it uh um easier and and less expensive to actually trade and purchase and sell uh bitcoin on the market so let's go to this next one it says crypto strategist who accurately called bitcoin crashed to 3 200 says major shift is incoming okay bitcoin is up over 60 percent from its low 2020 3850 trading above 6000 is the time of this discussion well the king coin and basically the king coin because they were first there's a lot more cryptocurrencies out there there's actually thousands of them um we don't take a position who's the best or or what have you we just like to discuss the cryptocurrency space in general on this page um while the king coin is showing signs of recovery a crypto trader and elliott wave technical analysis analyst believes that bitcoin is not out of the woods yet so we don't go over price predictions on this uh channel or we we're not ta people technical analysis but i like to review what people think and then reflect on it after whatever they're claiming is going to happen reflect on it and see if we have any corroborating evidence and see if we can learn anything and it says benjamin bluntz tells his 52 300 followers on twitter that btc will likely revisit its 2018 bottom of 3200 so you can kind of see his graph here on twitter and it says the trader analyzes bitcoin's price action using elliott wave theory the advanced technical analysis technique relies on identifying recurring wave patterns that exhibit the repetitive behavior of market participants based on elliott wave principles an abc corrective in a bear market is a temporary rally once the pattern is complete the asset will likely resume its downtrend benjamin bluntz used his expertise in elliott wave analysis to accurately predict the bitcoin bottom in 2018 which came true on december 15th the trader offered his 3200 btc forecast as early as june 2018 so if you want to follow him on twitter here is his twitter handle his name is benjamin blunt but his twitter handle is at smart contractor and you can see how contractors spelled their c-o-n-t-r-a-c-t-e-r smart contractor but not everyone shares his bullish bearer excuse me sentiment naeem aslam chief market analyst at avatrade says bitcoin is gathering bullish steam uh okay i mean we'll listen to what naeem says but the reality is there's a lot of uncertainty out there because what's happening in the financial crisis and some people think that bitcoin and cryptocurrencies in general are a safe haven during these crypt these uncertain times so we'll see what actually happens and the quote is when it comes to bitcoin the crypto king is on fire and we have seen a decent rally given the fact that price has crossed the six thousand dollar mark an important level of resistance the upward momentum is likely to pick up space pace and if the price crosses the 200-day moving average on a daily time frame it would be a huge buy signal so that's what they're saying we don't price predict or or give investment advice on this channel but it's interesting to see what other people think all right bitcoin maximalist shutting down hedge fund after recent bitcoin price plunge okay so it says bitcoin's ongoing wild and volatile ride amidst the coronavirus outbreak has reportedly forced crypto hedge fund adaptive capital to close its doors according to the block the firm run by bitcoin mass maximum cites bitcoin's price movements on march 12th and 13th or good week or so out from that along with the poor exchange infrastructure as key culprits bitcoin plunged to around 4 000 a coin on march 13th friday the 13th inflicting massive losses on investors after a solid performance during the earlier part of 2020 when the leading cryptocurrency clocked a yearly high of 10 457 bucks bitcoin is now back up 64 percent at 6 500 that's the time doing this video um you know it'll probably be different when you watch this video um so it says adaptive capital reportedly took a big hit a company letter to investors confirms the closure and his plans for an exit strategy and there's according to the letters breaks this out and it says a prominent bitcoin bull and former financial analyst at goldman sachs ma mudov said in august 2019 that he expects bitcoin to reach a hundred thousand so he went from that expectation to closing this hedge fund all right so let's go to the next one coinbase ceo brian armstrong says bitcoin and crypto already outperformed cash in one key area so let's go through this together according to bitcoin and the crypto market uh have crashed right alongside the legacy markets due to the chronovirus outbreak that's wrecking havoc around the world shuddering businesses pulling the plug on entire industries and claiming over 10 000 lives brian armstrong the ceo of crypto exchange coinbase says one unique aspect of crypto is proving to have a crucial benefit armstrong points out the potential danger of using physical money in the midst of a global health crisis bank notes can easily spread covet 19 the chronovirus he says in china authorities are disinfecting and destroying potentially infected cash to mitigate the spread of coronavirus you know it's interesting anecdotally over the years i've always you know you roll your coins or touch money or maybe you're in a casino and all this money is moving hands you're always kind of like oh i just need to wash my hands think about it that you that just made you think about washing your hands you should be washing your hands every single time because these are just spreading germs they sit in your wallet with other money so yeah another little use case for cryptocurrencies and bitcoin the us federal reserve is also imposing up to 10 days of quarantine for dollar bills coming from asia and europe as a precautionary measure so here's brian armstrong you can follow him on twitter his uh twitter handler is at brian underscore armstrong and he says we're working hard to make it easier for people to use global inflation-proof digital payments with crypto passing paper currency and coins between people has never been hygienic armstrong says another unique feature of bitcoin will remain a key advantage over fiat it's tight total supply of 21 million coins and the quote is most peer-to-peer payment apps today are all our us only and fiat currencies are going to lose their value more quickly with upcoming inflation and it's time for the world to have a global payment system based on sound money although armstrong is a long-term bitcoin bull he recently declared that the true winner of the long-term race for the best cryptocurrency remains to be seen comparing the early days of crypto assets to the advent of the early internet browsers like netscape so we're going to wrap up there folks today thank you so much for tuning into the cryptocurrency portal again i wish everybody luck out there to you and yours with everything that's going on out there in the world the chronovirus the financial crisis etc so thank you for tuning in i deeply appreciate it if you like this video please smash the thumbs up button really helps out the channel um it helps out with those googling out youtube algorithms as well and also if you're already subscribed to the channel thank you very much i really appreciate it and we'll all get through this together um and on the back end we'll be a lot smarter and hopefully healthier because since you have to a lot of people have to stay in place right now and shelter in place hopefully people are working on getting into shape so with that said thank you so much for tuning the cryptocurrency portal and i'll talk to you real soon [Music] you
