Cryptocurrencies saw mixed outcomes in February. In total, Bitcoin rose by 3% while Ethereum and Ripple gained by 3.15% and 34% respectively. Gains made in the first two weeks of the month were erased. As of writing, Bitcoin, Ethereum, and Ripple are 16%, 24%, and 32% below their monthly highs.
Will the current bear market remain in the coming month?
Political temperatures in the United States are rising. The Democrats have already carried out three primaries. In the first week of March, we will see the so-called Super Tuesday, where most democrats vote for their preferred candidate. Early results show that Bernie Sanders, the Democratic Socialist from Vermont, will be the flagbearer. Many crypto enthusiasts believe that a Sanders’ win would be positive for crypto. First, his socialist policies are disliked by most stock investors. These investors prefer Joe Biden or Mike Bloomberg, who are relatively moderate. Therefore, investors are likely to rush to safe havens if he wins. Second, Sanders has pledged to provide high speed internet across the country. Such action will likely provide a boom for Bitcoin and other cryptocurrencies.
We will continue to watch Ripple in March. We have been watching the currency after its parent company raised $200 million to accelerate its development. In March, we will be following a recent lawsuit that alleged that the company violated securities laws. On Wednesday, Judge Phyllis Hamilton said that the suit will be allowed to move forward. It is still early to predict how the case will go. It is also early to predict its impact on XRP’s price.
In the coming month, we will also focus on Sweden. In February, Riksbank, the country’s central bank announced that it was conducting a pilot project for e-krona. It has partnered with Accenture to achieve this. E-krona will be a digital version of the country’s currency. It will simplify access to cash and help banks save money transporting physical cash. The Chinese central bank is also created a digital version of the yuan. These projects are in reaction to Facebook’s Libra.
In March, we will focus on a few crypto events. Some of these events could be cancelled or postponed because of the virus. Some of the key events we will be watching are: Crypto Assets Conference in Munich, Germany, London Asset Management Summit, and Syncronize Conference in New York.
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