CBX Weekly Newsletter // 11 March 2020
- Bitcoin drops to below $7K as Global Financial Markets Crash!
- Miner’s rolling inventory (MRI) can give you a clue about where Bitcoin’s price is going
- How Blockchain Can Be Used to Promote Gender Equality
Bitcoin drops to below $7K as Global Financial Markets Crash!
Bitcoin (BTC) has been wiping off its yearly gains and sending the price back to early January, the overall cryptocurrency market has been slowly giving up gains as well with tokens like ETH and EOS at least 40% down from this year’s high.
Major European equity indices like Germany’s DAX and France’s CAC are also flashing green at press time, while S&P 500 futures are currently up by over 4 percent. Oil prices are reporting a 7 percent gain and the US 10-year note yield is trading at 0.70 percent, up nearly 35 basis points from Monday’s record low of 0.35 percent.
Gold, however, is down nearly 1 percent at $1,665 per ounce.
A recovery to $8,200 (Monday’s high) is expected. That said, bitcoin will remain bearish as long as prices stay $8,480. On the other hand, Monday’s low of $7,636 is the key support. If broken, that could cause the price to drop toward $7,000.
Miner’s rolling inventory (MRI) can give you a clue about where Bitcoin’s price is going
Source: Coindesk, and Chainalysis.
Bitcoin’s (BTC) recent price drop has caught many investors off guard. However, a key metric showing worry among the network’s miners gave a warning several weeks ago.
The miner’s rolling inventory (MRI) figure, created by crypto markets data company ByteTree to measure the changes in inventory levels held by these key market participants, remained below 100 percent in January, suggesting a lack of confidence in the 30 percent price rally that month.
An MRI above 100 means miners are selling more than they mine and running down inventory, while a below-100 MRI indicates hoarding — miners selling less than they mine and amassing inventory.
Conventional wisdom says that a seller always sells high. Thus, some investors may take a sub-100 MRI reading as a sign miners are anticipating a price rally and are therefore hoarding with an aim to liquidate at a high price at a later time.
How Blockchain Can Be Used to Promote Gender Equality
Denelle Dixon is the CEO and Executive Director of the Stellar Development Foundation, a non-profit organization that supports the development and growth of Stellar, an open-source blockchain network that connects the world’s financial infrastructure. Previously, she was the COO of Mozilla and served as general counsel and legal advisor in private equity and technology.
Blockchain has the power to change the world. The power to connect the world. The power to make the world more equitable and more open. It has the potential to foster greater financial inclusion, unlock economic participation and democratize financial services in an unprecedented way. By using blockchain to create a more accessible and open financial system, we can empower people, especially those left out or underserved by today’s infrastructure.
That means using blockchain to empower some of the most financially marginalized — women. And on International Women’s Day, showing its impact on women seems like the right time to have the conversation.
Yet, research shows that when women have financial access, the ripple effects can be powerful not only for those women but also for families, for communities, for countries. Having access to and use of a range of financial services enhances not only the contribution of women and women-led business to economic growth but also contributes to women’s autonomy. It allows for better use of their personal and household resources and reduces the vulnerability of their households and businesses.
Women are often blocked from traditional financial services due to systemic issues like earning income in more informal sectors, lack of identification, insufficient collateral, mobility constraints, and limited financial literacy. But blockchain technology — which creates identity in new ways and offers new on-ramps and exit-ramps — has new ideas to bridge the gap, and make financial services available to women and communities wherever they are.
Women, and all marginalized populations, should have equal access to the global financial system. This work is core to our mission. At the Stellar Development Foundation, we want to change the world. We are committed to proving that blockchain will unlock financial inclusion and empower economic participation for women and the world. Collectively, we can make this happen.
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