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George Georgiev



Articles by George Georgiev

5 Reasons For Bitcoin’s Price Surge To New 15-Month High

13 hours ago

At the beginning of October, Bitcoin’s price was particularly indecisive and trading slightly above $10,000, causing many to believe that the unfilled CME gap down at $9,600 would soon be closed.
Fast forward to the current date, October 27th, BTC is trading at $13,400, having just marked a fresh high for 2020. The cryptocurrency added around $3,000 to its value, representing an increase of around 30%.
With this said, this month was also quite eventful. Many things happened, and, as such, let’s have a look at five possible reasons that could have led to this substantial price increase.
PayPal Announcing Support for Bitcoin, Bitcoin Cash, Litecoin, and Ethereum
Undoubtedly, the most important piece of news that came out this month was PayPal announcing support for

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Here’s Why Bitcoin’s Hashrate May Drop Further This Week

22 hours ago

Yesterday, the Bitcoin network witnessed approximately 22 exahashes per second (EH/s) exit the ecosystem, as noted by Hashr8’s Thomas Heller on Twitter.
The self-professed “mining maximalist” also shared his estimation that we’ll see the BTC mining difficulty decline somewhere between 7.4% to 8.8% by the end of the week — a drop that, if true, would be the worst negative difficulty adjustment since the infamous, COVID-19-induced “Black Thursday” crash in March.
However, none of this is a mere random anomaly or coincidence.
Bitcoin’s hash rate has dropped significantly over recent days, with further drops likely. Source: Blockchain.comSeasonal Migration
The root cause of Bitcoin’s hash rate drop may be attributed to the end of the rainy season in China’s Sichuan province —

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Someone Just Transferred $1.15 Billion (0.4% Of Total Bitcoins) for $3.6 Fees

2 days ago

An anonymous user just made what seems to be the largest fiat value transaction using Bitcoin.
In a single transaction, the user sent a total of 88,857.2449 BTC, which, at the current rates, is worth around $1.15 billion.
Being well-known for its low fees, the entire thing cost the user less than $4.
Large Bitcoin transactions have happened in the past, and most of them are characterized by their staggeringly low fees.
It’s also interesting to note that this wasn’t the largest transaction in terms of BTC.
As CryptoPotato reported earlier this year, a user sent a total of 124,946.622 BTC, representing a total of 0.07% of Bitcoin’s total supply. However, at the time, the amount was worth around $1 billion, and the user paid $80 in fees.
Back in 2011, Mt. Gox transferred

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Hacker Returns $2.5 Million to Harvest Finance Deployer Contract

2 days ago

The fiasco with Harvest Finance continues with full force. The team has put a $100,000 bounty for the first person or team to reach out with information about the hacker.
It’s also important to note that the attacker has decided to return $2.5 million to the deployer contract of Havers Finance. However, given that the total amount of stolen funds is close to $24 million, the returned sum represents a tight 10% of it all.
Developments in the Making: $2.5 Million Returned to Harvest Finance
As CryptoPotato reported earlier this morning, the popular DeFi-based protocol Harvest Finance was attacked.
Later on, the team put out a $100,000 bounty “for the first person or team to reach out to the attacker and help the attacker return the funds to the deployer address.”
In what

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SwapSpace: Quick Cryptocurrency Swaps at No Additional Fees

2 days ago

[Featured content]
The cryptocurrency field is growing at a considerable rate as more companies and individuals get involved. 
As CryptoPotato recently reported, Google searches for the ‘buy crypto’ key phrase have surged to their highest point since all the way back in January 2018 – during the peak of the ICO bubble. 
Google traffic is usually a very good indicator of retail interest in the field, but institutions are not lagging behind. Another report by the giant multinational financial services corporation Fidelity Investments revealed that 36% of institutional investors own Bitcoin and other cryptocurrencies. 
Amid the growing popularity, more venues are offering seamless exchange and swaps of various crypto assets. 
One of such platforms is SwapSpace. With a

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Bitcoin Breaks To New 2020 High on PayPal News: This Was The Weekly Crypto Market Update

5 days ago

This week was particularly interesting in the cryptocurrency markets. Bitcoin’s price charted a new 2020 high, surging to as much as $13,217 on Binance. The entire market cap surged and gained almost $40 billion throughout the past seven days.
The catalyst for this major move was PayPal. The world’s largest online payment processor announced that it would allow its customers to buy, sell, and store cryptocurrencies as soon as the next few weeks for US-based users. The rest of the world would have to wait for the first half of 2021.
To anyone wondering, PayPal has millions of merchants in its network, and the CEO of the company said that they would work actively into incorporating digital currencies in their system. Moreover, it’s also interesting to see how banks and

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Not Wasting Time: PayPal Reportedly Considering to Buy Crypto Companies, Including BitGo

5 days ago

PayPal, the world’s largest online payment processor, is reportedly exploring acquisitions of cryptocurrency-oriented companies.
Citing sources familiar with the matter, Bloomberg reports that this includes the popular Bitcoin custodian BitGo.
The sources also revealed that PayPal has been in talks with BitGo, and it could potentially reach a deal “within weeks.”
However, the negotiations could still “fall apart,” and, in this case, PayPal could choose to buy other companies.
At the time of this writing, PayPal and BitGo haven’t provided official statements on the matter, and it’s not clear how much would the payment processing giant pay for the acquisition of BitGo, should the deal move forward.
This comes a day after PayPal announced that it would enable its customers to

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Streamity: Leveraging Binance Smart Chain to Provide Myriad of Services

6 days ago

[Featured content]
DeFi has no doubt exploded in 2020 as the industry saw unprecedented growth all the way from March. In fact, data suggests that there’s currently around $11.2 billion locked in various lending protocols in the ecosystem.
While this may have somewhat surprised many, it does come as a natural and logical extension of the crypto field. After all, that’s the general purpose of cryptocurrencies – to separate state and money through an immutable and decentralized ledger.
Expectedly, though, many companies started popping up, providing various DeFi-based services in a range of fields.
Streamity is one of those projects. It leverages the blockchain of the world’s largest cryptocurrency exchange – Binance Smart Chain, to offer a myriad of financial, healthcare,

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The Biggest Concern of Bitcoin Investors Until The End Of 2020: Will Trump Get Reelected (Survey)

7 days ago

Bitcoin’s price is undeniably affected by many factors. Throughout its nascent history, it has displayed continuous correlation with the performance of gold, although, at times, it’s moving hand-in-hand with the stock market.
The overall macroeconomic landscape has also proven to be a factor for Bitcoin’s price. For example, it saw a 40% decrease in March when the world declared a state of global pandemic induced by the outbreak of the novel coronavirus COVID-19.
The 2020 US Presidential Elections are closing in on November 3rd, and this is no doubt an event that will have an impact on the world’s economy not only for this year but for the next four.
With all of the above in mind, we at CryptoPotato decided to ask our newsletter subscribers – what would have the highest

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Bitcoin Price Moons to New 2020 Highs on PayPal News

7 days ago

Newfound bullish momentum is omnipresent with Bitcoin’s price throughout the last few days. The cryptocurrency has increased by more than $2,000 since October 6th, and it shows no signs of slowing down.
Bitcoin Price Breaks 2020 Highs on PayPal News
Throughout the entire month of September, Bitcoin’s price was somewhat stagnant, with a few minor exceptions. This became a cause for increasing worries among cryptocurrency analysts and traders, many of whom were worried that the price would head lower and fill the (still) unfilled CME gap down at $9,600.
All of this changed on October 6th when BTC started its ascend. Since then, the price has increased by more than $2,000, with the momentum culminating today on some major news coming from PayPal.
The world’s largest online

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PayPal to Enable Bitcoin and Crypto Purchasing and Selling

7 days ago

One of the world’s largest online payment processing companies, PayPal, has joined the cryptocurrency market and it will allow its customers to hold, buy, and sell Bitcoin and other cryptos using fiat currency. 
In addition, PayPal customers will be able to spend Bitcoin to shop at over 26 million vendors already included in its network starting early 2021, Reuters reports. 
The company has stated that they are “working with central banks and thinking of all forms of digital currencies and PayPal can play a role.” 
The CEO also hopes that this service will encourage further usage of virtual currencies, as well as prepare its network for central bank digital currencies (CBDCs). 
US customers will be able to buy, sell, and hold crypto through their PayPal wallets in the

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It’s Not Just Crypto: 2,000 Robinhood Accounts Compromised

11 days ago

Hackers had a field run a couple of days ago, targeting the popular retail-oriented trading application Robinhood.

Almost 2,000 Robinhood Markets accounts were compromised in a spree that saw customers’ funds siphoned off, according to a Bloomberg report.

Robinhood disclosed that a “limited number” of their customers had been struck by hackers who managed to gain access through breaches of personal email accounts outside of the application.

“The security of Robinhood customer accounts is a top priority and something we take very seriously.” – The company said in a statement.

The trading application reportedly has over 13 million customer accounts and is considering whether to add a phone number in combination with other tools, a person familiar with the matter

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Despite Negative News, Bitcoin Only $1K Away From 2020 High: The Weekly Crypto Update

12 days ago

Another week passed on the cryptocurrency market, and it surely wasn’t a boring one. The cryptocurrency started off strong, causing many to believe that it might finally breach the coveted $12,000 mark.
However, the excitement was short-lived because, just today, news broke out that the founder of OKEx, one of the primary cryptocurrency exchanges, has been ‘taken by the police’ and hasn’t shown up to work for a few days now. More importantly, he’s also one of the private key holders necessary to release withdrawals, and, as such, the exchange has suspended them for the time being.
Furthermore, reports indicate that there’s currently around $2.3 billion worth of BTC in OKEx, and, at this point, it’s unclear when withdrawals will be back to normal.
Yet, Bitcoin’s price

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Trustless Wrapped Bitcoin Coming to Polkadot in Early 2021

13 days ago

Polkadot is one of the biggest cryptocurrency projects, currently ranked eight in terms of total market capitalization.
Now, the team has revealed that trustless wrapped Bitcoin will come to its ecosystem in early 2021 through Interlay – a framework designated to allow permissioned and permissionless blockchains to connect and interact.
Polkadot’s BTC-Relay Effort
Known as Interlay, the framework that has been under development since 2018 aims at allowing various permissioned and permissionless blockchains to interact and connect seamlessly.
According to a new release, it’s set out to introduce Polkadot’s first trustless wrapped Bitcoin in early 2021. Called PolkaBTC, it’s aimed at marking a critical step towards an entirely interoperable ecosystem.
Previously, Interlay

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Blockchain for Business and Governments: IOVlabs & Grupo Sabra Announce Extrimian

14 days ago

[Featured content]
The parent company of the Bitcoin smart contract platform RSK has entered into a collaboration with Grupo Sabra to create Extrimian.
Announcing Extrimian
According to an official release dated September 30th, 2020, IOVlabs and Grupo Sabra have entered into a partnership to create a new joint venture called Extrimian, a new joint venture aimed at providing blockchain solutions for businesses and governments.
IOVlabs is the parent company behind the Bitcoin smart contract platform RSK and its Infrastructure Framework known as RIF. Grupo Sabra, on the other hand, is a solution company with a proven track record when it comes to the implementation of real-world enterprise blockchain apps.
The new venture offers a platform and ecosystem called RSK Enterprise

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Investor Loses 940 ETH ($360K) Overnight with YFI Founder’s Newest ‘Experiment’

14 days ago

Andre Cronje, the founder of the popular Yearn Finance protocol and its governance token YFI, deployed another ‘experimental’ contract yesterday.
Expectedly, a lot of people bought the token despite Cronje’s warnings, and most of them ended up losing money. One investor, in particular, put in 1000 ETH in the token, and his stash is currently worth about 80 ETH.
Regardless, a lot of prominent commentators and industry experts have spoken out that, at some point, it becomes unacceptable to deploy experimental contracts, knowing that investors will race to get in while running away from responsibility under the ‘disclaimer’ narrative. On the other hand, there are those who defend Cronje, saying that people knew the risks and are solely responsible for their losses.

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$13 Billion Asset Manager Stone Ridge Buys 10,000 Bitcoins ($115 Million)

15 days ago

Yet another major company has jumped on the Bitcoin bandwagon by purchasing 10,000 BTC and putting it to use as its primary treasury reserve asset.According to an official press release, the $13 billion asset manager scooped up the BTC through its subsidiary called New York Digital Investment Group (NYDIG).Speaking on the matter was Robert Gutmann, Co-Founder and CEO of NYDIG, who said that “As Bitcoin transitions to a predominantly institutionally-owned asset, NYDIG is better positioned than ever to be the leading provider of Bitcoin solutions to corporations, institutions, and banks.  NYDIG grew out of the core capabilities we developed in 2017 to manage Stone Ridge Holdings Group’s investment and treasury holdings in Bitcoin, and today we serve our clients with the same platform.”In

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COTI to Launch First-Ever Decentralized Market Fear Index for Crypto

15 days ago

The volatility index (VIX) is used to measure the implied levels of volatility in a market, and it also represents a counter index to traditional ones that track upward movements. It’s used widely by investors when assessing risks and quantifying fear.COTI, an enterprise-grade fintech platform, has taken it upon itself to launch a decentralized version of the popular stock market VIX index. Called cVIX, it’s a first of its kind and brings certain benefits for crypto traders.COTI’s cVIX Market Fear IndexIn a press release shared with CryptoPotato, the cVIX index is intended to measure the implied level of volatility on the cryptocurrency market and provide traders and investors with an additional tool when making important entry and exit decisions.It’s worth noting that the index will be

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Satoshi-Era BTC Worth $11.3 Million Moved for the First Time in 10 Years

16 days ago

Bitcoins worth more than $11 million was moved in a single transaction yesterday, October 11th. Data from on-chain analytics providers reveals that the huge amount has been sitting idle for the past 10 years as this was the first time it was moved.Another Stack of Satoshi-era BTC Transferred YesterdayIt appears that the transactions of bitcoins mined during the days when Satoshi Nakamoto, the network’s pseudonymous creator, was active, are increasing.Yesterday, October 11th, there was a transaction of 1,000 bitcoins mined in September 2010, going out to an unknown set of addresses.The total worth of the bitcoins moved is around $11.3 million at current rates. At this point, it’s unclear who the miner was or who is the receiver of the massive amount.However, it’s important to point out

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Funding for Blockchain Companies up 79% in 2020

18 days ago

The cryptocurrency industry has no doubt been maturing over the past couple of years, especially after the parabolic market development in 2017.The underlying technology behind cryptocurrencies – blockchain (or distributed ledger) has become more appealing to a range of corporations for various reasons. CryptoPotato recently reported that the tech mogul IBM has partnered with the Bank of Thailand and issued the first Government savings bond on the blockchain.Recent findings indicate that funding for blockchain-based companies has increased by 79% this year, and there are plenty of reasons for it.What’s Appealing About Blockchain?Blockchain technology brings about several pillars that a lot of companies are looking to take advantage of.Right off the bat, it’s decentralized. This allows for

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Bitcoin Back Above $11K For The First Time In 18 Days: The Crypto Weekly Market Update

19 days ago

Another week has passed, and it’s safe to say it was an intense one. First things first, the major headline is that the US Commodity and Futures Trading Commission (CFTC) charged the owner-operators of 100x Group, the parent company of BitMEX, with illegally running a derivatives exchange.Needless to say, BitMEX is one of the leading Bitcoin derivatives trading platforms, and one would think that something of the kind would cause a big blow. Arthur Hayes and the rest of the executive team stepped down, while Samuel Reed was arrested and later let go under an appearance bond.The following day, the UK’s Financial Conduct Authority (FCA) announced that it would ban cryptocurrency derivatives starting January 2021.To top it all up, John McAfee was detained in Spain and is to be extradited to

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Syscoin and CorionX Partner to Push Global Stablecoin and DeFi Adoption

19 days ago

CorionX, a platform designed to incentivize and promote the global adoption of stablecoins and decentralized finance platforms, has announced it will be partnering with Syscoin to help tackle two of the biggest barriers to entry to DeFi — awareness and cost.Breaking Down Barriers to EntryAs part of the partnership, CorionX will begin using Syscoin’s Bridge solution to help users experience the benefits of stablecoins and DeFi, without incurring exorbitant transaction fees while doing so. Syscoin Bridge is a solution that allows users to store their tokens on multiple blockchains and complete cross-chain value transfers.“This Solution will provide cheaper and faster transactions enabled by Syscoin’s unique Z-DAG Protocol, and more robust security offered by Syscoin’s blockchain which is

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Jack Dorsey’s Square Buys $50 Million Worth of Bitcoin (BTC)

20 days ago

Financial services company Square has announced that it has purchased $50 million in Bitcoin.The company headed by Twitter’s Jack Dorsey, says that it believes that cryptocurrencies are an instrument of “economic empowerment and provides a way to participate in a global monetary system, which aligns with the company’s purpose.Today, @Square announced that it has purchased $50M in bitcoin. Square believes cryptocurrency is an instrument of economic empowerment and provides a way to participate in a global monetary system, which aligns with the company’s purpose. For more, visit https://t.co/HPhSMfVgac.— Square IR (@SquareIR) October 8, 2020The company has been rather open when it comes to its overall stance on cryptocurrencies. Earlier in September, it even created a non-profit organization

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Waves Exchange: Introducing Decentralized Forex for Stable Crypto Assets

20 days ago

[Featured content]Decentralized finance (DeFi) is certainly the hot topic of 2020 and a field where most of the attention in the industry is focused on.That’s not surprising. In a few short months, the total value locked in DeFi protocols has surged from about $500 million to over $11 billion, at the time of this writing, representing a staggering increase of more than 2000%.And while a lot of the upcoming projects have turned out to be blatant scams and rug-pulls, there’s no doubt that DeFi is here to stay. In fact, many argue that it’s the future of crypto.And while a lot of the projects are focusing on decentralized swaps of various cryptocurrencies, Waves.Exchange is doing something different.What is Waves.Exchange?Waves.Exchange is a cryptocurrency trading platform where users can

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BitMEX Aftermath: Arthur Hayes Will Step Down Immediately As 100X CEO

20 days ago

Following the fiasco between the United States Commodity and Futures Trading Commission and BitMEX – one of the world’s largest crypto derivatives platform, there will be major shifts in the executive management of the latter. As per an official announcement published today, October 8th, Arthur Hayes, the well-known CEO of the company operating BitMEX, will be stepping down. In his place, Vivien Khoo, who’s currently the Chief Operating Officer at 100x Group, will become the interim CEO. She’s would also assume additional operational responsibilities. Going forward, Samuel Reed, the Chief Technology Officer, has also stepped down. The fellow founder Ben Delo isn’t going to hold any executive position as well. Meanwhile, Greg Dwyer, the former Head of Business Development, will also take a

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Low Volatility Index Suggests Huge Bitcoin Price Move Incoming: History in Favor of the Bulls?

21 days ago

Bitcoin has had a slow last few weeks, that’s for sure. It appears that the cryptocurrency is trading within a narrow range, unable to swing convincingly in either direction.This is reflected in its historic volatility, which has been falling quite a bit. In fact, it’s currently at a point where, usually, a huge move is inbound.Bitcoin Historic Volatility Low: Huge Move IncomingThose who’ve been following the cryptocurrency markets long enough know that there’s rarely a boring day. And, in case there’s a boring period, it usually comes just before a huge swing in price.This has been the case for the past month. Raoul Pal, a popular investment strategist, and industry expert pointed out that the Bitcoin 30-day historic volatility is dropping towards 20%.“Bitcoin 30-day historic volatility

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BMW Korea Goes Blockchain: Reward Program Inbound

21 days ago

One of the world’s largest car manufacturers and a household name, BMW, has announced plans to launch a blockchain-based reward program in South Korea.The country will be the first to see the new platform before a potential global rollout.BMW Korea Goes BlockchainBMW is arguably one of the most popular car manufacturing brands. According to its latest investor presentation, published in October 2020, they’ve delivered almost 650,000 vehicles in Europe, down 19.7% because of the coronavirus pandemic. In mainland China, however, the company charted an increase of 6.4%, bringing the total unit of delivered vehicles to almost 560,000.In any case, BMW Korea has plans to venture into the field of blockchain through a new reward program called BMW Vantage, according to The Korea Herald. Kore will

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DeFi Bubble Popping? 3 Things That Might Revive the Hype

21 days ago

The DeFi markets have had a rough few days over the past week. The majority of the cryptocurrencies centered in the space are trading well in the red.At the same time, the total value locked (TVL) in DeFi protocols has been on the decline over the past two days as well.According to DeFi Pulse, the TVL is down to $10.15 billion, at the time of this writing. This means that it lost over $1 billion since the beginning of October as the value reached $11.23 billion on September 30th.Building on to that, CryptoPotato recently reported that the Binance DeFi index tumbled over 50% during its first months and it didn’t even include some of the worst-performing, yet popular DeFi coins. Today, the index is down 63% from its opening peak, suggesting that there’s potentially more pain to come.However,

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RSK & RIF Bitcoin Sidechain Integrates DAI to Further Connect To Ethereum’s DeFi

22 days ago

The DeFi space continues to expand as the total value locked in protocols has recently almost hit $11 billion. More interestingly, BTC value locked in DeFi is also on the rise as there are currently around 141,000 bitcoins locked in various lending protocols.RSK’s infrastructure framework (RIF) has recently integrated Maker’s DAI stablecoin into its ecosystem.RIF Integrates Maker’s DAI StablecoinThe RSK infrastructure framework (RIF) has integrated the DAI stablecoin on its Bitcoin-powered smart contract platform.To do this, the development team used the RSK-Ethereum token bridge, launched earlier in the year. Per the release, the two projects expect to increase decentralized finance services based on Bitcoin’s network.DApp developers will be capable of creating applications on RSK that

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TradeLax Review: Cryptocurrency Trading and Traditional Markets at One Place

22 days ago

[Featured content]Cryptocurrency trading is quickly catching up to speed. This year has been nothing but tumultuous for the markets, both legacy and crypto.2020 started great as all major indices were climbing in an upwards direction – slowly, but steadily. The same can be said about the crypto market. In fact, Bitcoin had an impressive run up until the end of February, shortly before things took a turn for the worst.The global coronavirus pandemic took the world by a storm. What started off in China quickly moved to the rest of the world and had a cataclysmic effect on the markets. The S&P 500, NASDAQ Composite, DJI, and major international indices tumbled in the middle of March, triggering Wall Street circuit breakers at a never-before-seen rate.The same is true for Bitcoin. Its price

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