Bitcoin Lingers Above $7,300 – Massive Economic Shock And Huge Volatility In The Crypto Market Are Expected

2020 will probably remain in history books as an essential milestone for humanity.

Following the coronavirus pandemic, a lot of things will change, and some of them will probably never be the same again.

The financial industry is definitely going to see some unprecedented changes and these have begun to happen before the pandemic.

The financial sector is switching to newer, more modern, more convenient, and smoother financial instruments.

Amidst the global crisis, interest in the crypto industry is on the rise, and more people started to see Bitcoin and the digital assets as a safe haven.

The crypto market is looking good today, with the most important coin trading in the green.

At the moment of writing this article, BTC is priced at $7,348.20.

Bitcoin whale expects more pain ahead – massive volatility

An important Bitcoin whale who earned $20 million in profits on Bitfinex between February and March said he expects more pain ahead for the whole global economy.

The whale goes by the name Joe007 predicts waves of massive volatility.

Governments are propping up traditional markets, and they are doing their best to combat job loss.

It is going to be the biggest economic shock of our generation. It will unfold in waves and over time, giving false hopes and then crushing them. The focus of the crisis will be shifting through different areas. Attempts to alleviate and solve one crisis will lead to more mess.

Bitcoin Violates Sharia Law Says Egypt’s Highest Religious Official, Issues Fatwa

Egypt’s highest official of religious law has determined that Bitcoin violates Islamic law because it’s not a currency and is supposedly used to finance terrorism.

Here’s Why The Financial Markets Are Chronically Ill – Analysis Based On Data Since 2008

The global economy has been hit really badly since the beginning of this massive disaster called the coronavirus pandemic.

More and more countries are under lockdown these days, and social distancing has been implemented almost all over the globe.

It’s been just revealed that the UN countries are closing their borders as well, and the US President Donald Trump revealed the new guidelines that are into effect for about two weeks.

He also said that the virus could be lingering around until July or even August, and this freaked people out.

This pandemic also comes with an epidemy of fear and panic and people don’t really know how to live their lives anymore.

The financial sector is crippled these days and things are just beginning. The crypto space has also been affected.

Wall Street veteran addresses the ill financial system

Wall Street veteran Caitlin Long addresses a chronically ill financial system and she highlighted the reasons for which the vulnerabilities are crippling the markets.

She is a former Morgan Stanley managing director and the founder of Avanti – this is a new US bank that’s serving the digital asset industry.

She said that the Fed’s trillion-dollar cash injector to lift the economy is not working.

Long says artificially low-interest rates have triggered a tsunami of bad business decisions that bring massive anger.

“How to understand what’s going on in financial markets: Western world built up a debt bubble of stunning proportions over past ~50 years. It’s deflating now, just as it tried to do in 2008, 2001, 1997, 1994, 1987, 1981 and 1974,” she said.

She continued and explained, “Each time, though, there was enough balance sheet capacity to reinflate the system by pumping more debt into it. In other words, assets still existed that hadn’t yet been encumbered by debt (directly or indirectly) – meaning the countries were solvent.”