During The Fastest Stock Market Correction In History, Bitcoin Shrugs ¯\_(ツ)_/¯
Plus, event cancellations, record derivatives trading, and debate around the 'Safe Haven' narrative
Happy Friday, Blockfolians
What a supremely weird few days, huh? Just a couple weeks ago, the markets seemed to be completely ignoring the Coronavirus, despite warnings from companies like Apple about what a big disruption it was likely to represent.
This week, all hell broke loose, leading to the fastest correction (or 10% market decline) in..well, ever. Bitcoin and crypto were certainly not immune, falling significantly at the beginning of the week. That said, it held fairly well over the last 48 hours or so as the rest of stock market continued to tank.
In either case, there has been quite the conversation in the community about what this week means for the ‘safe haven’ narrative. Whatever you think, it’s clear we’re in strange times.
Highly Relevant Reading
😷Tron postpones developer conference | Following a similar announcement yesterday from Facebook, Tron has indefinitely postponed its developer conference niTROn. Here’s hoping this doesn’t hit the upcoming slate of Spring events including Bitcoin 2020 and New York Blockchain Week.
↗️Ether futures hit records highs | One thing that volatility is good for: juicing derivatives trading. FTX has reported seeing record highs amongst this week’s market madness.
🏦U.S. House Committee to hold blockchain hearing | Hey look! Not all regulator attention is bad. Next week, the U.S. House Committee on Small Business is hosting a session on the benefits of blockchain for small businesses. Now that’s refreshing.
Travis Kling makes an argument that maybe the rollercoasters the crypto community has experienced serve us well with markets as they are.
Trader Scott Melker shows the “uncorrelated” narrative taking hold
A Really Big Number You Should Be Paying Attention To
That’s the amount of value global stock markets have lost in the last 6 days.
It’s a fair question!