A weekly section discussing how general events can influence the near-term future of cryptocurrency sector
Greece Market Adding Fuel to Cryptocurrency Investments
The constant negativity inside the Greece’s economy, led by the country’s default with the International Monetary Fund (IMF) followed by the indefinite closure of its banking sector, has worked like a fuel to the cryptocurrency markets. In over the past week, people all around the world are heavily purchasing cryptocurrencies like Bitcoin, Dogecoin, Dash, etc. in speculations of a possible Grexit.
Western Union, PayPal Suspend Operations in Greece
Amid fears that the country is heading for financial collapse, Greek banks are preparing contingency plans for a possible “bail-in” at the expense of depositors, with takings of at least 30 percent of the higher deposits to €8,000. The same day that the Greek government announced this update, international payment processor Western Union and PayPal suspended its operations in the Mediterranean country. It further fueled the cryptocurrency buyouts in the country.
Visa and MasterCard Cut Ties with Backpage
Visa and MasterCard recent discontinued providing its services to buy ads on Backpage.com (similar to Craigslist site that includes a section on “adult” with advertisements for escorts, “massage” and strippers), after facing pressure by the Sheriff of Cook County (Illiniois).
Chinese Stocks Suffered Worst Decline Since 1992
The Shanghai Composite Index on Friday suffered a further drop of 5.8 percent. The total losses in the last three weeks worth about $ 2.5 billion, representing 25 percent of its monumental Gross Domestic Product (GDP).