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Blockchain: Bitcoin’s Coronavirus Crash; Blockchain In A Pandemic

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CRYPTO MARKETS

Bitcoin felt the brunt of a historic week in which the impact of the coronavirus pandemic in the U.S. accelerated at a pace most couldn’t have imagined. It lost 50% of its value in a single day Thursday and dipped below $4,000 that evening for the first time since last March. By Friday morning, it had recovered some of its losses, rebounding to close to $6,000.

Thursday’s rout followed an 18% plunge last weekend, and its volatility throughout this global health crisis has led some analysts to reject the theory that it is or was ever a safe-haven asset..Crypto trader Peter Brandt, who successfully called bitcoin’s peak in 2017, tweeted that its floor now is “sub-$1,000,” and other major cryptocurrencies saw large chunks of their values wiped out this week as well.

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Source: Messari. Prices as of 4:00 p.m. on March 13, 2020.

LIFE AND DEATH

UC San Diego adjunct professor Timothy Mackey is adding blockchain solutions to one of his courses on global health policy with the coronavirus crisis now at the core of his curriculum. He cites initiatives that help health officials identify “choke points” in supply chains, which could more easily identify which hospitals around the world are prepared to treat COVID-19 patients.

On a more morbid note, a group of mostly unknown developers is trying to profit off the number of deaths caused by coronavirus by launching a new cryptocurrency called coronacoin. Currently priced at less than $0.01, its supply falls every two days based on the rate of new confirmed cases and the number of people the virus has killed globally.

MORNINGSTAR MILESTONE

Investment ratings giant Morningstar rated securities issued on a blockchain for the first time as part of its evaluation of a $40 million capital infusion into Fatburger parent company Fat Brands, which included securities issued on Ethereum. In total, $20 million worth of Class A notes were rated BB by DBRS Morningstar and another $19.7 million in Class B notes were rated B, and sold at a discount. 

The Morningstar rating specifically mentions a “shorter forecast performance period and higher visibility into the viability of brands,” something Fat Brands president and CEO Andrew Wiederhorn credits to the tokens issued on the ethereum blockchain.

$1 BILLION BLOCKCHAIN

Boeing added more than $1 billion in excess airplane parts to a blockchain platform designed by industrial conglomerate Honeywell, a member of this year’s Forbes Blockchain 50 list. Its GoDirect Trade system proves the origin of parts to ensure they comply with safety standards, and general manager Lisa Butters says the platform had $7 million in sales in its first year. By the end of 2022, she expects it will have conducted $1 billion in sales.

ELSEWHERE

Gold, Bitcoin No Longer Frenemies in Coronavirus Era [Bloomberg]

Coinbase Moves to Cut Blockchain Load With Bitcoin Batching [CoinDesk]

Bitcoin Shopping Gets a Boost From Social Distancing [CoinDesk]

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