Cryptos Continue Speedy Recovery
by Marvin Dumont
The cryptocurrency market has gained 56% since the March 13 crash that brought total market capitalization to $133 billion. As of Tuesday afternoon, the industry’s market cap rose to $208 billion with 64% Bitcoin dominance and $160 billion in 24-hour trading volume.
Year to date, cryptos are up nearly 4%.
The U.S. financial markets also made a big rally after the federal government passed a $2.2 trillion stimulus to counter the economic effects of the coronavirus pandemic.
According to CoinDesk:
The S&P 500, Wall Street’s equity index, has pulled off a strong 21.5 percent rally from lows near $2,190 reached on March 23, but even so it’s still down 17.5 percent for the year.
Bitcoin plummeted from $8,000 to $3,867 on March 12 and March 13. The crash also brought an attractive buying opportunity for long-term investors.
In March, the Federal Reserve announced a policy of unlimited quantitative easing to support the U.S. and global economies. In the last two weeks of March, 6% of the U.S. labor force filed for unemployment. A record 6.6 million Americans filed for unemployment during the last week of March.
Apollo Fintech is developing world-shaping fintech solutions for a global economy. Its product categories include Government Solutions, Commercial Products and Consumer Products. Apollo Fintech’s new platforms and tools include National Currency System, Tax System, Commodity Exchange, Mineral Claims System, Government Bank Platform, White Label Payment System, Bank Network, Knox Exchange, DEX, Apollo Cash and Apollo Currency.