by Marvin Dumont
The total market cap of cryptocurrencies reached a two-month high of $256 billion in early trading on Sunday EST. With 24-hour trading volume exceeding $151 billion, investors were encouraged to see Bitcoin (BTC) surpass $9,100 after the price plummet on March 13.
So far this year, the peak total market cap for all coins/tokens was $307 billion back in Feb. 13. Since the global spread of the Chinese virus, the cryptocurrency market has fallen and recovered — bottoming at $129 billion in market cap in mid-March.
Will the U.S. implement digital dollars?
There are proposed bills in Congress that would allow Americans to maintain accounts directly with Federal Reserve banks. Fiat cash held in such accounts — called digital dollars — are intended to stimulate the economy, as well as bank the unbanked.
But some argue the risks don’t justify the benefits. According to CoinDesk columnist Max Raskin:
Right now private banks act as middlemen between depositors and the government. These middlemen take fees for this role…. A digital dollar system would allow the government to subsidize the unbanked as well as directly target countercyclical monetary stimulus and even enact non-discretionary monetary rules. But the temptation and fraught incentives created are simply too great to justify such marginal benefits.
It’s estimated that the federal government has so far injected nearly $3 trillion in stimulus money and another $6 trillion from the Federal Reserve. Since the outbreak, 30 million Americans have filed for jobless claims.
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