Cash turnover hits record high in the U.S. and altcoins mentions on Twitter drop to a minimum
USD banknote turnover hits a 20-year high
From March 11 to March 18, the turnover of cash dollars in the United States increased by $34 billion, shooting up from $1.809 trillion to $1.843 trillion.
This is the largest growth in the last 20 years, economist John Paul Coning points out: the U.S. citizens are withdrawing money from banks amid the coronavirus epidemic. Last time a similar situation was observed in 1999 when people were afraid of digital devices failure due to the “Y2K bug”
It is noteworthy that the current increase in cash circulation is happening despite the WHO recommendations to avoid contact with banknotes, as COVID-19 can be distributed through them.
Twitter’s altcoin mentions drop to a minimum
Twitter users now write about main altcoins less often — the number of mentions per day has dropped to a three-year low.
The number of posts about XRP has decreased by 60% in two months to 2,542. Ethereum was talked about slightly less — the number of tweets with the hashtag #ETH fell to 2,500, which has become the lowest engagement level since February 2017. For comparison: in December 2017, when the altcoin set a maximum price, the number of tweets about it exceeded 51,000.
Bitcoin’s “little brother” LTC has been completely forgotten — Twitter users mentioned the coin only 350 times a day. The popularity of BTC, on the contrary, has grown, its mentions have doubled since the end of January.
Small miners shutting off will help the price of bitcoin
Blockware CEO Matt D’Souza said. He analyzed the periods of decline of the network’s hash rate and noted that they were followed by a prolonged increase of cryptocurrency price. In his opinion, now the situation may be repeated.
At the moment, the computing power of the BTC blockchain has dropped to 93 EH/s. In mid-March, when the bitcoin exchange rate sank below $4,000, small miners were forced to turn off the equipment, which led to a sharp drop in the hash rate and the difficulty of mining cryptocurrency.
Matt D’Souza notes that this will benefit the price of bitcoin, as private miners quickly sold their coins to not work at a loss.