Dear All,
We are in a force majeure situation, across all capital markets (stocks, bonds, precious metals, and crypto). These are very special circumstances, and probably once-in-a-decade situation that is bound to affect every human across the entire planet. Please let me emphasize that our primary collective responsibility is to stay safe and to keep others safe from COVID-19. This is done by observing proper infection control recommendations (as issued by your local / national authorities) and by avoiding all unnecessary contact (social distancing) to help extinguish this pandemic.
Now, onto crypto markets. I purposefully did not provide an update last week. The reason was that although our price action was clearly better than expected at the time, it was not really consistent with the COVID-19 events. Thus, it seemed more prudent to take the wait-and-see approach. To keep things simple, I will not be discussing individual indices (Gold / Silver / Bronze) but rather describe things in aggregate. This is because everything moved down in unison, across the board, without exception.
Gold Index is down 35.2%; Silver Index is Down 37%; and Bronze Index is down 35.3%. There are two major reasons for this uniformity: [1] Bitcoin crash, which can be attributed to a number of things, but most likely reflects liquidations due to a liquidity crunch on global scale; [2] Flight to fiat - When global emergencies occur, people will naturally flock to fiat reserve currencies. This is because the transition to crypto as "global currency" has not yet happened, or at least not on the scale where crypto would be resistant to systemic-level liquidation pressures. In a way, one can view all assets as having essentially preserved their "true value" but relative to "US Dollar" they are ALL devalued instantly by anywhere between 20-30%. This will gradually unwind and re-equilibrate.
Other developments - The EWMCI Ecosystem continues to grow and develop. Important advances were made in the last 2 weeks in several areas. First, we are working on getting multi-wallet capability for every single EWMCI coin. This would help standardize features across all EWMCI Alliance projects and will be critically important as we move forward. Our allied exchanges - Fides, NLexch, and Zapple continue to provide top-notch services. Thank you! Finally, there are important and exciting projects in various stages of development. Please stay tuned for Zoom meeting announcements in the near future (next 5-7 days) and participate in our calls to find out more :)
Till next week!
Thanking you,
Stan / EWMCI.info
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