• Bitcoin narrowly avoids a breach of support levels with a daily low of USD 7,007
  • Women crypto holders are surprisingly high in Southeast Asia, according to an OECD report
  • The US Federal Reserve is about to inject new US dollars worth 3 times the Bitcoin market cap

After hitting a low of USD 7,007 today, Bitcoin has just barely survived a test of critical support levels, and now is looking to regain some lost footing with price at USD 7,107 at 10:30 am London time (CoinDesk).

Most other altcoins in the market are also trading on the same fine margins as Bitcoin, with volumes slow to pick up and extremely tight trading ranges. Of note, Cosmos climbed 12% and VeChain dropped 5% among the Top 30 by market capitalization (CoinMarketCap).

Yesterday, we wrote about women taking a surprisingly larger role in Bitcoin investment interest. And now, the Grayscale study is finding echoes in a report from the other side of the world. The Organisation for Economic Co-operation and Development (OECD) has also released a report that shows a high level of cryptocurrency awareness in Malaysia, the Philippines and Vietnam — all three major Southeast Asian economies.

The survey — ‘Cryptoassets in Asia – Consumer attitudes, behaviours and experiences’ — was based on an online sample of over 1,000 respondents from each country aged 18 and above. It noted that the most popular reason for purchasing crypto in these countries was to make money:

“A majority of survey respondents (80%) said they were aware of cryptocurrencies in all three countries. In particular, there was a high level of awareness of cryptocurrencies in Malaysia (84 per cent), 10 percentage points higher than in the Philippines.

OECD selected the three countries, acknowledging the active and growing markets there for crypto assets as well as for their regional diversity. Nevertheless, the extremely high interest was not matched by actual ownership:

“Despite a high level of awareness across the three countries, only 30 per cent of respondents owned cryptocurrencies. One-third of the respondents in the Philippines and Vietnam said they held cryptocurrencies, whereas only 23 per cent reported holding these assets in Malaysia.”

Perhaps as surprising as yesterday’s research about women, OECD also found that in Vietnam, it was women (38%) who were likelier than men (32%) to hold digital assets. It was the opposite case in Malaysia, but not by much, with 26% of men compared to 20% of women who were likely to hold crypto.

Unlike the stereotype of millennial affiliation, the study also found that the average holding age increased with the age up to 54, from 9% of 18-24-year olds to 20% of 45-54-year olds. Malaysian millennials did confirm past knowledge however, as Malaysians aged 25-34 held the most crypto.

In its concluding remarks on policy recommendations, OECD writes:

“While the majority of financial consumers investing in cryptoassets say that they could afford to lose the money invested, given the general lack of understanding of cryptoassets or the risks involved, the reasons for investing, the use of credit by some and the lack of professional advice among many when purchasing, there is a strong likelihood of a misalignment between the risk profile of some financial consumers and the level of risk they are exposed to.”

Meanwhile, fiat money isn’t sitting still, with the United States central bank due to pump another USD 425 billion into the economy by mid-January 2020. The so-called repurchase operations have been confirmed by the Federal Reserve. It says:

“… the [Open Market Trading] Desk will conduct repo operations to ensure that the supply of reserves remains ample and to mitigate the risk of money market pressures around year end that could adversely affect policy implementation.”

If this happens, then the schedule through to 14 January will total repo offerings of at least USD 425 billion, which will be about 3 times the total market capitalization of Bitcoin alone. The announcement explains:

“The Desk intends to adjust the timing and amounts of repo operations as needed to mitigate the risk of money market pressures that could adversely affect policy implementation, consistent with the directive from the FOMC.”

Bitcoin communities will no doubt remind everyone that such moves are essentially creating vast amounts of new liquidity which are backed by absolutely nothing. Printing money without physical money backing it up. Many Bitcoiners believe this is the perfect demonstration of how central banks completely fail at economy management.


BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: Pixabay
Comments are closed.

Check Also

Trending Bitcoin News and Market Sentiment January 26th, 2020: Blockchain Still Hot at Davos, Binance Boss Says Bitcoin Needs More Accidental PR from Likes of Schiff

Bitcoin support holds and price climbs back up with a daily high of USD 8,454 Davos side e…