Cryptocurrencies amongst asset class hardest hit on Black Monday

  • Post category:Government

GLOBAL – Bitcoin and other cryptocurrencies took a hard hit today, wiping as much as $26 billion off the crypto market within 24 hours. This is despite the steady increase in value the virtual assets market had been enjoying over the last several months.

The plunge was part of a significant downturn in Global Stock markets reeling from the news of Coronavirus and the significant drop in oil prices today. Many are calling this Black Monday with the hashtag #blackmonday trending.

Within minutes of opening, the Dow plunged 1,800 points, the S&P was down 7% and major stocks such as Apple, Amazon, Google, and Facebook were all down 7% earlier in the day.

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Toronto’s Smart City bought to you by Google

Google’s sister company, Sidewalk Labs announced a public engagement plan last year aimed at transforming Toronto’s Quayside neighbourhood into an innovative, tech-centric and inclusive space. The project has since caused controversy over concerns of data and privacy issues, as well as a lack of public trust.

The controversy was highlighted when the Former Ontario privacy commissioner Ann Cavoukian resigned from her role as an Advisor to Sidewalk Labs in October 2018, at around the same time as the resignation of Saadia Muzaffar from her role on the Digital Strategy Advisory Panel.

The controversy has drawn in local politicians to the defense of the project, including Mayor John Tory and Ontario MP Adam Vaughn.

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