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Explore art and color in our latest AR galleryExplore art and color in our latest AR galleryDesign Lead

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Abstract artist Wassily Kandinsky said, “Color is a power which directly influences the soul.” That’s hard to dispute when you consider the melancholy blues and greens of Picasso’s early Blue Period, or the vibrant yellows of a simple vase of Sunflowers by Van Gogh.

Color has also inspired the latest “Pocket Gallery” on Google Arts & Culture, which uses Augmented Reality to create a virtual space that you can explore using a smartphone. After the first Pocket Gallery brought together paintings by Vermeer last year, the latest collection features a variety of artists’ works, captured in high resolution and selected according to each piece’s color palette.

art-color-intro.gif

The “Art of Color”Pocket gallery in the Google Arts & Culture app

In “The Art of Color,” you can explore four rooms of paintings that each represent a different color palette—you’ll also find a dark room that juxtaposes Rembrandt’s masterpiece The Night Watch with the Op art mastery of Bridget Riley. We selected the art using our Art Palette tool, which brings together a range of works through the lens of color.

The gallery also has a series of playful geometric shapes and vibrant colors that complement the paintings inside. The new Pocket Gallery features art from 33 partner institutions across four continents, and allows you to learn about works of many different eras and styles.

One of the goals of the Google Arts & Culture team is to find new or unexpected ways to bring people closer to art. From renowned masterpieces to hidden gems, “The Art of Color” brings together artworks like Georgia O’Keeffe’s Red Cannas and Amrita Sher-Gil’s Mother India or Hokusai’s South Wind, Clear Dawn.

To check it out, make sure you download the Google Arts & Culture app on your AR-enabled Android or iOS smartphone. You’ll find the new gallery in the Camera Tab, and you can jump inside to explore each piece from there.

Source: https://www.blog.google/outreach-initiatives/arts-culture/explore-art-and-color-our-latest-ar-gallery/

Blockchain

Former PBoC Governor: Digital Yuan Will Fight ‘Dollarization’ of Chinese Economy

The former head of the People’s Bank of China said the digital yuan would combat “dollarization” of the country’s economy.

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The former governor of the People’s Bank of China (PBoC) says the soon to be launched digital yuan will combat a global US “dollarization.”

Zhou Xiaochuan, president of the Chinese Finance Association and a former PBoC head, told attendees at a Eurasia Forum conference on October 27 that China’s digital currency approach will favor its domestic retail system. He claimed the introduction of a state-backed digital yuan would prevent the “dollarization” of the country’s economy. 

XIaochuan said: 

“We need to prevent dollarization — this is one of the major designing points of the Chinese DCEP.”

The former PBoC head continued, saying China’s focus on digital currencies deviated from that of other countries in the Group of Seven, including the U.K. and U.S.

Xiaochuan said the G7 was primarily concerned with challenges posed by non-sovereign entities, such as Facebook’s Libra, while China instead sought to prevent further global adoption of the dollar. 

Earlier in the month, China’s central bank launched a pilot program to test the digital yuan by giving away $1.5 million to 47,500 citizens in the city of Shenzhen. 

Featured Image Credit: Photo via Pixabay.com

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Crypto Markets Shed $10 Billion in Hours as Bitcoin Loses $400 (Market Watch)

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After a sharp price jump towards $13,650 intraday, Bitcoin has retraced and trades around $13,200. The alternative coins continue to bleed out, and the total market capitalization has dropped below $390 billion.

Bitcoin To $13,650 And Back On ECB Stimulus News

Following the latest 2020 high, Bitcoin got rejected and lost nearly $1,000 of value in hours a few days ago. Since then, the asset has been struggling with the $13,000 level.

After another dip below it, BTC went on a roll yesterday. This resulted in a daily high of almost $13,700 (on Bitstamp). Interestingly, the impressive price increase came shortly after the European Central Bank said that it could seek a new stimulus package in December.

“The Governing Council will recalibrate its instruments, as appropriate, to respond to the unfolding situation and to ensure that financing conditions remain favorable to support the economic recovery and counteract the negative impact on the pandemic on the projected inflation path.”

More impactful news came from the US. The jobless claims fell to a 7-month low – a level not registered since before the COVID-19 outbreak.

Wall Street also felt the positive effects. The three most prominent US stock indexes closed Thursday’s trading session in the green. However, the futures contracts have dropped after hours.

Bitcoin has mimicked the stocks’ performance, but being a 24/7- traded asset, it started dropping shortly after Wall Street closed doors. BTC has lost about $450 and currently sits around $13,200.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Blood On The Altcoins Street

The situation within the alternative coin market is unfavorable, to say the least. As the graph below demonstrates, all alternative coins are in the red on a 24-hour scale.

Ethereum struggles with $380 after a 2.4% drop. Ripple’s near 4% decline has taken XRP beneath $0.24. Bitcoin Cash (-2.2%), Binance Coin (-7%), Chainlink (-6%), Polkadot (-9%), Cardano (-9%) have all lost significant chunks of value from the top ten coins.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Further losses come from the lower and mid-cap altcoins. Reserve Rights has dropped by 20%, Yearn.Finance by 17.5%, and Synthetix Network Token by (-17%).

Other double-digit price declines are evident from Ampleforth (-16.7%), ABBC Coin (-16.7%), Ocean Protocol (-16.5%), Compound (-14.5%), Band Protocol (-14%), Algorand (-13%), Ren (-13%), and more.

The total market capitalization has seen $10 billion evaporate in a day and $20 billion in two days.

Cryptocurrency Market Capitalization. Source: CoinMarketCap
Cryptocurrency Market Capitalization. Source: CoinMarketCap
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/crypto-markets-shed-10-billion-in-hours-as-bitcoin-loses-400-market-watch/

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Bitcoin-Gold high correlation has an expiry date

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Whenever someones shout ‘Bitcoin’ in the crypto community, the chances of someone shouting ‘Gold’ back, are particularly high. Jokes aside, the number of Bitcoin-Gold comparisons, while identifying BTC as ‘digital gold’ has been somewhat of a theme in recent months.

While both the assets share similar financial properties based on scarcity, hedging against inflation, etc, they were not in the same ballpark of collation until a few months ago.

Bitcoin chasing Gold

Source: Ecoinometrics

According to Ecoinometrics, back in 2012 before the 1st halving, more than 100 BTC was required to buy 1 ounce of Gold. After the 2nd halving in 2016, 1 ounce Gold could be purchased with 2.1 BTC and now, 4 years later, 1 BTC is approximately valued at 7 ounces of Gold.

Bitcoin has certainly bridged the gap to Gold’s market cap but the correlation with Gold was already very low until the 3rd halving. End of 1st halving, it was 2% and around 11% during the end of 2nd halving.

However, after the 3rd cycle in 2020, the BTC-GOLD correlation jumped to 43%, thus inflicting further comparative analysis.

Why the sudden correlation jump?

Here, the impact of fiat currency debasement comes into play. The value of the dollar has been deteriorating for the past couple of years but in 2020, it is down to a new low due to the pandemic. fiscal stimulus (i.e limitless money printing) has led to the rise in both Bitcoin and Gold, and because both these assets co-incidentally rosed at the same time, their correlation witnessed a spike.

So while Bitcoin’s 3rd halving did play a role in improving correlation with Gold, the liquidating event in the traditional stock market led it to a different height.

These factors ended up causing Bitcoin and Gold to compete for the same market, a safety-net against inflation when BTC was actually on its own growth cycle.

Gold-Bitcoin correlation: Will it drop in the future?

Possibly, Yes.

Ideally, Bitcoin did not want to be in this current position where an unstable global economic landscape is causing similar types of assets to converge.

The root of Bitcoin-Gold comparison comes from this herd mentality because the marketplace continues to see both the asset act the same way under the current financial environment.

However, every turbulent economic period has an expiry, and when the large financial scenery stabilizes, Bitcoin will continue to push ahead in terms of value, while Gold’s price will stabilize and increase at a slower rate. Therefore, the correlation will gradually decrease.

By the end of Bitcoin’s 3rd halving cycle, depending on BTC’s growth, it will possibly account for 5-10% of Gold’s market cap (currently at 2.4%). Bitcoin is keeping up with its algorithmic monetary policy and with time, a comparison with Gold could be thing of the past.

Source: https://eng.ambcrypto.com/bitcoin-gold-high-correlation

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