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The overall cryptocurrency market cap now stands at $261.1 billion and Bitcoin’s dominance rate is 66.1%. A handful of large-cap altcoins also mirrored Bitcoin’s gains. Most notably, Litecoin (LTC) rallied 12.96% and EOS is up by 6.44%. Tezos (XTZ) also posted an impressive 6.60% gain.
In the cryptocurrency industry at least, it’s pretty widely understood that the Bitcoin halving is due to take place in May 2020. However, that might not actually be the case. Surging hash rate and recent mining difficulty adjustments mean that miners will solve remaining blocks quicker than expected. Some analysts are now eyeing the end of April for the big day.
The previous 24-hour consolidation indicated that the chances of a bullish breakout were high but the retest of $10,000 is least likely. According to the Fibonacci retracement lines, a strong resistance lies for Bitcoin at $9719. However, in the past, the price has often broken downward as the volume recedes, but a few days later reversal usually takes place, breaking through the pattern and leading to a strong move upward.
Although closing above the 200-day MA has certainly set the stage for a full blown bullish trend, there are other factors to consider before placing a buy. First, Bitcoin can move back below this moving average at any time given an increased volume of sell orders. Such a pullback has occurred many times before and usually leads to new swing lows.
One such person is Adam Vettese, a market analyst at popular crypto exchange e-Toro. In an interview, he states: Bitcoin and the other largest crypto assets are surging this week, moving within touching distance of three-month highs this morning as investors look to alternatives to equities. Having rallied over 12 percent in three days, [bitcoin] hit a peak of $9,389 overnight, its highest level since early November when it nudged over $9,400. This could prove to be the next significant hurdle of resistance, although if we do see a pullback, seeing the price make another higher low and maintain the 2020 uptrend will be encouraging for the bulls
Coronavirus fears infected the U.S. stock market after CDC confirmed the first case of human-to-human coronavirus transmission in the domestic United States. Dow bulls were forced to reprice because the WHO appears to be on the brink of declaring an international crisis. U.S. GDP was steady, but weakness lurks beneath the headline figure.
In a bizarre 20 minutes on BitMEX, the largest Bitcoin futures contract exchange, witnessed the XBT price spike to $9,486 USD before crashing to $9,100 support area. The wild move in Bitcoin price saw a huge number of traders burn their bets with close to $28 million worth of XBT contracts liquidated.
Twitter user Elijaboom posted that Facebook’s messenger app would not let him send a link forb insidebitcoins.com to an associate based in Turkey. He noted that it seems like Bitcoin and crypto-related websites and content could once again be considered a violation of Facebook’s community guidelines.
“I’d also like to acknowledge the former ranking member French Hill for his efforts in this space. Rep. Hill wrote a letter to the Federal Reserve supporting further research into the concept of a digital dollar. This concept could both speed up transactions and provide convenience for consumers. But it can also extend access to those previously excluded and help bring more people into our increasingly digital world.”
“BTC just experienced a 5% intraday round-trip. Narrative seekers usually only care about finding a narrative if price closes significantly up or down. Can bet that if $BTC were to close today below $9000 everyone would be looking for an explanation,” he explained.
Stablecoins have their value usually pegged to other tangible assets, such as fiat currency (usually the USD dollar) or precious metals, such as gold or silver. The top five stablecoins on the market have more or less an equivalent price to the USD. Unlike Bitcoin investing, you cannot capitalize on price swings in stablecoins (that’s’ why they are never used for arbitrage), but there is also a lower risk of losing money during a market slump. This enables investors to access the security, transparency, and privacy offered by blockchain without the risk of volatility.
Announced Thursday, the lobbying group said having the two companies on board adds weight to its mission of advancing the proof-of-stake (POS) industry. Other members of the group include Tezos, the Interchain Foundation and the Web3 Foundation. Coinbase, based in San Francisco, is one of the largest crypto exchanges in the U.S., while Bison Trails provides blockchain infrastructure tools. Both companies are members of the Libra Association, the Facebook-led global stablecoin project.
China’s CBDC – digital Renminbi – will be fully centralized, going by a report published by Huatai Securities, a financial services company. Though a date is yet to be announced as to when the digital currency will be officially launched, the recent revelations made about it points towards a release that could be sooner rather than later.