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Bitcoin (BTC) bulls were celebrating the digital asset’s recent surge above $10,000 for the first time this decade, but the smiles were short-lived as Bitcoin failed to hold above $10K for a meaningful amount of time.
Is this another short-lived bull run like the seven times Bitcoin crossed $10K in 2019? Or is this time different?
Blockchain analytics firm Tradeblock produced the estimates in a new report that also says the decision by commercial operators to continue to throw more resources into mining shows they expect the price to top that level post halving.
Of course, if it doesn’t, then a lot of miners will go to the wall and the hash rate will drop substantially as many have already predicted.
The Litecoin hash rate plummeted 70% following the LTC halving last year. However, due to demand and Bitcoin’s other strengths, a similar drop is unlikely.
This recent price action seems to have struck fear into the hearts of investors, as it could mean that the highly bullish market structure it has developed over the past several weeks will soon be invalidated.
Now, analysts are noting that there are a few key factors that could lead BTC to see further downside in the near-term, but it remains unclear as to whether or not this will be enough to invalidate its 2020 uptrend.
In the near-term, despite the overt bearishness of the price action seen over the past couple of days, it is possible that the crypto will soon break back above $10,000.
In order for this bullish possibility to be validated, however, it is imperative that BTC holds above $9,500 before its daily close.
According to the latest research by Bloomberg, the top 5 hedge fund managers are estimated to have earned over $1 billion each. Among the top 10 investments contributing to the success of these 5 were tech stocks such as Facebook Ltd and Alibaba.
While it was a successful year for these fund managers, their results could have been more impressive had they invested in cryptocurrency.
Based on Bitcoin’s results in 2019, which regularly beat the S&P index, had they made steps to integrate the cryptocurrency into their portfolios, there’s a strong chance that these hedge funds could have majorly increased their returns.
Wh0 were the top 5 fund managers?
- ETHDenver’s radical experiment to use Dai to buy food had mixed results.
- Good news, 60% of transactions went through. Bad news, 40% didn’t.
- We spoke to Austin Griffith, who runs the project, for his take on how it went.
XRP performance marked nearly 90% gains since the start of the year. However, the bridge currency hasn’t touched the $0.40 level since July last year, though that might be about to change this alt-season. CoinMarketCap shows the coin has a market capitalization of nearly $13.5 billion, with over $4 billion worth of XRP traded in the last 24 hours.
This parabolic rally led the crypto as high as $290, which is around where its buyers lost their strength, subsequently leading the crypto to reel back down to $260.
In the near-term, one prominent analyst is noting that the crypto could see some further short-term downside, but it is important to note that a visit to its previous swing highs could catalyze a massive rally that leads ETH up to fresh yearly highs of $370.
- $100 million spoofing on BitMEX might not want to buy BTC and send it to the moon
- It wasn’t the record RSI indicating Ethereum is “overbought” but whales
- An exploit from Fulcrum trading helped make a hacker 10,000 ETH, worth about $3 million
Data from the Johns Hopkins real-time tracker shows that as of Sunday, global cases of the coronavirus have reached 69,183, including 1,669 deaths with 9,521 recoveries.
As part of the measures to reduce further spread of the virus, China’s central bank is funneling 600 billion yuan ($85.9 billion) in new cash for Hubei, the center of the epidemic, with the provincial capital, Wuhan, receiving 4 billion yuan ($572 million) new banknotes.
Libra would give these unbanked masses the ability to transfer money across the world instantly, on a secure network and at a low cost. If implemented, Libra would be an example of ‘leapfrogging’ technology, in which developing societies bypass what traditionally would have been a necessary technological evolution (i.e. the establishment of more banks) in order to get to an end point.
Changpeng Zhao, the CEO of Binance and one of the most influential personalities in the industry, recently left his rare take on the matter. In a thread that touches upon how the cryptocurrency market is being manipulated by big players, CZ tweeted that the price of BTC would be extremely high if crypto exchanges could manipulate prices. Since exchanges have skin in the game, it doesn’t make any sense for them to dump the BTC price.
The People’s Bank of China (PBOC) has reportedly filed 84 patents relating to its plans to launch a digital currency. The patents reveal the central bank’s plans which include integrating digital currency wallets into existing retail bank accounts. The potential for the Chinese central bank digital currency to achieve scale from the get-go has put several other central banks worldwide on high alert.