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Cointelegraph contributor Michaël van de Poppe also explained that above $9,450 Bitcoin remained bullish as many traders would be looking to close the CME gap at $10,460.
Despite the weekend correction, a golden cross between the 50 and the 200-day moving average was unaffected and the relative strength index (RSI) on the daily timeframe remained near 50.
Golden cross has traders seeing visions of green candles
After May, when Bitcoin’s upcoming halving takes place, the leading cryptocurrency will have an inflation rate of 1.8%, less than that of gold and US Dollars. This will only increase the asset’s store of value narrative, as it truly becomes a better store of value than any other safe haven asset.
Bitcoin (BTC) saw some intense bull-favoring volatility this morning when the cryptocurrency rallied from $9,600 to over $10,000, with the latest upwards movement marking an ardent defense of the support that exists around $9,500.
This latest break above $10,000 may lead the cryptocurrency to see significantly further upwards momentum, as it has marked a notable increase in the strength of BTC’s current technical situation.
The attack – the second in less than a week – began at just after 03:00 UTC Tuesday, when attackers apparently took out a flash loan of 7,500 ETH (approximately US$1.98 million), using 3,518 ETH (~$939,300) to purchase synthetic USD stablecoin sUSD from the issuer, which they then posted as collateral for a bZx loan, according to an analyst on Twitter.
Bitcoin went on a downfall the past couple of days. Having reached $10,500, the price declined violently, losing as much as $1,000 in the following days. BTC found support in that area and recovered slightly as it currently trades at around $9,750.
However, despite the steep decline, a rare bullish signal flashed once again on the charts. Bitcoin’s 50-day moving average just crossed over its 200-day moving average.
As BTC enters another rally, gold bug and long-time Bitcoin critic Peter Schiff finally admitted that owning the asset can be extremely profitable. Given the returns over the last decade such a conclusion should be obvious.
Outspoken cryptocurrency skeptic Peter Schiff “conceded” that Bitcoin has represented a successful investment opportunity for over the past ten years, he said in a recent tweet. His remarks come after holding 0.21 BTC that were donated to him through a crypto community wide campaign last year.
Bloomberg’s plan states:
Cryptocurrencies have become an asset class worth hundreds of billions of dollars, yet regulatory oversight remains fragmented and undeveloped. For all the promise of the blockchain, Bitcoin and initial coin offerings, there’s also plenty of hype, fraud and criminal activity. Mike will work with regulators to provide clearer rules of the game
As Bitcoin’s dominance climbed back to 63% after a brief dive, the altcoins in the market were seen resisting downward pressure after weeks of bullish movement. However, not all altcoins were plummeting.
Binance Holdings Ltd., one of the world’s most innovative and largest Bitcoin (BTC) trading venues, has announced the launch of its business-to-business-to-consumer (B2B2C) cloud infrastructure aimed at making it possible for interested businesses to launch their digital assets exchanges. The team says crypto exchanges built upon Binance cloud will enjoy the same liquidity, security and other cutting-edge features available on Binance exchange, according to a blog post on February 17, 2020.
Top altcoins are recording gains of between 3% to 10%. Some of the highest gainers in the top ten are Ethereum, Bitcoin SV and Tezos, they are up by 6%, 15%, and 10% respectively. The crypto leader Bitcoin is recording a marginal change after bouncing to the $9,800 position.
As some investors panicked at the end of the weekend when the market was knee-deep in red, one analyst was quick to note how the latest trend is similar to the 2017 rally. He noted that back in 2017, Sundays and Mondays were consistently red.
Garlinghouse chose to focus on the long-term outlook for both Ripple and cryptocurrency, comparing the nascent hundred-billion dollar market capitalization for crypto to the trillions commanded by gold. He highlighted the potential for Ripple’s growth into the financial and payments ecosystem, with projects such as Coil delivering real-world solutions and innovation.
Enjin has taken a potential step towards wider adoption of in-game blockchain assets with the launch of the Enjin Platform, a web interface that allows for easy creation and management of tokenized assets on the Ethereum mainnet.
Hubei officials said they have been tracking online and offline fever medicine purchases in order to organize their relief efforts. Since the virus doesn’t show any sign of slowing down, medical institutions and pharmacies need to ask people who buy fever medicine for ID since these individuals may look to treat the deadly disease. While Alipay and WeChat haven’t been mentioned, it’s only logical that especially online purchases of fever medicine have been monitored through these apps.
The entire process is the result of a new scam. Hackers attempt to drive large amounts of traffic to banner ads listed by a specific company or enterprise. Once a visitor is there, the hackers trigger Google’s anti-fraud protection tactics by making it look like the traffic is being manipulated or that the companies are attempting to garner bigger SEO (search engine optimization) numbers by over-clicking on their own advertisements.