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Crypto News Roundup for Feb. 24, 2020 [Updated Feb 24, 2020 at 17:00 UTC] [coindesk.com]
Bitcoin & Traditional Markets Drop 3% as Coronavirus Spreads in Italy [cointelegraph.com]
On Monday morning equities markets in the United States and Europe dropped sharply as investors fear over the continued spread of COVID-19, also known as the Coronavirus, intensified.
Earlier in the day, the Italian government instituted a quarantine on 10 towns as the number of people infected by the highly infectious virus rose to 152 and to date 7 people have died.
The initial threat COVID-19 posed to global markets seemed to have subsided as China’s swift intervention and strict nationwide quarantines painted the picture that a global pandemic had been avoided.
With the crypto markets once again correcting and Bitcoin (BTC) in the $9,600 area, a popular crypto analyst says Litecoin (LTC) is looking increasingly bullish.
The pseudonymous analyst who goes by the name Byzantine General says Litecoin’s price action may once again foreshadow where the market at large is heading, as it often did throughout 2019. The trader is highlighting four technical factors that he says look bullish for the sixth-largest cryptocurrency by market cap.
Bitcoin Price Flag Pattern Breakout Could Rocket Bitcoin To $11,000 [coingape.com]
The rejection at $10,500 followed by a lower high and lower low patter has resulted in the formation of a bull flag pattern. Bulls appear to be losing control of the price in the near term. However, flag patterns have been known to culminate in the continuation of the prior pattern. In this case, BTC/USD’s uptrend to $10,500. A breakout above the flag’s resistance coupled with a higher volume, fundamentals and positive change in sentiments could send Bitcoin price not only above $10,000 but also catapult it towards $11,000.
Economist: Bitcoin’s Bear Market Begins Once It Breaks Below This Level [newsbtc.com]
Now, one economist is noting that BTC still has a significant way to fall before it enters bear market territory, explaining that the strength of its recent uptrend is likely to extend further.
Bitcoin’s fall might have highlighted an anomaly in its price [ambcrypto.com]
Although the price of the asset moved across all the exchanges, there was an anomaly noticed between the price of Bitcoin on BitMEX and Coinbase. According to the charts provided by Skew, at around 2.40 am, the price on the two exchanges differed by 1.17%.
NO, BITCOIN ISN’T CORRELATED TO THE STOCK MARKET OR GOLD – CLAIMS ANALYST [ethereumworldnews.com]
The fact that this selloff has transcended just the traditional markets and has had impacts on niche markets, like crypto, has led some analysts to note that Bitcoin and altcoins may, for the time being, correlated to the US equities market.
Despite this, one analyst is noting that the crypto market’s intense selloff today is not rooted in that seen by the US stock market, but rather from its status as an emerging market that is driven primarily by investor’s emotions rather than fundamental developments.
In 2011, BTC’s inflation rate was between 30-50% and between 2011 and 2014 it dropped to 12%. After the halving in 2016, when the block reward was cut from 25 BTC to 12.5 BTC, the inflation rate kicked down to 5-4%. Today, throughout the month of February 2020, the BTC network’s inflation rate is between 3.59% and 3.86%. Interestingly, the inflation rate for Bitcoin Cash (BCH) is roughly the same at 3.71% on Feb. 24. This means that in 77 days BTC’s inflation will drop (BCH is 44 days) lower (1.8%) than the average central banks’ target inflation rate.
Blockchain security company CoolBitX raises USD $16.75M in Series B funding round [cryptoninjas.net]
CoolBitX, a blockchain security company that is building the infrastructure necessary to close the gap between the mainstream market and crypto industry, announced today that it has closed USD $16.75 million in its Series B funding round, led by Japan’s financial group SBI Holdings, with participation from the National Development Fund of Taiwan, Korean crypto exchange BitSonic, and another Japanese financial group Monex.
Gold prices have recently hit 7 year highs as caution in the traditional markets continues to mount. With Gold prices surging, it’s evident that investors are piling into the asset class. It’s worth noting that some investors shy away from gold due to the complexity of owning it. The evolution of blockchain has fueled the growth of “tokenized gold.” Nexo Finance is paving the way to “Make Gold Great Again.”
Last Time Bitcoin Flashed This Signal, It Rallied 180%. Now It’s XRP’s Turn [newsbtc.com]
This writer found that “real” Bitcoin golden crosses led to rallies of 20,500%, 6,750%, and 150%, respectively. Case in point, a golden cross on the BTC chart in 2015 led to a surge from around $300 to $20,000 in under a few years’ time; not once in this rally did the golden cross exhibit a reversal into a death cross.
Ethereum (ETH) locked in DeFi is down 12% in 10 Days, will Prices Follow? [coingape.com]
The amount of Ethereum (ETH) locked up in DeFi dapps is down 12% to $1.06 billion. Meanwhile, ETH prices have dropped 7% after peaking at $282 on Feb 15, 2020.
This finding is interesting for investors.
Nonetheless, the shrinking value of ETH held in DeFi apps, commentators argue, cannot be used as a metric to gauge adoption, and specifically, the shift from traditional finance to this new-age concept of disintermediation and autonomy.
YouTube Purges Another Round of Crypto Channels [cryptobriefing.com]
The largest video sharing platform in the world has seemingly embarked on another site-wide purge, striking several major cryptocurrency channels. According to a tweet from IvanOnTech, one of the most popular crypto YouTubers with 215,000 subscribers, his channel was among the first to receive a strike after starting a live stream.
He said the channel was struck as soon as he started a live stream discussing Bitcoin’s latest rally, where he intended to share “important updates” regarding its upcoming halving.
Esports Industry Remains Well-Suited to Adpot Cryptocurrencies and Blockchain [thebitcoinnews.com]
Tournaments streamed on Twitch or other streaming services can reach hundreds of thousands or even millions of concurrent users. Through advertising deals, tournament organizers can generate enough revenue to offer up millions of dollars in prize pools to participating teams/players. In the next month alone, there are two CS:GO major tournaments with prize pools of $500,000-$1,000,000. Games like League of Legends and DOTA tend to have even larger tournament prize pools.
Secretive Digital Fiat Project Emerges With New Partner as CBDC Chatter Grows [dstreet.io]
Utility Settlement Coin (USC), the blockchain-based payments system involving commercial and central banks, will be working with ConsenSys-backed startup Adhara, CoinDesk has learned. Adhara was behind Project Khokha, which used enterprise blockchain client Quorum to see how zero-knowledge proofs performed with the South African Reserve Bank (SARB).
More news and community @Publish0x
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