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Taking a wider view of the market, we can see that the price remains pinned between $9,350 and $9,800 and each previous level of support is now functioning as a level of resistance. At the time of writing, the absence of purchasing volume shows that traders are not viewing the current drop as a ‘buy the dip’ opportunity.
In the event of an oversold bounce does occur, Bitcoin price could rise the Bollinger Band moving average which is currently located at $9,666 but it’s also possible that the previous support at $9,650 will function as a tough level of resistance.
Bitcoin has seen some bear-favoring turbulence over the past week, with its recent break below $10,000 sparking a bout of capitulation that led it to lows of $9,200, from which point it has struggled to garner any sustainable upwards momentum.
This intense selling pressure has cause BTC bulls to cave in, as they are currently struggling to defend the key support levels that the cryptocurrency previously formed.
In the near-term, it does appear that the crypto is bound to see further downside, and one top analyst is noting that it is “cooked” if it is unable to close above a critical level before the end of the week.
Although highly volatile, the crypto market is beginning to demonstrate patterns as it matures. The current Bitcoin correction fits similar movements that have taken place since 2016. Each year the price begins to slide in late February, with a recovery toward the end of March.
It is thus not surprising that the price has declined, yet a recovery could come at any moment.
A week ago, Bitcoin looked quite strong and remained above $10,000 for a few days but bull strength was slowly shifting away as the digital asset started to look weaker after 3 days of sideways trading around the $10,370 resistance. The bulls have attempted to break above $10,000 a few times again now as the price has just been rejected from $9,500 today.
During his interview with CNN’s Julia Chatterley, cryptocurrency evangelist Anthony Pompliano predicted that Bitcoin (BTC) could become the next global reserve currency.
“We believe that the Bitcoin monetary policy is superior to central banks’ monetary policy. Ultimately, Bitcoin will be the winner, and it will be the next global reserve currency at some point in the future.”
Despite the delays caused by the viral pandemic, sources close to the development of the CBDC say authorities are intent on moving forward with their plans for the project. Some commentators say research teams working on the CBDC have enough theoretical and technological expertise to navigate any hurdles occasioned by the delay.
The central bank does not see a real need to issue its own cryptocurrency unless a competitor to cash takes off, said Deputy Governor Timothy Lane. His speech, titled “Money and Payments in the Digital Age,” addressed how the central bank is approaching the idea of central bank digital currencies; in his view, cash works.
To be sure, Bank of Canada was one of the most active students of the CBDC concept, and it ran a pilot project on R3’s distributed ledger tech solution Corda. Last May, the project was live-tested in a cross-border settlement trial with the Monetary Authority of Singapore.
ETH’s current downtrend is coming about in tandem with the price declines seen by Bitcoin and most other major cryptocurrencies, and the aggregated crypto market appears to be teetering on the edge of a precipice.
The ongoing selloff has also led Ethereum to underperform Bitcoin, as it is currently trading down 3% against its BTC trading pair.
Ethereum (ETH) opens the market a percentage lower as price dips below the psychological $250 USD mark. The bearish pattern follows on the decentralized finance (DeFi) market, which witnessed a $200 million deflation of funds from the platforms in the past ten days. Can the second largest cryptocurrency bulls hold on to $250 preventing a possible dip to $238 support levels?
Remittance company MoneyGram has received $11.3 million from distributed ledger startup Ripple during the last two quarters of 2019, according to newly-published SEC filings.
The filings characterize it as a “benefit” from Ripple to the tune of $8.9 million during the fourth quarter of 2019 and $2.4 million in the third quarter.
“Revenue was $323.7 million, a decline of 6% from the fourth quarter 2018. Revenue excludes $8.9 million of benefit from Ripple, which will be accounted for as a contra expense rather than revenue based on a recent consultation with the Securities and Exchange Commission,” MoneyGram noted in its statement.
To kick off the launch of SURF token, SurfTheWeb Ltd. is partnering with Altcoin Fantasy by sponsoring a fantasy trading competition from February 25, 2020 to March 10, 2020 to help more people gain awareness of MercuriEx. The competition is free to join and open to traders of all skill levels. Participants start with a fantasy portfolio of $10,000 USD and try to make the most gains in their portfolio by the end of the competition in a simulated environment. The top 75 players will win part of the $2,500 USD prize pool.
It’s generally well understood that institutional investors are averse to direct exposure towards Bitcoin and cryptocurrencies, which is why derivatives markets like on Chicago Mercantile Exchange (CME) have seen rising adoption over the last couple of years.
However, some investors prefer to trade stocks pertaining to firms that deal in Bitcoin, instead of crypto-derivatives markets. These include stocks from firms like Galaxy Digital Holdings and Grayscale Investments, for which investors are even willing to pay a premium to avoid direct exposure to the asset class.
YouTube took an action against crypto content creators and blocked most of the videos related to cryptocurrency. According to YouTubers, another purge is seen as many prominent crypto educators are targeted. However, it seems that YouTube has taken action against those who promote sensational content. But, YouTubers have a different stance on this.
On Feb.24, many crypto educators are affected by YouTube’s censorship over cryptocurrency. These include Ivan on Tech, Chico Crypto, Crypto Wendy O, and many others.
Even though Bitcoin may not be the most convenient cryptocurrency to use for smaller consumer purchases, due to its 10 minute confirmation times, varying transaction fees, and slower throughput, more places are accepting it as payment.
Things are changing though. Segwit has wrangled in fees to an extent, the lightning network is seeing more integration and development, and a possible soft fork to add schnorr signatures and taproot is in the works too. These advances are making Bitcoin more usable and less clunky.