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Bitcoin News Roundup for March 9, 2020 [Updated Mar 9, 2020 at 17:28 UTC] [coindesk.com]
Bitcoin Tested as a Safe Haven After Biggest Stock Crash Since 2009 [cointelegraph.com]
The VIX volatility index, the stock market’s main risk indicator, skyrocketed to 55 on March 9. This is the highest level since 2009. Meanwhile, Saudi Arabia’s talks with OPEC member Russia soured, triggering a price cut competition. This led Brent Crude, the international oil benchmark to trade at $36.20, down 20% from the previous session.
The Dow Jones Industrial Average tanked 6.9% — heading for it’s biggest daily loss ever recorded — while the UK’s FTSE is trading down 7.7%. Asian markets overnight performance also were not so much different as Japan’s Nikkei closed down 5.1% below Friday’s close.
BITCOIN CRASH DOESN’T AFFECT STOCK-TO-FLOW MODEL PREDICTION [bitcoinist.com]
Even though Bitcoin has declined in price almost 26% since February 13th, this pullback does not signal the end of the Stock to Flow (S2F) price model.
Bitcoin Price Analysis: Why This Pattern is BTC/USD Ticket To $10,500? [coingape.com]
Bitcoin price is toying with the idea of completing an inverse head-and-shoulders (H&S) pattern. This follows a rollercoaster ride that saw the largest cryptocurrency drop by more than $1,000 in less than 24 hours to test support at $7,650.
The crypto market has been caught within an intense bout of volatility over the past several days and weeks, which has been led by Bitcoin’s capitulatory decline from recent highs of $10,500 to lows of $7,700 that were set today.
This intense downtrend has led Bitcoin to a critical macro support level that could provide investors with an ideal buying opportunity.
The past day has been unnerving for bitcoin investors, to say the least. After losing support at the $9,000 level, BTC price swiftly cascaded below $8,000. At press time, the king of cryptocurrencies is trading at $7,894.10 and the bears seem to have the upper hand.
The dramatic BTC price sell-off comes as global markets take a rough beating with the Dow Jones dropping over 1200 points and oil shedding circa 30%.
Crypto stocks slide as global markets roil [theblockcrypto.com]
As the U.S. stock market opened with a steep plunge on Monday, publicly-traded cryptocurrency companies are not spared.
Crypto stocks on both the U.S. and the Canadian stock markets started the trading day with a significant fallout, with prices hovering around their respective all-time lows throughout the day.
Crypto friendly bank Silvergate’s stock (SI) opened with an 11% slump this morning, trading between the $12 and $13 range and closed at $12.63, slightly above the all-time low it posted in November last year.
What the Oil Market Says About Bitcoin’s ‘Safe Haven’ Status [coindesk.com]
While bitcoin prices dropped nearly 10 percent over the weekend, Saudi Arabia slashed its export oil prices when Russia refused to support an Organization of the Petroleum Exporting Countries (OPEC) effort to reduce oil production. Coronavirus quarantines mean fewer cars on the road, economic slowdown and less demand for oil, experts warn.
Ethereum to resuscitate amidst chaos? 11% potential rise on the horizon [ambcrypto.com]
Ethereum was down by over 10% in the last 24 hours. The latest plunge propelled the coin to break well below its key support point of $248.
The coin stood at a value of $206.3 while holding a market cap for $22.7 billion and a 24-hour trading volume of $22.9 billion.
Ripple (XRP) Breaking This Single Level Will Spark a Strong Rebound [ambcrypto.com]
Ripple is currently correcting higher from the $0.1981 monthly low against the US Dollar. XRP price must break $0.2100 and $0.2150 to start a strong recovery in the near term.
- Ripple price is currently consolidating above the $0.2000 pivot level against the US dollar.
- The price is facing a lot of hurdles near the $0.2100 and $0.2150 levels.
- There is a key bearish trend line forming with resistance near $0.2085 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price could correct higher towards $0.2150, above which it might surge towards $0.2250.
According to the crypto monitoring resource, Santimentfeed, public opinion has turned to excessive negativism. By tracking keywords of cryptocurrency-related discussions, they have concluded that the mentions of “sell,” “selling,” and “sold” have skyrocketed on most social media platforms. Santimentfeed uses social networks such as Telegram, Reddit, Professional Traders Chat, Twitter, and Discord.
Crypto Users Should pay Attention to the Earn it Act [cryptomode.com]
Any regulatory guidelines can have a big impact on the cryptocurrency industry over time. The recently announced Earn It Act is something that many people should be concerned about, for obvious reasons.
Most Americans are not even aware of what this new regulatory proposal will entail exactly
CoinGeek London 2020: Watch the fireside chat with Craig Wright and George Gilder [coingeek.com]
The recently-held CoinGeek Conference in London was a huge success for Bitcoin and cryptocurrency in general. It provided a great opportunity to see the overwhelming development being led on the Bitcoin SV blockchain, as well as to engage in some discussions over what Bitcoin truly means to the world’s economy.
First and foremost, the analyst says the ongoing economic fallout from the coronavirus is likely the number one factor driving the crypto market selloff, as investors reduce exposure to traditional assets as well as emerging markets.
Case in point: The S&P 500 is down over 17% from its all-time high recorded on February 19. Meanwhile, Bitcoin has plunged by more than 23% over the same stretch.
Following the recent partnership between Bitcoin.com and Bravio Technologies Limited, the Bitcoin.com Lottery platform has officially launched. It lets users play the most popular global lotteries from any location. Tickets can be purchased using either bitcoin cash (BCH) or bitcoin core (BTC) as payment methods.
More news and community @Publish0x
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