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The recent market turmoil, whether in traditional markets or the crypto space, has raised questions on the price evolution for Bitcoin, as well as its crucial network features. Let’s take a look at four key Bitcoin price and network metrics in order to gain some insight into the future of the crypto market’s largest asset.
Bitcoin prices have been on a roller-coaster ride since Sunday afternoon after the Federal Reserve slashed rates a full percentage point to the vicinity of 0 percent and promised to pump $700 billion into the U.S. economy. After initially rising on the news and then falling, the cryptocurrency’s buying volumes have picked up.
Four days ago, digital currency markets lost billions and prices sank to levels not seen since last March. The market bloodbath has affected bitcoin miners as they are making fewer profits than they were a week prior. By Monday, March 16, BTC’s hashrate slid below the 100 exahash (EH/s) territory and the BCH hashrate fell below 4 EH/s. Moreover, BCH has 22 days left until the block reward gets cut in half and there are 56 days until the BTC halving.
The Dow Industrial Jones Average nosedived in its largest single-day point drop in history, down 13% or nearly 3,000 points. The market sell-off from last week continued, unfazed by the Federal Reserve’s aggressive intervention on Sunday – slashing interest rates to near zero in an effort to slam the brakes on a crashing economy. With no safe haven in sight, Bitcoin and the cryptocurrency markets have also spiraled, posting a sea of red, as the leading cryptocurrency currently trades at $4,970.
Caitlin Long, Founder & CEO at Avanti Financial Group, in a recent podcast with Anthony Pompliano, opined that be it Bitcoin or Gold, an asset’s ‘safe-haven’ narrative could not be judged on its one-week/two-week movement. She also further noted that safe-haven assets are usually the first ones that are sold as they aren’t tied up in leveraged financial structures.
Bitcoin price is back to trading above $5,000 following a bearish correction to levels under $4,500. The Asian session on Tuesday is characterized by a renewed upward trend whereby BTC/USD has recovered from intraday lows at $4,936 to highs around $5,426. Bitcoin price is dancing 6.18% higher on the day at $5,295 (market value). In spite of the upward movement, BTC/USD is still facing a bearish trend (short term bias) and high volatility.
Global events, including a pandemic, tend to attract criminals looking for a quick score. Even COVID-19 is leading to new scams, primarily in an attempt to access people’s Ethereum wallet.
Criminals will use any real-world event to try and make money quickly.
Although the crypto market is as volatile as ever, data continues to pour in suggesting that prices will soon rebound. One analyst has now presented evidence that Bitcoin has dropped into a value zone that has rarely happened in its eleven year history. If correct, a short window now exists that places Bitcoin at a remarkable discount.
- Ripple price is currently recovering from the $0.1279 weekly low against the US dollar.
- It is trading above the $0.1400 resistance area, but it is facing a couple of key hurdles.
- There is a key bearish trend line forming with resistance near $0.1600 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price start a strong upward move if it successfully clears the $0.1600 and $0.1700 resistance levels.
Litecoin, like other altcoins, has experienced a rough patch considering the recent drop in Bitcoin’s price. Owing to its correlation with Bitcoin, Litecoin has dropped by 41% in the last 30 hours or so.
Overall, the price has dropped by 70% since February 13. However, the price seems to be moving sideways at press time. With the price hovering at $31.50, Litecoin formed an ascending triangle, which usually has a bullish break.
- Coronavirus fears likely sparked ETH selloffs.
- On March 12, ETH users flocked to finance dapps in record numbers, raising gas prices.
- The gas prices resulted in extremely low usage for other dapps.
Splinterlands is one of the most popular collectible trading card games in the cryptocurrency scene and a successful decentralized app. To help the game attract more players, and introduce them to bitcoin cash at the same time, Bitcoin.com Exchange will be sponsoring a number of upcoming Splinterlands tournaments.
As the report points out, Bitcoin (BTC) corrected by over 50% in 36 hours while the CAC, DAX, S&P500, Nasdaq, HK Stock Exchange and Nikkei and few other global equity markets collapsed at the same time by about 20% on average. Furthermore, oil-related stocks have also seen a downturn because of the price war on crude oil between Saudi Arabia and Russia.
The co-founder and CEO of Bitcoin social network Twetch, Josh Petty, was among respected industry figures to present at the CoinGeek Conference in London. CoinGeek caught up with Petty for an exclusive interview to discuss Twetch’s progress, the announcements in his conference speech, and the benefits of microtransactions on Bitcoin SV (BSV) for building and powering new Bitcoin-native applications.