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Bitcoin’s (BTC) recovery from last week’s catastrophic drop to $3,700 continued on Tuesday as the digital asset briefly topped $5,500 before pulling back below $5,400. The improvement in the crypto market’s price action appears to have been partially driven by a boost from today’s White House press conference which involved U.S. Treasury Secretary Steven Mnuchin confirming reports that the Trump Administration would support a $1 trillion Coronavirus response package.
Bitcoin price surged 12% in the last 24 hours, according to Coinmarketcap data. The bullish mood coincides with the recent rebound in the US stock market, as S&P 500 futures were up 4% in the morning.
Bitcoin price correlation with the stock market is astonishing. Moreover, it has started sooner than it was expected. Many in the cryptocurrency market have been shocked by Bitcoin’s over 40% crash in the last week. The crash was so great that comeback signs were non-existent. Moreover, Bitcoin’s fundamental on-chain metrics have undergone major drastic changes in this period as well.
In the time following the global bloodbath seen on Monday, Bitcoin and the equities market has been able to recoup some of these losses.
At the time of writing, Bitcoin is trading up just under 6% at its current price of $5,300, which marks a notable upswing from daily lows of $4,600 that were set at the bottom of yesterday’s market session.
Burniske provided a lengthy explanation supporting his prediction via a twitter thread, in which he cited Bitcoin’s price chart over the last few years. According to his analysis, Bitcoin has historically stayed above its 200-week moving average thus maintaining prices higher than its bear market bottom. The digital asset even stayed above this line in the 2018/2019 bear market in which it reached as low as $3,200.
Financial markets around the world are going through a whirlwind of emotions and sentiments right now. Sadly, a sense of stability is not one of them.
The same could be said for the digital asset industry after the world’s largest cryptocurrency, Bitcoin, threatened to fall to new lows after the highs of the 2017 bull run.
With the spread of Covid-19 across nations effectively crippling the economy, Bitcoin has not remained immune to its contagion. Fears of a recession are growing among many markets too. Messari’s Ryan Selkis recently discussed the comparison between Gold’s reaction to the recession in 2008 and how Bitcoin may react in the current scenario, if the situation takes a turn for the worse.
Bakkt is a prominent provider of access to Bitcoin futures. The company appears to be doing a lot of things right, as another round of funding has been completed.
It appears that there is a lot more to Bakkt than most people realize.While the Bitcoin futures are of great interest, the company is looking to do so much more.
- Ethereum is showing a few positive signs above the $110 support zone against the US Dollar.
- It is currently testing a major hurdle near the $120 resistance area.
- Two key bearish trend lines are acting as a hurdle near $119-$120 on the hourly chart of ETH/USD (data feed via Kraken).
- Bitcoin price is gaining traction and it is now testing the $5,350 resistance.
We have not seen a recession since Bitcoin came to life. However, especially since the coronavirus-driven stock market crash, BTC proponents hallucinate new all time highs in USD terms.
If you do not get Bitcoin, you do not get Bitcoin’s role in a recession either.
A recession is not good news for Bitcoin, as Bitcoin is meant to be intertwined with general economic activities. If you think of Bitcoin as a non-economic factor—such as BTC does—you would dare to say a recession is Bitcoin positive.
The report revealed that the integration of Ant Financial’s blockchain in the Koala platform allows online buyers to find out the purchasing goods detailed logistic information through scanning a QR code with Alipay.
The updated Koala application is designed to provide consumers with a traceable icon after completing the purchase on the order page. A blockchain QR code and an anti-counterfeit fingerprint sign will be added on the page, says the source.
“My own opinion, Justin Sun thought this was a voting war,” Blocktrades founder Dan Notestein told CoinDesk. Blocktrades is a leading validator on the Steem blockchain and Notestein is among the developers coordinating the hard fork’s software.
Sun’s Tron Foundation acquired Steemit, Steem’s leading social media dapp, on Feb. 14. The acquisition kicked off a protracted fight between Sun and the Steem community over which side leads the chain. At issue is a pile of Steemit Inc.-controlled steem tokens known as the “ninja-mined stake” that Sun could have used to determine the blockchain’s fate.
No, not steamed clams, crypto CLAMs: a digital asset that’s on certain offshore crypto exchanges. On May 26 of 2019, $CLAM collapsed more than two-thirds of its value during the course of the trading day, resulting in the margin lending pool incurring a more than $13 million USD loss in today’s price of bitcoin.
Now, Poloniex — which spun off from Circle last year — said it will be paying back clients for the losses incurred from the flash crash. Still, some clients will not be paid back the losses for all clients.
“BitGo has been on the forefront of providing mature, third-party solutions for digital assets that set the highest industry standards. We’re also delighted to be working with BitGo Trust. Now more than ever, our customers want modern security for modern assets.”
– Zach Dexter, Chief Executive Officer and President of LedgerX
Climate Futures, an environmental project developer and portfolio manager, specializing in reducing carbon emissions that cause climate change. announced today the upcoming launch of the 1PLANET Marketplace, a ready-to-use blockchain system, and DApp powered by the 1PLANET (1PL) token. 1PLANET enables individuals and businesses to take action against climate change by granting easy and transparent access to carbon markets.