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Bitcoin News Roundup for March 13, 2020 [Updated Mar 18, 2020 at 16:00 UTC] [coindesk.com]
Coronavirus Financial Crash Is Bitcoin’s Biggest Test, BitMEX Says [cointelegraph.com]
On March 17, BitMEX’s research arm, BitMEX Research, published an analysis of the ongoing impact of COVID-19 pandemic on the financial markets. Titled “Inflation Is Coming,” the blog post by BitMEX Research outlines the coronavirus financial market crash as the biggest economic turmoil since the 2008 financial crisis. In the same analysis, BitMEX also compared the downturn with the 2000 Dotcom bubble and the 1997 Asian crisis.
Bitcoin [BTC] at Highest Correlation with Stock Markets – Is a Bounce Near? [coingape.com]
Bitcoin [BTC] price seems to be holding it’s support, showing signs of bulls. While the drop due to coronavirus panic has spread across all investment assets, Bitcoin investors seems to be showing resistance to the sell-off pressure.
STOCK AND OIL MARKETS UNRAVEL FURTHER, IS BITCOIN NEXT? [bitcoinist.com]
Stock and oil markets extended their decline to new lows on Wednesday, as investors are in a rush to cash in amid the COVID-19 pandemic. Bitcoin has shown a striking correlation to the stock market during the last few weeks, but it has ignored today’s crash, maintaining above $5,100. Will it manage to resist the pressure?
Bitcoin Price Plunge To $2K Just Weeks Before Halving Expected, Prominent Analyst Claims [zycrypto.com]
In a recent episode of Tone Vays’ YouTube series dubbed “Trading Bitcoin”, the crypto analyst cited that bitcoin will be in “a lot of trouble” if it loses support at $4,900. The trader believes BTC is due for a huge drop to $2,800 in the near-term, despite the halving being only a few weeks away.
Vays explained that bitcoin’s climb to $14K in June last year formed the basis for an 80 percent drop afterward. The 72.5% drop witnessed last week to $3,800 is “close enough to the 80%”, according to Vays.
Data Shows Bitcoin Miners are Now Unprofitable; Here’s What This Means for BTC [newsbtc.com]
Bitcoin has been on a wild ride over the past several weeks and months, with the benchmark cryptocurrency plummeting from recent highs of $10,500 to lows of $3,500 before garnering significant buying pressure that has since sent it back to its current price within the mid-$5,000 region.
As Bitcoin Halving 2020 approaches, on-chain scaling becomes vital [coingeek.com]
Bitcoin works thanks to human economic incentives as much as its technology. Price goes up, activity and interest increases. In a bear market, it wanes. Transaction processors invest in the network and perform their jobs in order to make a profit. As the block reward “halving” approaches amid falling prices, these profits become ever more important—and the need for Bitcoin to scale massively on-chain becomes clear.
Congress Proposal to Give Everyone $2000/mo ‘Strengthens Case for Bitcoin’ [cryptopost.com]
It’s a sign of just how desperate the financial situation is, that economic proposals that are more far reaching than anything since the Great Depression are even on the table. They go much further than presidential-hopeful Bernie Sanders’ recent call for a one-off $2000 emergency payment.
Ethereum Facing Significant Resistance Near 100 SMA, Can Bulls Make It? [newsbtc.com]
- Ethereum is trading in a negative zone below the $120 resistance area against the US Dollar.
- The bulls are active and they made a couple of attempts to surpass $120.
- There was a break above a connecting bearish trend line with resistance near $116 on the hourly chart of ETH/USD (data feed via Kraken).
- Bitcoin price is trading with a strong buying interest above the $5,000 support area.
Dogecoin, Steem, Stellar follow Bitcoin down the rabbit hole [ambcrypto.com]
Cryptocurrencies have seen better days in the past. Almost every altcoin has struggled to keep its head above the surface after a week that saw cryptocurrencies across the board tanking by huge margins. However, it must be noted that this fall in the value of altcoins was precipitated by Bitcoin registering a 47 percent fall in its own value.
Dollar-Backed Stablecoins Are Holding Their Own Amid Coronavirus Chaos [coindesk.com]
In the broader markets, the ASX 200 fell 8.9 percent on Monday, its worst single-day loss since 1987, and is down 10.6 percent since the start of the week. U.S stocks also shared a similar fate, is off by 11.6 percent since Friday’s close. Oil is down to its lowest point in nearly four years while gold, often praised as a safe-haven asset during economic uncertainty, is still trending significantly down from its March 9 peak of $1,703 to stand at $1,491 per troy ounce.
US Cash Crisis: Withdrawal Limits Spark Bank Run Fear [bitcoin.com]
The entire world has been focused on the economy as the coronavirus outbreak has devastated global markets. While stocks, commodities, and barrels of oil plunge in value, there’s been considerable demand for cold hard cash in certain countries. According to reports, Wall Street’s elite has been trying to withdraw $30-50K per person as they flee the Hamptons. Moreover, various individuals across the U.S. are claiming financial institutions like Chase and Bank of America are restricting cash withdrawal amounts.
Square’s new industrial loan company receives approvals ahead of planned 2021 launch [theblockcrypto.com]
According to a press statement by the FDIC, the new bank will issue commercial loans to merchants who use Square’s payment system to handle card transactions. Applicants will be evaluated based on their financial history and conditions, their management system, their risk level, the needs of their customers, and their level of alignment with the purposes of the Federal Deposit Insurance Act.
Report: Scammers Earning $2 Million in Crypto From People Worried About COVID-19 [cryptoglobe.com]
According to CoinDesk, blockchain security firm AnChain.AI has worked with an unnamed “affiliated law enforcement agency” in Asia to trace millions of dollars worth of cryptocurrency stolen from those looking to buy supplies amid a public health crisis.
The report cites a recent coronavirus consumer fraud notice from Europe’s police force, in which INTERPOL Secretary General Jürgen Stock says:
Market Crash Got You? At Least You’re Not Holding Leveraged Tokens [cryptobriefing.com]
FTX Exchange BULL tokens, tokens representing 3x leverage contracts, failed to track prices as liquidity dried up on exchanges.
The 3-hour lag in prices on Binance resulted in large reported losses for traders.
Congestion on the Ethereum network caused further issues. Liquidity providers on Binance were unable to receive emergency inventory from FTX to solve the trading imbalance.
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