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Bitcoin (BTC) price rallied above the $5,500 resistance on March 19, overtaking $6,000 as the digital asset stampeded to $6,359. The 18%+ rally restored more than $800 in value to Bitcoin price.
Since last week’s catastrophic 50% correction, Bitcoin price has recovered by 40% off its low at $3,775. Traders will now watch to see if the previous levels of resistance at $5,500, $5,900 and $6,300 will function as support.
Bitcoin saw some intense upwards momentum today that allowed it to rally into the $6,000 region, with this upswing coming about after an extended period of sideways trading around $5,000.
This movement came independent of the U.S. stock market – which has been firmly guiding BTC over the past several weeks – leading some to believe that the crypto is decoupling from the benchmark indices.
- Bitcoin (BTC) is gaining amid a sell-off in fiat currencies and could rise further if the U.S. stock markets track European equities higher.
- Technical charts indicate scope for a rise to key resistance at $5,926.
- A move higher would confirm a breakout on the hourly chart and may propel prices toward $6,400.
Analyst Will Woo has posted more encouraging evidence of an impending Bitcoin rebound. With global commodities markets in turmoil, Bitcoin appears to be breaking out on its own, decoupling from the S&P 500. Such a move indicates a clear interest from a broad spectrum of investors.
Bitcoin recorded one of its greatest single-day loss last Thursday, March 12, after its price plunged by over 50%. The huge decline was a result of a massive sell-off in the bitcoin market triggered by concerns of an impending global economic crisis due to the mass spread of the coronavirus epidemic. The selling pressure was market-wide with other cryptocurrencies also recording huge price declines of around 30% in the past week.
As the world panics and the US FED, the Bank of England (BoE), and the European Central Bank (ECB) lead a host of other central banks in slashing interest rates to near zero and announcing stimulus packages, Bitcoin remains as it this: unflinching and reliable as ever. However, analysts argue that price recovery will likely be short-lived.
When will normality return? How long till global markets recover and bitcoin resumes the bull run it was teasing at before the coronavirus materialized? These are questions that all investors are pondering as the epidemic wreaks havok on gold, oil, stocks and – up until March 19 – on bitcoin itself. BTC is up 20% today, but there is still a long way to go before a full recovery is made. News.Bitcoin.com has asked several analysts when they believe this will occur.
At the time of writing, Ethereum is trading up over 20% at its current price of $137.30, which marks a massive surge from daily lows of $110 that were set yesterday while the crypto consolidated alongside Bitcoin and most other altcoins.
Because ETH is closely tracking Bitcoin’s price action at the moment, whether or not it is able to climb higher will likely depend on if BTC is able to surmount the resistance it is currently facing at $6,200.
A major crypto market reversal is underway, with several coins in the top 100 by market capitalization up over 40%. Bitcoin is up 21% at $6,285, Ethereum is up 21% at $137.45, and XRP is up 16% at $0.1643.
Meanwhile, outside of the top 10 coins by market cap, Steem is up 75%, Komodo is up 65%, Status is up 48% and Enjin Coin is up 45%, according to data compiled by CoinMarketCap.
OKEx is stepping into the world of DeFi launching its C2C loan feature. According to Director of Financial Markets Lennix Lai, this will create an “open and transparent marketplace for matching demand and supply on idle capital.”
Uhive, the newest social network coming out of the tech hub of London, announced the launch of its crypto token rewards scheme recently. The new social media platform is giving away 8 billion tokens for the first 200,000 new users who sign up. New users on Uhive have the opportunity to earn Uhive tokens (the platform’s own cryptocurrency) simply by downloading the app, posting content and engaging through likes, sharing and commenting on other posts.
Naturally, the price declined afterward, but it’s still trading at a nice upside. One of the possible reasons for this would be for people who want to participate in the HIVE network. Since Binance will distribute these tokens 1:1, one might consider this an opportunity to receive HIVE tokens. It’s interesting to see how this would play out in the future and whether or not HIVE will see a listing at all.
The interaction, accommodated by the sort of anonymity the internet can offer, produced responses from DoppelPaymer Ransomware and Maze Ransomware outfits. Both pledged not to target medical organizations during the outbreak, and DoppelPaymer offered free decryption of any off-limits target mistakenly attacked.
- Storj Labs has launched Tardigrade, an enterprise-level cloud storage service.
- The decentralized network decrypts files before splitting and distributing them.
- Tardigrade advertises lower rates than Google and Amazon’s cloud services.