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It has been a tremendous week for Bitcoin (BTC), as the price of Bitcoin rebounded from $3,800 to $6,800. However, a harsh rejection on Friday put a stop to the rally as the price dropped $1,200 within two hours.
These have been unusual movements from Bitcoin, as the equity markets in the United States didn’t show any strength during the week and the Dow Jones shed 4.5% on Friday alone.
Another week, another round of Crypto Tidbits. After last week’s brutal showing, Bitcoin mounted a strong recovery over the past few days, rallying as high as $7,100 yesterday, marking an 85% gain from the $3,800 capitulation bottom. Altcoins followed suit by trending higher, but slightly underperformed BTC as the market continues to centralize amid times of uncertainty about the future of crypto firms.
This week the crypto market was thrown a lifeline. After weeks of setting a bearish trend, the market bust out. Starting Wednesday, the top coin Bitcoin climbed from $5,200 to reach its recent high of $6,800 on Friday. Although the momentum looked liked it would see Bitcoin cross over $7K, the bulls failed. This rejection saw Bitcoin retrace to the $6,200 levels by late Friday.
Searches for “Bitcoin” have jumped considerably over the past thirty days, according to the Baidu Data Index. Such interest coincides with other indications that investors increasingly view the present market condition as a chance to pick up Bitcoin at a steep discount.
The cryptocurrency market continues to see a lot of indecision as bulls and bears continue to wrestle over control. However, if Bitcoin breaks below $6,000 once again, the latter could score a resounding victory.
In the wake of the coronavirus outbreak and a looming recession, U.S. President Donald Trump and his administration are contemplating halting stock markets next week. The White House is currently considering grounding all passenger planes and ordering a nationwide shelter. However, bureaucrats from the White House believe that the grounding of U.S. passenger planes and the execution of a federal lockdown order will wreak havoc on Wall Street. In order to curb panic, bipartisan U.S. representatives are considering plans to temporarily stop stock trading.
The most recent Bitcoin price drop has left many people pondering their future. For Adaptive Capital, a cryptocurrency hedge fund, the game is over completely.
Falling cryptocurrency prices can have major consequences for both companies and individuals alike.
The current financial crisis is highlighting the very questions that led to the creation of Bitcoin in 2008. Governments are making use of all the financial tools that led Satoshi Nakomoto to create an asset class that can’t be perpetually diluted.
At the moment, as in all times of financial trouble, cash is king – but that may prove to be short-lived.
Bitcoin has been firmly guiding the cryptocurrency market over the past several days and weeks, which has made all altcoins prone to seeing significant downside.
Chainlink – which set fresh all-time highs last month – has been particularly impacted by this market-wide downturn, plummeting from highs of nearly $5.00 to lows of under $1.60 that were set at the bottom of its recent selloff.
As we enter the final week of March, users in the digital asset space are bracing themselves for another unexpected tussle. The current month has been as unpredictable as the weather, with the markets experiencing a period of both bullish and bearish momentum.
The bearish slump on 12th March was particularly alarming as many assets registered substantial low price points. The past seven days hinted at recovery.
As the coronavirus outbreak ravages the global economy, a number of industries are taking a bit longer to feel the brunt of the financial hardship. As individuals watch the value of their investments fall, economists believe the U.S. housing market will crash to 29-year lows amidst a looming global recession. Lendingtree’s chief economist Tendayi Kapfidze is one of those analysts who believe the U.S. might see a complete “shutdown in the housing market.” Kapfidze warns that Covid-19 fears will leave a “drastic impact” throughout the entire real estate industry.
The novel coronavirus took the world by a storm like lightning from a clear sky. In a little more than a few months, over 200,000 people from across the globe got infected, while the death count continues to rise.
This urged governments to take immediate action, and it feels as if the whole world is under quarantine. Naturally, the fear of the unknown and how far it could go caused a lot of turmoil in the financial and stock markets.
Most American researchers agree these days that roughly 2 percent of the population is estimated to be at high risk for gambling addiction. Case and point, when Texas Tech University assistant professor Devin Mills surveyed 876 people who had gambled within the previous month, more than half of the respondents traded cryptocurrency.
Celebrities and digital currencies have not augured particularly well, with many of them having to part with huge sums of money just to get the authorities off their backs. One celebrity is however out to change all this and is building a futuristic city powered by blockchain technology and digital currencies. Grammy-nominated singer Akon believes he can change millions of lives in Africa with his Akoin currency, but is it all just a dream or can the real-life Wakanda be actualized?