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Bitcoin News Roundup for March 24, 2020 [Updated Mar 24, 2020 at 16:00 UTC] [coindesk.com]
Bitcoin Price Gains 7% in 24 Hours as Wall Street Bets on $2T Bailout [cointelegraph.com]
At the same time, G7 finance ministers issued a joint statement pledging to do “whatever is necessary” to protect the international financial system.
As Cointelegraph reported, however, compensating losses in the form of “unlimited” money printing is causing alarm bells to ring for some.
Commenting on the Federal Reserve’s liquidity drive, Wall Street veteran Caitlin Long argued that “the last vestige of capitalism died in the U.S.”
Stocks, Bitcoin Rally on Prospects for US Senate Stimulus Bill [coindesk.com]
The upswing started with Japan’s Nikkei 225, which closed its trading day at 5:00 UTC up 7 percent. European stocks were bullish as well, with the FTSE 100 index gaining over 8 percent.
As for U.S. markets, the S&P 500 index rallied 9 percent. It’s a respite from Monday when the American markets officially wiped away all gains since 2016. The Federal Reserve’s announced easy money policy of using lower rates and quantitative easing (QE) to boost the coronavirus-plagued economy wasn’t able to staunch the bleeding in the equity markets.
BTC remains below the multi-week high of $7,000, though seems poised to push back towards that key level over the next few days as an uptrend has seemingly started to form; indeed, since the $3,800 bottom, Bitcoin has gained more than 75% and has posted gains of more than 20% in the past few days alone.
3 REASONS WHY BITCOIN PRICE IS BULLISH RIGHT NOW [bitcoinist.com]
- Congress Discuss Digital Dollar by Fed to Fight Crisis
- Fed Pumping Unlimited Cash; Stocks, Bitcoin React
- China Has Almost Beaten COVID; Potential Cure Tested Worldwide
House Democrats proposed two bills that revolve around the creation of a digital dollar and digital wallets, so that the Federal Reserve (Fed) could transfer digital cash directly to individuals and businesses. The move is meant to support the economy amid the COVID-19 pandemic, as the US is only after China and Italy by the number of confirmed cases.
Bitcoin’s journey to $55k post-halving might have to wait [ambcrypto.com]
With the Bitcoin halving just around the corner and the state of the market turning out to be complicated, it has been difficult to understand the future movement of Bitcoin. However, there remain many analysts who are trying to provide at least some hope to the community with calculated predictions based on models such as the Stock-to-Flow model.
The model represents the number of years required to achieve the current stock at the current production rate. The higher the number, the higher is the price. However, the performance of Bitcoin has been wavering over the past couple of weeks.
Printing More Money: Is It Actually Good For Bitcoin? [zycrypto.com]
According to one market pundit who happens to be a fan of Bitcoin, the Coronavirus may turn out to be good for Bitcoin as governments print more money.
Ronnie Moas expressed this opinion in a post on twitter. For one, printing and floating of more money creates an atmosphere of uncertainty fueled by the fear of inflation. It happened in China during the US-China trade war that saw many rich people trying to get their money out of the regular circulation. Bitcoin, and crypto’s at large, proved very effective in this case, and it could still be a viable solution this time too – especially when the whole world is affected.
Bitcoin Will Bottom Below $3,700 According to Recent Poll [cryptoglobe.com]
Bitcoin’s price hasn’t reached its bottom yet, according to respondents of a recently conducted poll who believes BTC will drop below the $3,700 mark.
The pool, conducted by Credible Crypto on the microblogging platform Twitter, received over 2,200 responses. Nearly 33% of respondents revealed they believe BTC will below the $3,000 level, while 36.4% believed the bottom will be between $3,700 and $3,100.
BTC’s dominance index tracks the relative share of Bitcoin in the entire cryptocurrency market. During the numerous cycles over the years, it had swung from above 95% in the early years to below 33% in January 2018.
The extreme levels of volatility in the past few weeks also impacted BTC’s dominance over the market. For instance, during the most notable price plunge of the year on March 12-13th, the dominance went from a high of 66.28% to a low of 62.5% in less than 24 hours.
“The new Binance widget in the new tab page of the Brave desktop browser makes Brave the only browser that offers integrated functionality for buying and trading cryptocurrency. With the Binance widget, Brave users can access the Binance.com and Binance.US (for US-based users) sites, buy and sell crypto assets, view asset balances, and obtain deposit addresses all without leaving the browser.”
Ethereum Daily Active Addresses Jump Up to a 9-Month Highs after Black Thursday [coingape.com]
ere has been an impressive rise over the past week and a half with a large increase in transactions taking place on the ETH network, and daily active addresses skyrocketed to approximately 395,000 DAA on Saturday, March 21st. This was a 9-month high, with a daily level last exceeding this mark in late June 2019 (when prices reached an annual high of around $336).”
XRP Bulls are “Impotent” as They Form Another Failed Bounce Setup [newsbtc.com]
Although XRP has been able to recapture its key position above its $0.15 support, it has been underperforming Bitcoin over the past several days and weeks.
This has led analysts to note that the impotency of the crypto’s bulls during the course of the recent market-wide uptrend seems to elucidate some underlying weakness, potentially signaling that it will soon lose this support and reel lower.
In this roundup, we cover crypto regulatory developments amid the global crisis effected by the coronavirus outbreak, bank closures, interest rate cuts, and plunging stock markets. Through it all, governments worldwide are still focusing on cryptocurrency regulation, including the U.S., South Korea, India, and Russia.
China’s digital yuan is running out of time, say insiders [decrypt.co]
- The People’s Bank of China has reportedly finished the first step of developing its digital currency.
- Now the central bank needs to come up with the corresponding legislations.
- Digital currency is the most convenient way for PBoC to lower interest rates, say insiders.
COVID-19 and ETH 2.0 Projects Targeted in Gitcoin Funding Round [cryptobriefing.com]
Gitcoin has been helping to bridge the gap between capital and developers. Now, it’s widening this bridge to include health crises.
The latest funding round has included a “public health funding” section to Gitcoin in a bid to fund welfare and research for COVID-19. Other prominent sections include ETH 2.0 developments and media efforts.
Of the total $250,000 of matched funding, $100,000 is set for technology and public health. Another $50,000 is earmarked for media.
More news and community @Publish0x
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