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There is a so-called “death cross” taking place today overhead at $8300 where the 50-day moving average is crossing below the 200-day moving average, which is a crowded cluster of other former support levels, namely the 100-day and the 20-week moving averages. Alongside this is the 61.8% Fibonacci retracement level at $8K and yearly pivot at $8,100 and a high volume node, implying that it will be a real challenge for the bulls to break beyond this point.
The pertinent question remains — does Bitcoin have the potential to clear $8,000?
Analysts, unfortunately, are divided about this question.
Per previous reports from NewsBTC, Bitcoin is in the midst of following the bump-and-run-reversal bottom schematic found in Thomas Bulkowski’s Encyclopedia of Chart Patterns.
The CEO of blockchain and crypto hedge fund Pantera Capital says he believes Bitcoin (BTC) will likely shatter its all-time high of $20,000 in the next 12 months.
In a new letter to investors, Morehead says the current global economic crisis is unprecedented.
“I have spent 35 years trading global macro disruptions. This is like no other. This will certainly end the longest global expansion on record. It is likely to have a larger global economic impact than any downturn in recent memory.”
The performance of the crypto-market has taken a turn for the better, with many coins now recovering their losses. The same was not evident in the stock market, however. In the case of Gold too, the traditional Store of Value asset noted a reversal in its falling market. According to reports, the price of Gold had fallen by 12% from its March peak at $1,700 to $1,460 last week.
However, the yellow metal opened the new week with a green candle and marched upwards. It has managed to rise by 6.49% since Monday.
- Senate strikes deal on major 2 trillion fiscal stimulus package to rescue the economy.
- Asian and European stocks rise on the news.
- A proposal for a digital dollar was removed from the package.
The drop in so-called mining difficulty signals some miners have bowed out of the ongoing race to solve math problems to win freshly minted bitcoin, as a decline in the cryptocurrency’s price has made this activity less profitable. That said, the drop could work in favor for those who have chosen to stay in the game as less competition means individual miners would gain a bigger cut in Bitcoin’s daily mining output.
The world’s largest blockchain network by market capitalization adjusted its mining difficulty around 3:00 UTC on March 26 to 13.91 trillion (T), down from 16.55 T in the previous cycle recorded on March 9. Two weeks ago, bitcoin suffered its worst sell-off in seven years, and it has only partially recovered since.
Forte, a Ripple-backed blockchain platform for the gaming ecosystem, has joined forces with five leading game studios including Netmarble, Hi-Rez Studios, Magmic, nWay, and DECA Games. The alliance will enable these game developers to integrate Forte’s blockchain solution into their games and unlock new economic and creative opportunities for themselves as well as their players, according to a press release on March 24, 2020.
Per the filing, the court finds that the resale of grams into the secondary public market would be an “integral part of the sale of securities without a required registration statement.” This is because GRAM has been categorized as a security token under the Howey Test.
The court finds that the SEC has shown a substantial likelihood of success in proving that the contracts and understandings at issue, including the sale of 2.9 billion Grams to 175 purchasers in exchange for $1.7 billion, are part of a larger scheme to distribute those Grams into a secondary public market, which would be supported by Telegram’s ongoing efforts. – Reads the document.
The $2 trillion stimulus deal in the U.S. wasn’t enough to keep many cryptocurrencies from taking a dip Wednesday. Bitcoin (BTC) was down a more than 1 percent over the past 24 hours as of 20:00 UTC, and only NEO (NEO) was a gainer, up by less than 1 percent.
The crypto market remains volatile, with analysts actively trying to seek insight into its next moves. Litecoin now appears ready for a notable correction. Such a move could set off a similar drop in Bitcoin and other cryptos, as it has done before.
The crypto market rally ignited last week has failed to convince this week. Though there have been numerous triggers, including today’s FED announcement for a $2 trillion bailout, the market is still stalled. One of the top coins that set market trends is Ethereum. Today, its failure to react has seen it and the rest of the market slip in the red zone. At the time of press, Ethereum is down by nearly 2%.
On March 24, the Mt Gox creditors’ trustee from Tokyo, Nobuaki Kobayashi, disclosed a newly written rehabilitation plan for claimants looking to access some of the funds they lost in 2013. According to the new plan, Mt Gox claimants will get BTC and BCH assets alongside the possibility of receiving fiat currencies as well. Kobayashi’s latest document notes that other crypto assets will be “liquidated into cash,” but the draft does not disclose what types of digital currencies will be sold.
Many countries, as of late, have brought up the idea of introducing a national digital currency for its citizens. China, for example, is arguably the biggest example, having divulged the secrets of its latest project in the digital yuan. The currency has stirred controversy among those who believe China is simply using the idea of a digital currency to spy on its residents and get a better idea of their spending habits.
Other countries – such as Iran, Russia and even North Korea – have also introduced ideas of hosting their own national cryptocurrencies.
There are many reasons why you might seek to liquidate your digital assets into fiat currency, be it to pay a bill, buy a meal, or cover an emergency. When needs must, speed is of the essence; no one has time to wait three days for a bank wire to clear. For those occasions when rapid exchange is essential, here are four fast crypto-fiat options.