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This week, as a $2 trillion economic stimulus package was put forth by U.S. lawmakers, the performance of major market indexes improved and the Dow registered its best day since 1933, gaining 11% after the major pullback of the last few weeks.
In the meantime, gold increased slightly over 5%. The recent market fall-out gave rise to Bitcoin (BTC) critics such as Peter Schiff claiming that “only fools are choosing Bitcoin” over gold as a safe-haven alternative in the market.
This also comes alongside a mass exodus of Bitcoin from exchanges, according to new data, which may be a sign that investors had been accumulating throughout the cryptocurrency’s recent downtrend and are now beginning to move their crypto to cold storage.
If this is the case, the recent accumulation may be a sign that this next bout of heightened volatility will favor buyers.
With market data showing a range of conflicting signals, one analyst has now made a bold prediction that Bitcoin will soon see its largest price collapse in over a year. Whereas investors should consider all possibilities, such a bold assumption is certain to be controversial.
- Over $328 million worth of Bitcoin options open interest are set to expire tomorrow.
- The upcoming quarterly expiry could trigger high levels of volatility in the market like it has happened in previous years.
- Bitcoin could suffer a steep correction before it bounces back sharply, according to different renowned analysts.
- US Federal Reserve Chairman today said the US “may well be in a recession.”
- Bitcoin has been affected by the coronavirus crisis, just as traditional markets have been.
- It’s unclear whether Bitcoin would suffer during a recession, especially with upcoming reductions to mining rewards.
But that all changed this month, as the coronavirus pandemic triggered a massive sell-off that caused the leading cryptocurrency to plunge along with traditional markets.
Brandt, who has consistently maintained that BTC will likely rally to the moon or retreat to zero, now says there’s a high chance BTC may drop below $1,000.
Meanwhile, fellow analyst Tone Vays predicts there’s a 75% chance that Bitcoin has reached a bottom, and a 20-25% chance BTC will once again drop below $3,800.
Bitcoin’s hashrate has plummeted 45% since the record-breaking levels it saw on Feb. 29. The hashrate touched an all-time high of 136 exahash per second (EH/s) but has since dropped to 75 EH/s. Moreover, the crypto network has seen the second-largest difficulty drop since October 2011.
While 90% of the total stablecoin outstanding value still resides within Tether, USDC has seen the same pace of growth as Tether (33%) through 1Q20 (off a smaller base) and is edging closer to $1 billion
The value of Tether on Ethereum has now crossed more than $4 billion and is up more than 75% YTD
The cumulative transaction volume across stablecoins crossed $90 billion in a quarter for the first time ever — up 8% from 4Q and more than 280% since 1Q19
Whether or not ongoing stimulus efforts lead to the minting of a digital dollar, it’s a subject that is on the minds of U.S. legislators in a new way, especially as China’s pending central bank digital currency (CBDC) continues moving forward. Cointelegraph spoke with several leaders in the blockchain industry to get their take on what a digital dollar means for stimulus, government, and crypto.
- Ethereum is struggling to gain bullish momentum above the $142 zone against the US Dollar.
- The price is currently trading nicely above the $135 support and the 100 hourly simple moving average.
- There is a key declining channel forming with resistance near $142 on the hourly chart of ETH/USD (data feed via Kraken).
- The bulls are likely to make another attempt to clear the $142 and $144 resistance levels.
For most altcoins, the past couple of weeks weren’t necessarily the best. However, after enduring a harrowing mid-March, it looks like their fortunes may be beginning to reverse. While their present price action is far from where most altcoins were at the start of the year, recent price surges have come as a welcome change. Over the past few days, cryptocurrencies such as Monero [XMR], VeChain [VET], and Tezos [XTZ] have all once again recorded crucial gains.
On Monday, March 23, 2020, one of the largest crypto exchanges, OKEx announced the addition of top 10 crypto to USDC pairs including BTC, LTC, ETH and XRP, ushering in a new chapter for the stablecoin. Being listed on OKEx exchange against the top crypto pairs is slowly setting the coin to a prime position to battle the dominance shown by Bitfinex-affiliated Tether in the past few years.
Binance announced the news in a blog post on Thursday (March 26, 2020), saying that users can now make regular payments using its newly-unveiled Binance Card. Users will only be required to pre-load their cards using either bitcoin (BTC) or Binance Coin (BNB) via the Binance Card App. The card will then automatically deduct all payments or shopping expenses from the balance every time a payment is made.
An organization of more than 50 companies, nonprofits, and labs, is launching the very first COVIDathon. The Decentralized Artificial Intelligence Alliance (DAIA), as the organization is called, will launch the hackathon with a mission to develop and to launch open-source code and tools which are supported and guided by medical, AI, and blockchain experts and principles.
The main idea is to help reduce the risk of current and future infectious outbreaks, as well as to cope with the existing COVID-19 pandemic.
The initiative is powered by DAIA, but it is also coordinated with SingularityNET and Ocean Protocol – a decentralized substrate for the data economy.