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Bitcoin News Roundup for April 1, 2020 [Updated Apr 1, 2020 at 16:00 UTC] [coindesk.com]
Price Analysis April 1: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, LEO [cointelegraph.com]
The Dow Jones Industrial Average had its worst first quarter on record. Compared to that, Bitcoin only fell about 10% over the same period, which shows clear outperformance. The resilience of Bitcoin (BTC) in the current crisis shows that it has arrived on the big scene and that it can weather a storm better than some of the traditional asset classes. This is likely to attract several institutional players to Bitcoin.
Bitcoin Surges to $6,600: What Do Analysts Think Is Next? [newsbtc.com]
According to Bloomberg, the recent price action has allowed a key buy signal to appear: the Bloomberg Galaxy Crypto Index (an index of the top digital assets that includes Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, and EOS) recently printed a buy signal, according to a trend indicator, the GTI Vera Convergence Divergence Indicator.
A buy signal was last seen early on in January, when Bitcoin was trading in the mid-$7,000s. And a sell signal was seen near the end of February, when BTC was trading in the mid-$9,000s prior to the infamous March 12th capitulation, which has since been dubbed “Black Thursday.”
This weekend saw $5,850 as the current weekly low, and that’s far from being a coincidence. As Cryptopotato reported, the $5,900 area holds very strong support as it also represents the 38.2% Fibonacci retracement level from the massive drop on March 12.
Looking at the bigger picture, Bitcoin would still have to close affirmatively above $7,168 to overcome the slump from the night of March 12. Until this happens, the cryptocurrency is likely to be considered in a bearish trend.
Bitcoin Takes Tumble, Traders Fret Correlation and Next Month’s Halving [coindesk.com]
On a 24-hour basis, bitcoin (BTC) was in the red 4 percent Wednesday afternoon Eastern time and ether (ETH) was down 3 percent. Most other cryptocurrencies were off as well.
Notable assets down in the dumps on CoinDesk’s big board include NEO (NEO) in the red 5 percent, bitcoin SV (BSV) slipping 4 percent and IOTA (IOTA), down 4 percent. All price changes are in the past 24 hours as of 20:00 UTC (4:00 p.m. EDT) Wednesday.
In the traditional markets, Japan’s Nikkei 225 index closed down 4.5 percent. Europe’s FTSE 100 ended the day in the red 2.7 percent. In the U.S., the S&P 500 closed New York’s trading day down 4.4 percent.
Bitcoin selling pressure to continue until BCH, BSV halving [ambcrypto.com]
Bitcoin’s price has been down for quite some time and we have passed the breakeven price set for the miners. The pro-cyclical behavior of miners suggests that miner-led selling pressures are also increasing. Miners have likely permanently or temporarily opted out. Further, the mining difficulty adjustment that took place on 25 March could be indicative since it was the biggest drop in Bitcoin’s history.
Bitcoin Halving 2020 sees 3 trails, but only 1 leads to real profitability [coingeek.com]
This spring marks the first time that Bitcoin (BSV) and its closely associated forks, the BCH and BTC, will enter the bitcoin halving period together. Beyond the obvious implications, this is significant because transaction processors can switch between the network chains based upon the profitability of each at any given time. Based on the date and time when each network halves, we might see a brief period of hash rate chaos where pools switching back and forth between competing chains to get as much profit as possible.
CMT Digital Head Says BTC Trading Still Strong Despite Global Conditions [cryptopost.com]
“SOMETIMES BITCOIN IS THE ONLY MARKET THAT IS OPEN SO THERE HAVE BEEN A FEW MOVES IN BITCOIN THAT DID NOT COINCIDE WITH A MOVE IN THE TRADITIONAL MARKETS BUT I EXPECT BITCOIN TO HAVE LOW OR NO CORRELATION TO TRADITIONAL MARKETS IN THE LONG RUN.”
Is Now the Right Time to Buy Bitcoin? | Mati Greenspan & Michaël van de Poppe
Ethereum Just Broke $135 and Primed To Test $150: Here’s Why [newsbtc.com]
- Ethereum is up more than 3% and it broke the main $135 resistance against the US Dollar.
- The price is now trading in a bullish zone and it could continue higher towards $145 or $150.
- There is a key bullish trend line forming with support near $131 on the hourly chart of ETH/USD (data feed via Kraken).
- Bitcoin also gained traction and it rallied more than 5% to trade above $6,600.
XRP Price Holds Steady As Ripple Unlocks 1 Billion Coins From Escrow Wallet [zycrypto.com]
There is another XRP transfer that happened recently that has caught our eye.
Whale Alert, the Twitter account that tracks huge cryptocurrency transactions noted yesterday that 74,000,000 XRP was moved by Ripple from an over-the-counter distribution wallet to an unknown wallet. The tokens were worth around $12,693,316 at the time.
It’s still unclear who the recipient of these 74 million XRP tokens sent by Ripple was.
XRP is trading at $0.173759 at press time, up 0.65% in the last 24 hours.
The report published on March 30 broke down the impact of the coronavirus on the consumer end of bitcoin. Although purchases related to merchant services, gambling services, the darknet market all underwent a decline as expected, their correlation with bitcoin’s price differs for each service category and has shifted in surprising ways, according to the report.
Unsurprisingly, Markets Are Bearish [bitcoinmarketjournal.com]
The PMI manufacturing numbers out this morning confirmed that, as we explained in yesterday’s newsletter, businessmen who make purchasing decisions for their company agree. April will be even worse than March.
On the bright side though, analysts were forecasting that the PMI reading would come out very poorly at 44.9 but instead it only shows a mild contraction of 49.1.
Massive $633 Million Bitcoin (BTC) Transaction Triggers Crypto Whale Alert [dailyhodl.com]
A massive move of more than half a billion dollars in Bitcoin (BTC) is causing a stir among cryptocurrency traders.
The transaction was reported by the crypto tracker Whale Alert, triggering speculation about the identity of the crypto holders and why they’re moving the funds.
Crypto Community Embraces April Fools Day Pranks [cointelegraph.com]
While much of the mainstream media decided against running pranks this year due to the seriousness of the coronavirus crisis — the crypto community decided to have some fun anyway.
One of the earliest, and funniest, was CoinMarketCap listing ‘Toilet Paper Token’ as the number one cryptocurrency above Bitcoin — the circulating supply, naturally, was ‘out of stock’.
Coronavirus Fuels P2P Connectivity: Crypto-Driven Meshnet Gives Rural Towns Internet [bitcoin.com]
Althea allows routers to pay each other for bandwidth using cryptocurrency. An important architectural detail is that nodes only pay neighbors for forwarding packets. On top of this pay-for-forward network, we build a system allowing consumers to pay for internet access. Althea is intended to be used in local mesh networks.
More news and community @Publish0x
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