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Bitcoin (BTC) price has gained more than 10% in the last week, giving bulls some hope that the road ahead is a bright one for the leading digital asset.
However, despite an effort to blast through the critical resistance level of $7,200 as mentioned in last week’s analysis, there was a huge rejection bringing home the reality that perhaps it may be a little too soon to be expecting a miraculous bounce back to the $8,000+ levels.
The Bitcoin halving is expected to happen around 18th May 2020. Many have come to the foregone conclusion that Bitcoin is a dud. They seem to forget that several factors are working for Bitcoin at this time (COVID-19) not against it.
We are at a time when centralization is falling apart. Financial markets have gone south as everyone who is working is doing so remotely and there is still more to end in sight as regards COVID-19 and many think that Bitcoin will also end up getting battered like other assets.
During the previous run-up to $7,000, both the spot markets are the derivatives markets were hopeful. Prior to the move up, the Put-Call ratio on Bitcoin Options contracts dropped from 1.02 on April 1 to 0.64 on April 2, a sign of increasing buying pressure as traders were preferring call options, or right-to-buy contracts to put options, or right-to-sell contracts.
However, this has been undone, and by significant proportions no less. According to data from skew markets, on April 4, the Put Call ratio which was just two days prior at 0.64, more than doubled to 1.23, its highest point in over three weeks.
Three weeks ago, as global commodities markets crashed, Bitcoin’s price tumbled more than 40% over the course of a few days. In the face of this collapse, critics derided the flagship cryptocurrency for its apparent inability to hold its value in a crisis. In response, analysts are now presenting data demonstrating that Bitcoin has, in fact, been a stronger safe-haven asset than stocks and gold.
Bitcoin has been stuck in a downward cycle since early March. The currency fell from the mid-$10,000 range to about $8,700 by the time the month began, but nothing could have prepared asset holders for what was about to happen. The currency would ultimately fall into the high $3,000 range, thereby losing about 70 percent of its overall value in a very short period.
It has since recovered somewhat and settled about $3,000 higher (it’s presently trading for about $6,800), but there’s plenty of room for improvement. $6,800 is a solid price, but it’s no $10,000…
Monopoly Market has banned the sale of fake COVID-19 cures and vaccines. -Other dark web sites still list purported coronavirus remedies in exchange for crypto. -Currently, there is no legitimate vaccine for COVID-19.
While a new study from National Institutes of Health, CDC, UCLA and Princeton University scientists in The New England Journal of Medicine shows that coronavirus can survive on surfaces, the probability of contracting the virus through banknotes and coins appears to be very unlikely, unless “someone is using a banknote to sneeze in,” says Dr. Christine Tait-Burkard, an expert in infection and immunity at the Roslin Institute at the University of Edinburgh.
- Ethereum is currently consolidating above the $140 support area against the US Dollar.
- The price is still struggling to gain bullish momentum above the $145 resistance.
- There was a break above a major bearish trend line with resistance near $142 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a strong increase as long as it is above the $140 support and the 100 hourly SMA.
Undeterred by the centralization conflicts that had engulfed the Steem ecosystem and Tron Foundation’s Justin Sun, for the most part, STEEM has continued with its upward trajectory. However, the current indices tell a different picture.
At press time, it was priced at $0.179 after a drop of 3.93 over the past 24-hours. STEEM further registered a market cap of $65.9 million and a 24-hour trading volume of $9.30 million.
A number of class-action lawsuits have been filed against various digital asset firms and exchanges on Friday. The U.S.-based “litigation boutique,” Roche Cyrulnik Freedman, filed the lawsuit for three plaintiffs in the Southern District of New York. All three lawsuits claim that organizations like the Tron Foundation, Bitmex, Binance, Bibox and Block.one allegedly sold unregistered securities to retail investors.
Fundraising overall decreased by 40 percent to $2.24 billion and the number of deals dropped by 122. Equity fundraising decreased by less, showing only an 18 percent drop. The rise of bitcoin in the second and third quarter of 2019 didn’t stave off the funding drop, and the industry should assume going into 2020 that the global economic downturn will further affect funding deals, the report said.
Microsoft engineers said sensors could detect activity associated with specific tasks—such as time spent looking at ads—and convert it into computer-readable data to solve computational problems, just like the traditional proof-of-work system. A device can verify if the body activity data satisfies one or more conditions set by the system. At the same time, a server could prompt users to perform specific tasks as a solution to help facilitate the process.
As much as 30% of mortgage owners, and perhaps even more, may default in the next two months in what might be the biggest sudden mass default in modern history.
“Some 30% of Americans with home loans (about 15 million households) could stop paying if the U.S. economy stays hobbled by shutdowns through the summer,” according to Bloomberg.
John McAfee is offering a $500 reward in the stablecoin DAI for the best photo that encapsulates the post-apocalyptic nature of the ongoing coronavirus pandemic.
In a tweet made April 3, McAfee asked for users who were able to leave their homes to send him photos of “interesting” aspects of their cities as a result of the coronavirus shutdown. He offered a $500 reward for the best photo, with the winner being announced next week.