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Bitcoin News Roundup for April 8, 2020 [Updated Apr 8, 2020 at 16:00 UTC] [coindesk.com]
Price Analysis April 8: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, LEO [cointelegraph.com]
Central banks around the world have pumped up their economies with huge stimulus measures. JPMorgan Chase’s chairman and CEO, Jamie Dimon, praised the United States for taking swift action to counter the current economic crisis. Despite the kind words, in a letter to JPMorgan shareholders, Dimon warned that the future “will include a bad recession combined with some kind of financial stress similar to the global financial crisis of 2008.”
Bitcoin dominance rate has taken a hit after rising to 67.99% (vital resistance zone) on March 9. However, a sharp drop followed resulting in a leaner Bitcoin dominance rate. At the time of writing, Bitcoin dominance stands at 64.7%. This shows that altcoins have been performing relatively well against Bitcoin. According to a cryptocurrency trader @FeraSY1, Bitcoin dominance is set to test key levels at 61 and 53 respectively.
So what is coming for cryptos in this new quarter? The big event, of course, is the Bitcoin halving, and the reduction in block rewards is now just over a month away. The two previous halvings saw massive upward inflections in price.
The halving of the block reward in May means that miners with less efficient equipment will fall away, leading to a drop off in the hashrate and the Bitcoin ecosystem becoming more efficient.
BITCOIN PRICE NEXT STOP $23,000 AS HALVING APPROACHES [bitcoinist.com]
More data is flowing in suggesting that May’s block reward halving will initiate notable gains in Bitcoin’s value. This latest analysis suggests that the flagship cryptocurrency will slowly move up for the rest of the year, and eventually eclipse its all-time high.
5 Reasons Why Crypto Will Get Through COVID-19 Outbreak [zycrypto.com]
Since the novel coronavirus has been officially declared a pandemic, the crypto space has been flooded with negative opinions about the future credibility of digital assets. As the disease has spared no single industry, including the cryptocurrency market, and brutally broke down the myth about Bitcoin being a safe haven option, most crypto holders have been brought face-to-face some flaws in the blockchain system and in particular how it has structured itself with many of the bad practices Bitcoin advocates hoped to escape from traditional finance.
- BitMEX’s BTC futures daily trading volume is now less than that of Binance, OKEx, or Huobi according to data from Skew.
- The perpetual swaps king is yet to recover from the March 12 market sell-off
- As its liquidity shrank, users started going elsewhere, according to one trader.
Top Cryptos Edge Up as Derivatives Data Suggests Newfound Risk Aversion Among Traders [coindesk.com]
Over the past 24 hours, bitcoin (BTC) was up 2.8 percent Wednesday afternoon New York time and ether (ETH) was in the green 4.3 percent.
Bitcoin offshoots were among big winners on CoinDesk’s big board, including bitcoin gold (BTG) up a whopping 18 percent, bitcoin sv (BSV) climbing 16 percent and bitcoin cash (BCH) in the green 6 percent. BCH had its first halving of mining rewards Wednesday and BSV is expected to reach that milestone Friday. All 24-hour price changes are as of 20:50 UTC (4:50 PM EST) Wednesday.
Will Altcoins Surge Following Falling Bitcoin Dominance Rate? [beincrypto.com]
To conclude, the Bitcoin dominance rate has broken down below a very significant ascending support line and validated it as resistance afterwards. The strength of the rejection indicates that the rate could drop further, possibly falling inside the 52.5-62.5% channel.
Bitcoin Cash faces a crisis disguised as its ‘halving’ [ambcrypto.com]
If Bitcoin Cash’s price was currently consolidating near its 2020 peak, a sense of security would have still prevailed as not all miners would have idealized shifting their hash power to BTC. However, an absence of pre-halving pump and current consolidation under $300, stacked all the odds against Bitcoin Cash.
According to Ripple, Cross had two advantages over other remittance options in South Korea:
Since it did not “rely on traditional banking rails”, it provided “a safe alternative for those with or without a bank account”; and
By using Ripple’s technology, it was able to offer increased payment transparency and reliability.
New Wrapped Bitcoin Platform Allows You to Transact in BTC Using Tezos [bitcoin.com]
There’s now a number of tokenized BTC projects that leverage tokens on an alternative network and claim to be backed by bitcoin held in reserves. For example, in January 2019, news.Bitcoin.com reported on the official launch of the Wrapped Bitcoin (WBTC) project led by the custodian Bitgo. WBTC uses the Ethereum blockchain and each token is claimed to be backed 1:1 with BTC that’s held by Bitgo. The WBTC project has become popular since the initial launch and there’s $7.6 million worth of BTC locked up in the system. The system has more funds locked in than the Lightning Network’s $6.9 million total value locked (TVL) and WBTC has been around for far less time.
Ethereum Looks Ready For Another Leg Higher Over $175 [newsbtc.com]
- Ethereum is showing a few positive signs above the $170 support level.
- The price could gain bullish momentum once it clears the $175 resistance area.
- There is a major contracting triangle forming with resistance near $174 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could either surge above the $175 barrier or it might correct towards the $162 support.
According to SoFi team, the acquisition will accelerate the pace of technology innovation to offer Galileo’s partners and customers more value. In addition, SoFi also aims to strengthen its capabilities, “rounding out its best-in-class technology ecosystem.” SoFi further said that this combination two best companies in their respective fields will extend the reach of its products to other Galileo partners in the United States and international market.
Overstock Will Airdrop Millions of Security Tokens to Its Stockholders [cointelegraph.com]
Overstock has slated May 19 as the date to airdrop OSTKO security tokens as a dividend to its shareholders. They’ll get one security token for every ten OSTK shares they own as of April 27, making for 4.37 million tokens to be distributed in total.
Importantly, trading for these tokens will take place exclusively on Overstock’s alternative trading system tZERO. It processes less than $10,000 in daily volume on average.
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