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Bitcoin News Roundup for April 9, 2020 [Updated Apr 9, 2020 at 16:00 UTC] [coindesk.com]
Bitcoin Price Ignores $2.3T Fed Cash as Pundit Warns of ‘Sucker Rally’ [cointelegraph.com]
While markets were also buoyed by the potential for a cut in oil production after Thursday’s OPEC+ meeting, among Bitcoin analysts, the mood was overwhelmingly bearish.
Despite rising around 8% in a week, Bitcoin, like traditional markets, was unlikely to sustain its trajectory, Cointelegraph Markets’ Michaël van de Poppe warned.
“The price of $BTC is slowly grinding upwards, but volume is decreasing,” he wrote in a Twitter post on Thursday.
Bitcoin Holds on to $7200, Gold Closes at New ATH during an Economic Frenzy [coingape.com]
- Global equity benchmarks, the Dow Jones Index and S&P 500 Index skyrocketed to log best weekly gains 1974.
- Gold records a 2.3% rise as heads closer to $1700 mark.
- Bitcoin price stays above $7,200 with low volatility in the last couple of days.
Canada-based 3iQ Corp has launched a Bitcoin Fund on the Toronto Stock Exchange (TSX). It’s the first public cryptocurrency fund listed on a significant global stock exchange. The Class A units, having a total asset value of approximately $14 million, began trading today under the symbol QBTC.U.
Bitcoin (BTC) Tipped to Not Just Survive But Thrive Amidst Market Panic [dailyhodl.com]
Bitcoin is predicted to reach highs of $15,499 by year’s end, according to a new report from financial comparison website Finder.com.
The figure is the average of 10 fintech leaders’ individual predictions, who speculated what might be in store for the coin in 2020.
With Bitcoin’s recent price decline, nearly everyone on the panel (90%) agreed Bitcoin has not been immune to corona-triggered asset sell-offs.
Why $20,000 Remains Bitcoin Price Year-End Target For BitMEX’s Arthur Hayes [zycrypto.com]
Many analysts, famous figures and traders have tried to predict the future price of Bitcoin. Arthur Hayes, CEO of BitMEX, is known for his predictions about BTC. Last year, Hayes stated that Bitcoin could sink as low as $3,000 in 2020 and rise up to $20,000.
Hayes has been astonishingly accurate with his prediction as Bitcoin touched $3,700 on some exchanges and around $3,500 on BitMEX. The first part of his prediction seems to have been completed and now we will be waiting for Bitcoin to hit $20,000.
Bitcoin: Number of whales holding 1K BTCs breaches 2017 level; what’s next? [ambcrypto.com]
Bitcoin has managed to regain its lost profits once again, almost a month after the terrible collapse of 13 March. At the time of writing, its YTD stood at 2.65%, with Bitcoin finally close to its pre-fall value of $7,325.77. With Bitcoin recording regular movements in 2020, an interesting trend highlighted by the same was observed on the charts recently.
According to the data provider and market observer Glassnode, the number of entities holding the world’s largest cryptocurrency has spiked.
As per the data, approximately 1,838 entities now hold over at least 1,000 BTC, a figure unseen since Bitcoin’s market top way back in 2017.
Bitcoin Withdrawals of More Than $66M Moved Away From Exchanges [beincrypto.com]
Analysts have been split on what we can expect as we get closer and closer to Bitcoin’s halving event. Scheduled for mid-May, some were speculating that miners would be eager to dump their holdings before their profits are slashed due to Bitcoin’s halving. However, sell pressure from miners has thus far been absorbed—at the time of writing, Bitcoin is trading for $7,300 and is up 0.43% on the daily.
Top 10 Coins More Correlated Than Ever, but Decoupling From Gold [cointelegraph.com]
Since Black Thursday, two new trends have emerged: the correlation between Bitcoin (BTC) and the other nine cryptocurrencies has reached unprecedented levels, while the correlation between Bitcoin and gold has turned negative. Interestingly, even the correlation between Bitcoin and the Tether (USDT) stablecoin has gained in strength.
GLOBAL STABLECOINS COULD ‘POSE SYSTEMIC RISKS’ TO EU [bitcoinist.com]
The French Financial Markets Authority (AMF) has provided its position on crypto-assets and regulation in a response to the European Commission’s consultation. While the country supports an “ambitious approach” to foster innovation, authorities remain concerned about the threat of global stablecoins.
Here’s Why Ethereum Could Dive Significantly Below 100 SMA [newsbtc.com]
- Ethereum is facing a strong resistance near the $172 and $175 levels.
- The 100 hourly simple moving average at $165 is likely to act as a strong support and breakdown zone.
- There is a crucial contracting triangle forming with resistance near $172 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair could either rally above $175 or it might decline significantly below the 100 hourly SMA.
Bitcoin is About to “Explode” as it Reaches Apex of Important Formation [newsbtc.com]
It has been another boring day for Bitcoin, with the benchmark cryptocurrency further extending its bout of sideways trading as its bulls and bears reach an impasse within the lower-$7,000 region.
This lackluster price action comes close on the heels of Bitcoin’s recent surge up to highs of $7,500, with the resistance it met here proving to be insurmountable.
It is important to note that BTC could be coiling up for a major movement in the near-term, as the benchmark cryptocurrency is currently nearing the apex of a large triangle formation that is likely to catalyze a major movement.
You can now 51% attack Bitcoin Cash for the cost of a single Bitcoin [decrypt.co]
- Bitcoin Cash underwent its first halving of mining rewards yesterday.
- Since the event, Bitcoin Cash’s hashrate continues to decline as miners exit the network; it now costs roughly 1 BTC to attack the network for an hour.
- Roger Ver’s own Bitcoin.com pool’s hashrate is down over 90 percent.
Coronavirus Pandemic Leads to Record-Breaking Q1 Gold ETF Purchases [cryptoglobe.com]
According to a report by Forbes, gold purchases generated a record-breaking $23 billion in exchange-traded funds (ETFs) holding the precious metal, including the well-known SPDR Gold Shares.
Investor purchases added 298 metric tons of gold to ETF holdings globally through the first three months of the year. As the report states, no previous financial quarter in history has witnessed as much cash flow into bullion ETFs.
Bitcoin.com Games Invites You to Celebrate Easter With a 3-in-1 Promotion [bitcoin.com]
In what seems to be one of the most springtastic events of the year, Bitcoin Games has decided to celebrate this Easter with a new 3-in-1 promotion, Happy Easter, where users can play and win egg-static prizes. As spring and Easter mark a season of renewal, the latest amusement from Bitcoin Games is sure to spark merriment with the chance to surmount a stash of crypto winnings.
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