Day: February 24, 2020

Celsius Doubled Its Total Paid Crypto Loan Interest Since November

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Celsius Network reports to have more than doubled its interest payments in the three months since its last disclosure. This is one more signal of the continuous growth of the crypto lending industry, as decentralized finance (DeFi) operations attract more funds. As per its Feb. 20 report, Celsius paid over $11 million worth of Bitcoin (BTC), Ether (ETH) and other cryptocurrencies as total interest income. This is an increase of 120% from its $5 million figure reported on Nov. 12, 2019. The company is managing $730 million in customer deposits…

Bitcoin Risks Drop to $8.7K as Accurate Fractal Flashes Sell-off Sentiment

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Bitcoin is risking massive price declines below $9,000 as a historically accurate fractal indicates traders’ sell-off sentiment. The benchmark cryptocurrency’s tendency to retest the $8,750 level increased after it confirmed a bullish reversal pattern last week. Dubbed as Doji, the indicator is typically a session wherein an asset’s candlestick has almost the same opening and closing rate. Technical analysts treat it as a sign of trend reversal. Bitcoin’s last week’s performance saw it open the market at $9,920 and close it near $9,965, according to data fetched by Coinbase exchange.…

Dow Futures Plunge 800 Points. Now Comes the 25% Crash, Warns Analyst

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Dow Jones Industrial Average (DJIA) plunged 800 points overnight in a brutal free-fall. The rapid spread of coronavirus outside China has investors fleeing the stock market. Cebile Capital analysts now see a 25% pullback in stocks. The U.S. stock market looks set for a disastrous open with Dow Jones Industrial Average (DJIA) futures down 800 points on Monday morning. Investors are finally taking the coronavirus seriously as the deadly virus spread rapidly in Italy and South Korea over the weekend. Speaking to CNBC, Sunaina Sinha Haldea of Cebile Capital warned…

‘Crucial’ for Central Banks to Consider Digital Currencies: Bank of England Exec

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The Bank of England’s (BoE) chief cashier, Sarah John, said it is “crucial” central banks research digital currencies so they can strike a balance with private issuers. John said it was “really important” BoE and other central banks considered whether digital currencies could form the basis of a new payment system and, if so, “quicken the pace” on determining how to regulate the new asset class. The BoE needs to consider its position on the technology to ensure the U.K. has “a broad range of payments that it can use…

$10K Proving a Tough Nut to Crack for Bitcoin’s Bulls

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View Bitcoin’s immediate outlook remains neutral with a lower-highs setup on 4-hour charts still intact. A sustained break above $10,028 would invalidate that pattern and revive the bullish view, opening the doors for resistance at $10,300 and $10,500. On the downside, key average support at $9,508 is the target for the bears. A violation there would likely bring a deeper drop to $9,075 (Feb. 4 low). Bitcoin retreated after crossing into five figures early on Monday, establishing the psychological level of $10,000 as the resistance to beat for the bulls.…

Binance Now Supports Deposits and Withdrawals in Hong-Kong Dollars

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Cryptocurrency exchange Binance has opened a fiat gateway for Hong Kong dollars. Launched thanks to its partnership with Epay, Binance said on Monday that users can deposit and withdraw Hong Kong dollars from today for trading against supported cryptocurrencies. Binance already supports euros and pounds sterling through Epay, a payments provider founded in Hong Kong in 2014. The latest addition is something of a coup for the exchange, as banks in the jurisdiction are notoriously averse to offering accounts to cryptocurrency companies. The local Gatecoin exchange closed last spring pointing…

EOS Network Suffering From Degraded Performance, Says Coinbase

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Major American cryptocurrency exchange Coinbase said that the EOS network is having some issues. On Feb. 20, Coinbase issued a status update stating, “EOS network has degraded performance. Sends and receives might be delayed.”  The exchange posted a tweet two days later, stating that the EOS network was still suffering from degraded performance and that hat external EOS sends have been temporarily disabled, but buys and sells of EOS within the cryptocurrency exchange were functioning normally. However, EOS block producer EOS Nation responded on Feb. 22 that, although there had…

Coronavirus Could Cost the Global Economy Trillions on a SARS Baseline

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Using estimates of the economic damage caused by SARS and current rates of coronavirus infection, COVID-19 could cost trillions. Official figures show coronavirus is about 33% as deadly as the 2002-2003 SARS epidemic. So far it’s infected 6,800% more people. Chinese authorities downplayed the epidemic’s impact on the economy in recent days but President Xi Jinping admitted a bleaker outlook Sunday. A review of the estimated cost of SARS to the global economy suggests coronavirus could end up costing world markets trillions in losses. That’s using a conservative projection of…

Top Trader: Bitcoin Likely to Stay Below $10k For Awhile Despite Halving

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The bitcoin price strongly rejected the $10,000 level for the third time in the past two weeks, each time establishing a lower low. A top trader foresees BTC struggling to recover beyond $10k in the near future as momentum slows down. Why bitcoin is falling despite halving After initially surging above $10,500, the bitcoin price has not shown any strong sign of bullish market continuation. Despite attempts to push the market up by whales using spoof orders or fake buy orders at key support levels, bitcoin broke down at $10,000…