Day: March 14, 2020

Bitcoin Fell 50% From $6,000 After This Signal Appeared, and It’s About to Happen Again

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Bitcoin really hasn’t done too well over the past few days; since the $9,200 peak seen on Saturday, the price of the cryptocurrency crashed as low as $3,800, marking a more-than-50% crash from the weekly high. Unfortunately, a key signal suggests that the prospects of recovery may be diminishing. Related Reading: Crypto Tidbits: Bitcoin Plunges 50%, COVID-19 Cases at Ethereum Event, Central Banks Inject Billions Key Bitcoin Signal Seems Poised to Flash While many stories in the media paint Bitcoin mining as a key to easy riches, this isn’t always…

Bitcoin Fell 50% From $6,000 After This Signal Appeared, and It’s About to Happen Again

boss

Bitcoin really hasn’t done too well over the past few days; since the $9,200 peak seen on Saturday, the price of the cryptocurrency crashed as low as $3,800, marking a more-than-50% crash from the weekly high. Unfortunately, a key signal suggests that the prospects of recovery may be diminishing. Related Reading: Crypto Tidbits: Bitcoin Plunges 50%, COVID-19 Cases at Ethereum Event, Central Banks Inject Billions Key Bitcoin Signal Seems Poised to Flash While many stories in the media paint Bitcoin mining as a key to easy riches, this isn’t always…

With $1.5 Billion Under Management Grayscale Bitcoin Trust Slides 30%

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Prior to the market carnage on March 12, the Grayscale Bitcoin Trust (GBTC) had acquired over 300,000 BTC. Grayscale’s trust has been one of the longest-running FINRA approved investment vehicles with bitcoin assets under management. On Feb. 5, GBTC shares climbed more than 10% that week and investors were also paying a 20-30% premium. Since then and after the market downturn on Thursday, GBTC shares are down 45% from $11.52 to $6.32 per share. Also read: Market Update: Cryptocurrency Market Cap Sheds $90B, Margin Calls Spike, Futures Slide The Grayscale…

Bitcoin CME Futures Volume Dropped — Did Institutions Jump Ship?

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Over the past two years Bitcoin (BTC) futures trading on CME (Chicago Mercantile Exchange) has grown in importance for institutional investors. However, a popular misconception among traders is to attribute an unwarranted amount of importance to futures market activity and its impact of spot prices. It is important to highlight that despite trading under the BTC ticker, CME futures are financially-settled and therefore does not involve the actual exchange of Bitcoins. Lately, the topic of open interest on Bitcoin options has been an extremely popular topic of discussion in crypto…

US Firm Plans $100 Million ICO to Fund Electric Vehicle Production in Africa

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Alternet Systems Inc (ALYI), an energy storage, military application, and electric motorcycle firm, has entered into a new partnership to launch a cryptocurrency dedicated to funding electric vehicle projects in Sub-Saharan Africa, according to a March 11 announcement. While Alternet did not name the company it has partnered with, Alternet Systems revealed that the cryptocurrency has successfully been minted on the Ethereum blockchain. Alternet Systems plans $100 million ICO ALYI plans to raise $100 million through an initial coin offering (ICO), adding that the planned token sale has “received interest…

Crypto Networks Stress Tested During Bitcoin’s Wild Week

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Crypto valuations haven’t been the only casualties of this week’s market crash; crypto networks have also felt the strain. As onchain activity has ramped up in response to the market slump, fees have soared and the mempool filled on the BTC and ETH chains. Other crypto networks have operated smoothly, however, despite the pandemonium. Also read: Market Update: Cryptocurrency Market Cap Sheds $90B, Margin Calls Spike, Futures Slide Mempool Fills on Bitcoin’s Most Volatile Day in a Year As bitcoin lost 50% of its value on Black Thursday, traders rushed…

Italian Red Cross Launches Bitcoin Fundraiser to Combat Coronavirus

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The Italian Red Cross and the Colli Albani Committee are raising donations Bitcoin and other cryptocurrencies to fight the country’s coronavirus pandemic with the support of Helperbit, as announced on March 12. Goals of the new campaign Proceeds from the campaign will reportedly be used to set up a second-level advanced medical post for pre-triage of COVID-19 cases in the country, and it is expected to reach a goal of €10,000 to buy the necessary medical equipment for the infrastructure.  The remaining funds will be used to cover the fees…

Rhode Island Blockchain Act Seeks Regulatory Clarity for Crypto, Representative Place Explains

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Although Rhode Island’s recent Blockchain Act does not explicitly reference cryptocurrencies, the bill aims to provide regulatory clarity for them. “If you look at the legislation, it doesn’t necessarily mention crypto specifically, but when it talks about complex financial instruments and things of that nature, that’s what it’s referring to — it’s referring to cryptocurrency,” Rhode Island state representative David Place told Cointelegraph in an interview. The bill looks like a blockchain-only bill, but also includes crypto Rhode Island state representatives David Place and Blake Filippi sponsored a new bill…

BitMex Insurance Fund Tags ATH, Binance and Deribit Inject Millions

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The March 13 crypto market meltdown ravaged cryptocurrency companies across the industry, sparking a MakerDAO debt crisis and causing millions to be deployed from the insurance funds of exchanges Binance and Deribit. In spite of the widespread carnage, the insurance fund of leading derivatives exchange, BitMex, only took two days to break back into new all-time highs. BitMex insurance fund posts new all-time high Despite going offline for 45 minutes due to a “hardware issue” late March 13, BitMex appears to have emerged from the recent cryptocurrency market massacre stronger…

Quarantined Masses Shopping With Bitcoin (BTC) Amid COVID-19 Fears

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Quarantine measures imposed by states the world over in the wake of the COVID-19 pandemic have led to a surge in screen time use and online shopping among the masses. Interestingly, this has also had a bearing on the use of cryptocurrencies for online shopping leading to “unprecedented growth” for several crypto payment processors. This, according to a report by Coindesk, March 13, 2020. Coronavirus Boosts Bitcoin Use Declared a global pandemic by the World Health Organization (WHO), COVID-19 has had a trickling down effect on the use of cryptocurrencies…