Day: March 23, 2020

2x Bitcoin: Wanna Double Your BTC to the Moon? Forget About It

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Amid worldwide crisis and stock market turmoil, a growing number of investment schemes advertise a way to speedily double your bitcoins. Moon Bitcoin Live, for example, claims to be a licensed bitcoin doubler, promising that investors can double their bitcoins within 24 hours, with guaranteed payouts. However, there are many red flags about this type of investment scheme. Also read: 50 Companies Back New Cryptocurrency Project Competing With Facebook’s Libra Moon Bitcoin Live Plunging stock markets and the coronavirus scare have crippled many industries and driven many people to seek…

COVID-19 Panic Tests Bitcoin Uncorrelated Asset Narrative

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Bitcoin (BTC) trading is currently seeing its highest correlation with the S&P 500 stock market index as panic over the coronavirus (COVID-19) pandemic is reportedly forcing investors to embark on massive portfolio de-risking. Bitcoin Trading Correlation with S&P 500 Reaches All-Time High Data from crypto analytics platform Coin Metrics shows that the correlation between the two top-ranked cryptos — Bitcoin and Ethereum, and the S&P 500 reached an all-time high (ATH) levels over the last 30 days. Like the Nasdaq and the Dow, the S&P 500 helps investors monitor the…

Seven-Year-Old Veteran Crown Platform Activates NFT Framework to Tokenise assets on the Crown Blockchain

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Sharing is caring! A community-driven cryptocurrency (CRW) and application Crown Platform (EST 2013) – has released its latest technological in-house innovation called the Crown Core v0.14 ‘Emerald’ NFT Framework. The new protocol enables the tokenisation of assets on the Crown blockchain by the issuance of protocols and tokens. With this release, authored by technology lead Artem Brazhnikov, Crown Platform extends its functionality to serve as an asset-chain. Brazhnikov stated: ~ advertisement ~ “The NFT Framework is a way to tokenise assets without writing any asset-specific code.” The NFT Framework represents…

Monex Grants Small Amount of Bitcoin as Year-End Shareholder Benefit

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Japanese financial services firm Monex — the company behind crypto exchange Coincheck — announced that it will give Bitcoin (BTC) to its shareholders as a year-end benefit for 2019. According to an announcement on March 23, Monex plans to give to its shareholders 500 yen worth ($4.53) to those who hold the firm’s shares as of March 31 as a year-end benefit for 2019 in addition to existing shareholder benefit. The company will give the Bitcoin to those shareholders who hold an account on cryptocurrency wallet Coincheck. The announcement suggests…

‘This Will and Needs to Be Bitcoin’s Year’ Says Mike Novogratz

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With vast swaths of the world markets in virtual lockdown amid the coronavirus pandemic, some predict that the shocks rippling through the global economy in early 2020 may yet come to dwarf the magnitude of the 2008 financial crash. Just as Bitcoin (BTC)’s creation is bound up with 2008 and the Great Recession, Galaxy Digital founder Mike Novogratz sees this year as make-or-break for the cryptocurrency. In a tweet posted on March 22 — just hours after the United States Congress failed to reach a bipartisan agreement on a proposed…

Bitcoin, Ether, and XRP Weekly Market Update March 23, 2020

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The total crypto market cap added $23.6 billion for the last seven days and now stands at $166.9 billion. The top 10 currencies were all in green for the same time frame with and Bitcoin SV (BSV) and Bitcoin Cash (BCH) being the best performing assets with 31.5 and 16 percent of gains respectively. By the time of writing Bitcoin (BTC) is trading at $5,917 while Ether (ETH) climbed to $125. Ripple’s XRP is hovering around $0.151. BTC/USD Bitcoin formed a fresh green candle to $5,337 on Sunday, March 15…

Is Staking the Answer to Cryptocurrency’s Mining Problems?

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For a tech that was supposed to be democratic and distributed in order to free financial systems from the grip of government-influenced banks and return control of the money supply to the people, cryptocurrencies have turned out to be pretty concentrated.  Some 66% of all Bitcoin (BTC) mining now takes place in China, with 54% located in the southwest province of Sichuan, as a recent study revealed. Three Chinese mining pools alone are responsible for nearly half of Bitcoin’s hashrate. The days when a single Bitcoin enthusiast could crunch numbers…

BitMEX Defends Insurance Fund Being ‘Barely Used’ in BTC Price Crash

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Bitcoin (BTC) derivatives exchange BitMEX continues to field criticism after attempting to explain a mass liquidation event during which BTC/USD crashed 60%. In a blog post on March 23, BitMEX addressed what it says were “a number of questions” from traders since the event occurred eleven days ago. BitMEX: insurance fund functioned as normal At the time, BitMEX appeared to suffer from what various sources have called a cascading margin call, forcing out traders and sustaining the price of Bitcoin plummeting in the process. The exchange then went offline for…

How Institutional Players Like CME, CBOE and Bakkt Influence the Bitcoin Price

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The introduction of institutional heavyweights like CME, CBOE and Bakkt to the bitcoin space was heralded by many as the key to solidifying bitcoin’s mainstream acceptance, and driving prices to a stabilized moon. While this hasn’t played out exactly as some predicted, it is still early in the game, and bitcoin futures markets do arguably exert an influence on spot price. The quality and degree of said influence is debatable, but in this article we’ll look at a few ways the still young BTC derivative markets can potentially push and…

More Monday Carnage? US Futures Plummet, Bitcoin Price Below $6K

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After failing to gain above the $6,400 resistance on March 22, Bitcoin (BTC) bulls spent the remainder of the day struggling to bring the digital asset back above $6,000. At the time of writing Bitcoin trades slightly below $6,000 and many traders anticipate further downside as the Coronavirus pandemic continues to worsen in the United States and Europe.  Crypto market daily performance. Source: Coin360 As mentioned by previous analysis last week, crypto traders, along with those in the traditional markets are keeping a close on how markets and investors respond…