Day: March 28, 2020

Not Convinced New Investors are Buying Bitcoin, Top Analyst Says

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While headlines about tanking bitcoin prices serve ideal opportunities for investors to enter the cryptocurrency market, one top analyst thinks the asset is lacking new buyers. Alex Saunders, the CEO & Founder of Australia-based Nugget News, offered a wave of discouraging catalysts that might have driven people out of cryptocurrencies, including a wrecked US job report. More than three million Americans filed for unemployment last week, providing first-hand information about how the Coronavirus pandemic is affecting the US economy. “A downside is [now] likely for stocks & crypto,” asserted Mr.…

Most Traders Expect New All-Time High Price for Bitcoin in 2020

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A user poll conducted by Kraken has revealed that most traders are expecting Bitcoin (BTC) to break into new all-time highs before 2021. The poll analyzed the responses of 400 “VIP” crypto traders on Kraken: 41% of respondents described themselves as “investors”, 40% identified as “traders”, and 15% as “institutions” — with the remaining 4% comprising payment processors, crypto exchanges and miners. 84% of respondents manage less than $10 million in capital, while 11% manage between $10 million and $50 million. The remaining 6% is divided evenly between traders managing from…

Bitcoin Price Drops to $6.1K Shortly After Equities Markets Close Red

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After trading in the $6,450 to $6,850 range for the past eight days, Bitcoin (BTC) price finally made a larger move, this time to the downside, as the digital asset dropped 8.72% to a daily low at $6,068.  The move somewhat mirrors the performance of traditional markets, which also closed the day with losses. The Dow closed with a 915 point loss, the S&P 500 pulled back 3.37% and the Nasdaq was down 3.79%.  Crypto market daily price chart. Source: Coin360 The break below $6,550 pulled the price below the…

Industry Sees Rebirth as RBI Crypto Ban Lifts

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Among industry participants and investors, India is emerging as a market to watch for following the overturn of a crypto ban that was placed by the Reserve Bank of India back in April 2018. The prominent investors looking to get a piece of India’s nascent crypto space include Tim Draper, a billionaire investor who obtained thousands of Bitcoin from 2014’s Silk Road auction. Draper recently said that he has “met several Bitcoin and crypto startups” from India and that he “hopes to be able to fund a number of them.”…

US Holding Firm Halted Mining Business After Bitcoin Crashed Below $4K

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Although the cryptocurrency markets have slightly recovered following massive sell-offs in mid-March, Bitcoin’s (BTC) faltering price has led to notable miner instability and closures. Soon after Bitcoin dropped below the $4,000 threshold on March 13, DPW Holdings, a Nasdaq-listed holding company, announced that it is temporarily shutting down its cryptocurrency mining business, Digital Farms. DPW notifies the SEC about multiple changes to its business in relation to the coronavirus According to a March 18 business update filed with the United States Securities and Exchange Commision (SEC), the Digital Farms’ suspension…

Blockchain Jobs Continue to Rise Despite Global Recession

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Trillions of dollars have been injected into the global markets in an attempt to revitalize the world economy. The U.S. alone recently hit its highest unemployment rate in history. The whole world seems to be falling apart except for blockchain Kraken, one of the largest cryptocurrency exchanges in the United States, is looking to increase its job force by 10%, despite the recent dips in crypto price, according to Forbes on March 26. Kraken’s team, currently 800 members strong, is adding an additional 67 hires to the company over the…