The price of Bitcoin (BTC) has shown a strong surge in the past weeks, as the price rallied from $3,750 to $6,900. However, the crucial $6,900 level wasn’t broken to the upside and confirmed as resistance. A similar move occurred on the equity markets, as the United States’ equity markets surged 25% in one week, but saw a sharp selloff of 4% in the last trading hour, going into the weekend. These movements lead to the general question: is there more blood to come for Bitcoin and crypto? Crypto market…
Month: March 2020
Bitcoin Wallets Holding at Least 1 BTC Set to Hit 800K All-Time Highs
Bitcoin (BTC) addresses holding 1 BTC are on the rise — but only a maximum of 800,000 people currently own a whole coin. That is according to data released on March 28, which put the total number of wallets containing at least 1 BTC at all-time highs. Are “Wholecoiners” multiplying? The figures from monitoring resource Glassnode claim that 797,420 wallets now have a balance equal to or more than a whole Bitcoin. The number has increased by 101 wallets in the past 24 hours. Individuals may have access to more…
Why Crypto Traders and Miners Might Head to Portugal
Existing outside of the realm of traditional finance and with no central point of authority, digital assets have posed several challenges to governments worldwide. Many nations have struggled with how to define and regulate cryptocurrencies, and there is no uniformity because each country has developed its own unique approach. Data and transparency seem to be some of the best tools on the road to regulatory certainty and institutional demand. While some countries like the United States and the United Kingdom are taking advantage of this to build a better tax…
World Health Organization Launches Blockchain Platform to Fight COVID-19
The World Health Organization (WHO) has partnered on March 28 with major blockchain and tech companies to launch a distributed ledger technology (DLT)-based platform for sharing data concerning the coronavirus pandemic. The platform, MiPasa, is built on top of Hyperledger Fabric and seeks to enable “early detection of COVID-19 carriers and infection hotspots. MiPasa has been launched in partnership with technology company IBM, computer firm Oracle, enterprise blockchain platform Hacera and IT corporation Microsoft. WHO launches blockchain-based platform to fight COVID-19 The platform purports to facilitate “fully private information sharing…
How Market Volatility Is Shining a Light on DeFi’s Structural Vulnerabilities
On March 12, United States President Donald Trump gave a 10-minute speech on COVID-19 that, coupled with the World Health Organization’s official declaration the day before that the outbreak was now a pandemic, sparked panic across global markets. Investors rushed to the safety of cash, and no cryptocurrency was immune from the mass sell-off. The total market capitalization of the cryptocurrency sector plummeted by over 25% in a span of hours. Bitcoin (BTC), despite its reputation as a safe haven, fell by 48% in a span of 24 hours. Ether’s…
Tether Becomes Second Crypto to Launch on Blockchain Futures Platform
As the volume of Bitcoin (BTC) derivatives trading continues to rise, the cryptocurrency industry keeps tapping more crypto markets, like stablecoin Tether (USDT), for futures trading. KuMEX, a derivatives arm of IDG-backed crypto exchange, KuCoin, is planning to roll out USDT-margined Bitcoin perpetual contracts on March 30, 2020, the firm officially announced on March 27. KuMEX currently supports only Bitcoin and USDT While the new type of futures contract will be launched next week, KuMEX users are already able to deposit USDT via the web or public API starting from…
Not Convinced New Investors are Buying Bitcoin, Top Analyst Says
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
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
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
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.”…