Day: April 20, 2020

Bitcoin Struggles to Hold $7K as US Stocks, Oil, Gold Fall in Sync

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Bitcoin briefly dipped below $7,000 as the US oil prices collapsed to their two-decade low. The cryptocurrency’s price declined alongside US equities and Gold markets, again exhibiting a risk-on behavior. The US dollar, on the other hand, jumped on safe-haven demand. Bitcoin briefly fell below its $7,000-support in what appears to be a panic-sell caused by the upsetting US oil prices ahead of the New York morning bell. BTCUSD edges lower as US stocks, oil fall | Source: TradingView.com, Coinbase The benchmark cryptocurrency plunged 2.95 percent to log an intraday…

Bitcoin Price Chart Nears Bullish Cross That Last Time Preceded $10K

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Bitcoin (BTC) Bitcoin price closed the week at $7,126 with highs of $7,306 and lows of $7,472. This represented a gain of 3.16% and a fifth consecutive week of buying pressure since the sharp drop into $3,000s, which was quickly rejected. Bitcoin has begun the week with a sell-off, with prices pushing below $7,000, following traditional markets which are also down around 2% on Monday morning. Ether (ETH), which was up 14% last week with highs reaching $190 and outperforming Bitcoin, is down 2.86% at $175. EOS, which had a…

Dash Core Group to Update Platform’s ‘Evonet’ Testnet Every Six Weeks

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The developers behind major privacy-focused cryptocurrency Dash (DASH) announced that they expect to update the project’s “Evonet” test network every roughly six weeks. According to an April 17 announcement, the Dash Core Group plans to release the first update that follows the new schedule between April 22 and May 5. The Dash Core Group expects that frequent updates will allow feedback on whether the design choices are appreciated. As a consequence, the developers will be able to change design direction quickly if feedback reveals that it is necessary. The announcement…

Crude Oil Gutted to Sub-Zero Prices as Bitcoin’s Purchasing Power Soars

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An unprecedented sell-off has taken Bitcoin’s purchasing power sky high. Following a market downturn, crude oil is now so cheap that a single Bitcoin (BTC) can buy over 600 barrels. According to data from monitoring resources, including Bloomberg on April 20, futures for a barrel of WTI expiring in May shed 36% on the day. BTC holds $7K as oil turns back clock to 1983 At press time, the contracts were worth $11.37 — heading for their lowest since inception back in 1983. Despite attempts to cut supply, it appears…

Binance Issues ONT-Backed Token For DEX Trading

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Growing the library of assets built on its own blockchain, Binance recently issued a new token backed by the crypto asset, Ontology (ONT).  Built on Binance’s blockchain and governed by a series of parameters known as BEP2, the new token goes by the name ONT-33D, a Binance spokesperson told Cointelegraph in an email.  Tokens are backed by ONT coins Each ONT-33D token holds a backing of one ONT coin, the spokesperson said. In theory, this should keep the token’s price the same as the ONT tokens traded on the open…

DForce Hacker Attempts to Negotiate After Allegedly Leaking His Identity

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The world of decentralized finance (DeFi) suffered yet another incident on April 19 as Chinese lending platform Lendf.me, part of the dForce network, was drained of almost all of its funds.  The hack is shaping up to be different from others, as the hacker seems to be negotiating with the founders of the protocol. As reported by Cointelegraph yesterday, the attack occurred at 8:45 AM Chinese time on April 19, which corresponds to 8:45 PM Eastern time on April 18. The attacker leveraged a well-known vulnerability in the expanded ERC-777…

A Calm MATIC is Staging a Wild Bull Run Scenario; Here’s Why

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MATIC is trending sideways after bottoming out in mid-March. The underperforming token is, nevertheless, flirting with key resistance area to pursue a breakout. Favorable fundamentals hint a near-term bullish scenario for the cryptocurrency. Matic, a cryptocurrency that underwent a huge pump-and-dump last year, has been unable to revive its bullish momentum in 2020. The low-cap token bottomed at 154 sats in Mid-March after a Coronavirus-induced panic sell crashed the entire cryptocurrency market by 55 percent. While the top assets later rebounded impressively, MATIC managed only to recover to as high…