Over the past few days, Bitcon has witnessed the most unforgettable slump since February 2018. The recent sudden and intense decline has scared many traders. Confidence in the market, which was very fragile when the market continued to decline in the previous days, is now more and more serious. Perhaps investors will not regain their minds soon before they can think about joining the market.
Yesterday, buyers with the help of the breakdown tried to push prices to $ 6030, but lacked strength. The result is a triangle, capable of firing up. The key point for buyers in this triangle is the $ 5000 mark. Holding it, buyers can expect a minimum Bitcoin price of $ 5450 with a continuation of up to $ 6030. In the worst case, buyers will expect a point of $ 4620.
In the chart of the margin positions, it can be seen that the previous two days were negative and buyers were actively taking profits:
The marginal position chart of the seller is quite vague:
However, Barry Silbert, co-founder and CEO of Digital Currency Group, said this was an opportunity to “bottom” history. In a recent tweet, the CEO said he was buying and also said this is exactly the reason why Bitcoin was originally created.
I'm buying. This is why bitcoin was invented
– Barry Silbert (@barrysilbert) March 12, 2020
The worst hasn't happened yet
Scott Melker (The Wolf of All Streets), trader and analyst of Texas West Capital, has a grim prediction after Thursday's bloodbath on the wider cryptocurrency market.
Bitcoin fluctuated below $ 4,000 on Thursday, creating a chain reaction to tracking other cryptocurrencies, including Ethereum, Ripple and Litecoin, plummeting. Despite a sizable increase above $ 5,000, BTC showed no sign of immediate recovery.
In a tweetstorm, Melker warned that the worst has yet to happen in the context of a global market being sold off due to concerns about the corona virus.
“” Dark Thursday “has shown great confusion in what has been shown to be a very immature space. The worst doesn't even happen – exchanges and projects are likely to start disappearing in the near future. ”
Thursday’s crypto crash exposed the massive dysfunction in what has been proven to be a very immature space. The fallout has not even begun – exchanges and projects will likely start disappearing in the near future.
– The Wolf Of All Streets (@scottmelker) March 14, 2020
Last week, the collapse of cryptocurrencies, reflecting the stock market, laid out an important hypothesis – that cryptocurrencies will rise and shine amid failures in the global financial system, bringing about A great escape from the next big financial crisis. Instead, the corona virus outbreak is proving how people value cash and toilet paper as they adjust their priorities, seek safe havens and exchange money for goods. main force.
While Melker expects the global economic disruption to destroy the young cryptocurrency industry, he predicts that Bitcoin, the world's first and largest cryptocurrency will exist.
“Bitcoin will be okay. For me, cryptocurrency as an industry is somewhat difficult for the near future. I am not talking about prices. Everyone will continue to pump & dump. The transaction is okay but the core premise of the cryptocurrency is damaged. ”
Melker is also optimistic about Bitcoin's underlying technology: blockchain. Various solutions based on distributed ledger technology are allowing companies to execute smart contracts, supply chain transformation, overhaul bureaucratic processes, document authentication and sensitive data management. cold.
The total value of USD keys in Lightning Network plummeted by 65%
Basic figures have also dropped following the Bitcoin crash. For example, Lightning Network (LN) statistics have also dropped significantly since the market collapsed on March 12. This is evidenced by the fact that the graphs show that the total locked value (USD) in the LN has recorded a large decline recently. It dropped to $ 4.30 million on March 13 from $ 7 million the day before, which is a nearly 65% drop in just 24 hours.
Source: DeFi Pulse
It was hard to see the light at the end of the tunnel after seeing a 48% drop in the digital asset industry. Ethereum witnessed a similar situation on “Dark Thursday” and after that chaotic change, the trend seemed to drop significantly for the world's largest altcoin.
However, despite the strong negative sentiment in the market, certain investors hope to blindly enter the derivatives market.
According to recent Skew charts, it has been found that the number of Call contracts on Ethereum Options is increasing sharply on the Deribit exchange. There are more than 200 contracts made since March 20, believing Ethereum's price will jump above $ 210 before the expiry date. The other 150 contracts are expected to hit $ 280 on March 27 and about 70 ETH options are expecting a valuation of $ 180.
This is interesting because after the recent market price drop, few thought that trading sentiment would expect ETH to turn up in a few weeks.
Coinbase co-founder and CEO Brian Armstrong says that people are turning to new sources for real information on the internet. The process is a move toward decentralizing information and staying away from centralized media, a trend that parallels the emergence of unregulated decentralized digital currencies like Bitcoin and Ethereum. controlled by central government, organization or competent authority.
Citing an article from Stratechery, Armstrong points out that traditional media is being disrupted because it is no longer reliable.
– Brian Armstrong (@brian_armstrong) March 12, 2020
KuCoin has completed the upgrade of the NRG hardfork. Upon request from the Energi project (NRG), the withdrawal service has now reopened. Deposit opening date will be announced later.
The NRG Soft Staking service is expected to be operational again on March 16, 2020. After the deposit service is opened, NRG Soft Stakes revenue has not been distributed from March 16, 2020 to the date. Deposit opening will be issued normally afterwards.
#KuCoin Hard Fork Upgrade of NRG Complete: Withdrawal Service Now Open
– KUCOIN (@kucoincom) March 15, 2020
While the current situation looks uncomfortable for all cryptocurrency businesses, some of them have to deal with rising difficulties.
Earlier this month, investors were submit a class action lawsuit against Canaan, a cryptocurrency mining hardware manufacturer listed by Nasdaq. The case was mainly based on a February report by an analysis organization called Marcus Aurelius Value submit, arguing that the mining company has made false statements about its financial health.
Canaan is also the first cryptocurrency miner to penetrate the mainstream financial market when listed on a major stock exchange. After failing to guarantee an IPO in Hong Kong last year – apparently due to the loss of trust in the Hong Kong stock exchange for cryptocurrency businesses – Canaan is heading towards the United States, with a fortune of 400 million dollars in circulation bonus before listing.
Recent developments show that the Canaan IPO is not only unsuccessful but also considered to be misleading to investors. At the end of February, MAV came up with one report on Canaan, in which analysts primarily focus on what they claim is a party transaction involving Canaan's November 27 offering on Nasdaq.
Huobi has released Monthly activity report of HT (February 2020).
As of January 2020, Huobi enjoyed a monthly increase of 31.3% in aggregate transaction volume (Huobi Global & Huobi DM) in February 2020.
The report includes statistics of the number of burned HT and deflation rates; Price performance in January; Major activities and important events as well as upcoming plans for HT.
A Dutch citizen was arrested for operating a sexually abusive web video
Authorities this week arrested a Dutch citizen, who allegedly made nearly $ 2 million in cryptocurrency from running a sexually abusive video-selling website, IRS Internal Revenue Service said on Thursday.
Michael Rahim Mohammad, 32, runs DarkScandals, a website that has sold more than 2,000 sexual abuse videos, including child abuse, a District of Columbia federal jury alleged.
DarkScandals users can pay for videos with cryptocurrency, such as Bitcoin or contribute new videos to the site.
The website Mohammad allegedly runs under the name Mr. Dark, was closed.
Italian Red Cross announces Bitcoin donation program
The Italian Red Cross and the Colli Albani Committee are mobilizing donations of Bitcoin and other cryptocurrencies to combat the country's corona virus pandemic with the help of Helperbit, as has been notification on March 12.
Proceeds from the campaign will be used to set up a state-of-the-art advanced clinic to handle COVID-19 cases before treatment in the country and is expected to reach the target of € 10,000 to purchase. Medical equipment needed for infrastructure.
The remaining funds will be used to cover the fees of medical staff who will be involved in the project.
The US company will raise $ 100M to fund African electric vehicles
Alternet Systems Inc. (ALYI), an energy storage company, military application and electric motorcycle company, has join enter a new partnership to launch a specialized cryptocurrency to fund tram projects in Sub-Sahara Africa.
While not specifying the partner company name, Alternet Systems revealed that the cryptocurrency was successfully minted on the Ethereum blockchain.
ALYI plans to raise $ 100 million through an ICO, in addition to a planned token sale that has received interest from an investor who can make a $ 100 million offering.
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