After Bitcoin lost nearly 50% of its value within a day last weekend, visiting the $ 4,800 area, it has recovered to $ 5,000 and has wavered there.
Analyst Michael van de Poppe tweeted in anticipation of Bitcoin. He claimed that Bitcoin was stuck in a range. Analysts expect prices to fall and breakdown to $ 4,800 to $ 4,950 in the near term.
This will happen, before the BTC price rises, retesting the $ 6,000 level. However, a probable bearish scenario causes the price of Bitcoin to drop to $ 3,750.
Bitcoin itself, still stuck in a range here.
Should be seeing some sideways movements quite soon, retesting $ 4,800-4,950, before a liquidity tap to the upside.
If we hit $ 6,000-6,400, elabd be looking for shorts.
Losing $ 4,800 -> Likely testing $ 3,750. pic.twitter.com/RVyF6tPplD
– Crypto Michaël (@CryptoMichNL) March 18, 2020
Bitcoin will save the world after the crisis
When Bitcoin price showed signs of recovery after a number of sharp declines last week, billionaire investor Tim Draper made another optimistic forecast about Bitcoin.
In an March 16 interview, Draper outlined the decentralization feature of Bitcoin and other new technologies as a tool that could transform the largest industries in the world.
According to Draper, Bitcoin will be one of the most important tools in the recovery period after the ongoing global financial crisis.
Entertainment for while you are holed up. When the world comes back, it will be Bitcoin, not banks and governments that save the day. https://t.co/ChEQ70CcKL
– Tim Draper (@TimDraper) March 16, 2020
“Bitcoin is a tool to help the world financial market start to recover, not banks or governments.”
Bitcoin price has shown signs of bottoming out
While analysts are still trying to hide the third major sell-off in the entire history of Bitcoin, cryptocurrency research firm CoinMetrics has determined that short-term BTC holders are the ones who is responsible for this.
In report In its most recent 'Network Status,' CoinMetrics noted that long-term hodlers remained on the sidelines during a recent sell-off.
This explains why the one-year supply of BTC did not see a spike in March.
Another important information that can be found in the report is that the market value of Bitcoin compared to the actual value (MVRV) slips below 1.0. On March 12, MVRV witnessed the biggest decline since 2013.
Speculators no longer value Bitcoin more than holders and this could be a reliable sign that the price of BTC is near the bottom. MVRV dropped to -0.50 in December 2018 to coincide with the end of a sharp 85% drop.
Peter Brandt recommends buying more XRP
Despite the fact that XRP is currently down 97% from its all-time high of nearly $ 3.3, trader Peter Brandt does not expect this third largest cryptocurrency to stop working soon.
In a recent tweet, he shared his recommendation to a Vietnamese trader who should buy more XRP when its price reaches $ 0.00826.
Thanh, I highly recommend that you buy more XRP at .00826
– Peter Brandt (@PeterLBrandt) March 17, 2020
Bitcoin Cash news
Looking at the 1-day chart of Bitcoin Cash, it can be seen that the increase occurred after the crypto asset formed a wedge model in late 2019.
For the past 3 weeks, Bitcoin Cash price has been in the middle of the descending channel trend lines and the drop occurred on March 12, when the price fell below the key support levels of $ 226, $ 188 and corrected for a short time below $ 156.
Currently, the price has broken out of $ 156 with the resistance of $ 188 and it is likely that BCH will overcome this level quite easily. However, it is important to understand and consider the current market sentiment.
Bitcoin Cash price chart | Source: TradingView
The bears have held the market because the entire financial industry remained cautious during a recession. However, the VPVR shows that trading volume in the range of $ 188 to $ 156 is significant, despite the fact that $ 188 is a weak resistance.
Whale Alert announced 60 million USDT has been moved from Tether Treasury to unknown wallet. Besides, 110 million USDT was also printed.
Large amount of USDT was moved and printed more Source: Whale Alert
Gitcoin cooperates with Ethereum Classic
The cryptocurrency payment platform Gitcoin claims to have supported donation payments using Ethereum Classic.
In notification On March 16, the partnership with Ethereum Classic Labs enabled Gitcoin to offer the option of receiving ETC payments for the work of various open source projects.
The announcement did not specify whether the bounty hunter could receive ETC money for all future projects or just pay for work on the Ethereum Classic ecosystem.
Jame Woo resigns the ECC board
Jame Woo informed on his twitter that, due to some matter of principle, he had to resign the Board of Directors of ECC, effective immediately. This is attributed to Bob Summerwill's mismanagement.
I regret to say that as a matter of principle, I must resign from the Board of ECC, effective immediately, because of gross mismanagement of Bob Summerwill! @BobSummerwill @ETCCooperative https://t.co/UjqFQfyxqr
– James Wo (@realjameswo) March 17, 2020
Ethereum Classic Labs in partnership with Fantom Foundation
On Monday, Ethereum Classic Labs announced that it was partnering with the non-profit platform behind Fantom, a smart contract platform based on Directed Acyclic Graph (DAG) to address possible issues. scalability of distributed ledger technology, bringing DeFi to the Fantom ecosystem.
– Ethereum Classic (@eth_classic) March 17, 2020
Despite the ongoing global crisis due to fear of coronavirus, Singapore-based cryptocurrency exchange KuCoin continues its efforts to expand services and restructure businesses.
Backed by large venture capital firm IDG Capital, KuCoin established Kugroup, the company's core unit, to manage all KuCoin products.
Follow notification On March 17, Kugroup includes three business divisions within the company: KuCoin Global, KuCloud and KuChain & KCS Business Group.
As part of the company's strategy and upgrade, Kugroup has made some restructuring in his group, appointing KuCoin CEO Michael Gan as Kugroup's chairman to oversee global strategy. by KuCoin Global. He has also been tasked with promoting blockchain development at KuChain.
Today, the stablecoin network, PegNet has crossed the threshold 500 million USD converted. This means that half a billion dollars of value has been transferred across the platform since its launch in August 2019.
PegNet is a decentralized, non-custodial token network tied to various currencies and assets around the world, including gold, euros and US dollars. PegNet maintains an audited, non-custodial network that allows value transfer and simplifies the process of transfer from one asset to another.
The Sandbox (TSB), an innovative mobile game with over 40 million downloads, has declare on March 12 that they will host a third version of the virtual space game, called LAND, starting at 1:00 p.m (GMT) on March 31, 2020.
TSB has quickly become one of the most attractive blockchain games on the market. The first pre-sale of the game in December 2019 sold over 3,000 “plots” within four hours. D (the second pre-sale on February 16, sold 6,192 “plots” for 800 ETH, or about 206,000 USD.
The blockchain for bloggers, Steem, is moving to Hive.io. This hard fork has been posted plan takes place on Friday.
Accordingly, Blocktrades will be the leading validator on the Steem blockchain and Notestein is one of the developers that coordinate the hard fork's software.
Tron Foundation's CEO Justin Sun acquired Steemit on February 14. The acquisition kicked off a protracted battle between Sun and the Steem community, to determine which party will lead the chain. The problem is that Sun may have used the token Toem Steem by Steemit Inc. control to determine the fate of Blockchain.
For this initial hard fork, one important thing will change: The tokens from the original development fund controlled by Steemit will not be transferred to the new chain. Everything else will be transferred.
“Sun does not understand that the underlying value of those tokens is community. In the end, if there are not enough supporters, they will be worthless. ”
Earlier today, Binance's CEO, Changpeng Zhao, assured the community that as long as he had 1 coin in his pocket, he would not allow the Bitcoin price to drop to zero.
Still worried about #btc going to 0?
Don’t! So long as I have a penny left, it won’t happen.
– CZ Binance 🔶🔶🔶 (@cz_binance) March 17, 2020
Some expressed their concerns about CZ's promise and said they would shorten BTC, although the head of Binance did not say exactly how he would achieve his goal.
Besides, a few users have asked if this is a confession from Zhao before proceeding with manipulating the cryptocurrency market.
Poloniex's new leadership team is seeking to make things right for customers who have lost millions of dollars from CLAM liquidation in the market.
CLAM is a type of digital asset on cryptocurrency exchanges. On May 26, 2019, CLAM plummeted more than two-thirds of its value during the trading day, resulting in the margin lending group incurred losses of more than $ 13 million.
Currently, Poloniex said it will return money for the losses incurred from this accident. However, only some customers will receive this refund.
– Crypto Mak 🌐 (@crypto__mak) March 18, 2020
Crypto lender BlockFi is raising interest rates on the amount of Bitcoin and Ether that users hold, effective April 1.
Users holding up to 5 bitcoins will now earn an annual interest rate (APY) of 6% compared to the current 3.6%.
On the other hand, users holding Ether will earn 4.5% APY for up to 500 ETH compared to the current APY from 2% to 3.6%. The interest rate for GUSD and USDC will not change at 8.6% APY.
Crypto lender BlockFi is raising interest rates on bitcoin (BTC) and ether (ETH), effective April 1.The post Crypto lender BlockFi is raising interest rate … Read more: https://t.co/cAyoinj7Rk
– webnow (@webnowcompany) March 17, 2020
The coronavirus pandemic has left many people in quarantine at home, with little choice but to shop for things online. To expand its ability to use cryptocurrencies in the real world, a digital asset payment provider has introduced gift cards that allow users to shop at hundreds of cryptocurrency businesses.
Crypto.com, a provider of wallets, exchanges and digital asset payments, has announced a reward program for using its gift cards.
Follow post On the company's blog, customers who use their gift cards to pay for essentials at the grocery store or food delivery service will be able to double the bonus from Pay Reward.
Terrence Wang, IOST co-founder announced, to help many organizations transform their business operations with blockchain technology, IOST officially launched blockchain for corporate corporations and BAAS businesses, called is “Aircraft Carrier Plan”. This is considered the optimal blockchain solution for users' businesses.
To help more organizations to transform their business with #blockchain #technology, IOST officially opens our consortium blockchain business and BAAS business, called “Aircraft Carrier Plan”. Here’s to the ultimate blockchain solutions to your business👇 https://t.co/BMYhCBFJsK
– Terrence Wang (@terrence_iost) March 17, 2020
India revealed investigation on Bitcoin businesses
In file Submitted by the House of Representatives of the Indian Parliament, Lok Sabha revealed an investigation into the fraudulent practices of Bitcoin companies operating in the country.
An official question was submitted by Senator Mohammed Faizal and was answered by Minister of Finance and Business Affairs Anurag Thakur on March 16.
Faizal asked the Minister three questions regarding cryptocurrency companies in India. First, he asked if the government was aware of the growing number of fraudulent allegations involving Bitcoin companies. He also asked if cryptocurrency companies repeatedly violated the rules set by the Company in submitting an annual balance sheet. Finally, he requested details of the actions taken against the offending companies.
Blockchain could save the pharmaceutical industry worth $ 180 million
UCLA Health and LedgerDomain, the blockchain development platform, have published a new study that reveals that blockchain technology will be the lifesaver for the US pharmaceutical industry worth more than US $ 180 million per year.
The research was conducted as part of the Pilot Program Law The United States Food and Drug Administration's drug supply chain security. The program is part of a larger effort to develop an interactive, electronic system for tracking prescription drugs across the United States.
– Coinspace News (@coinspace_news) March 18, 2020
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