Bitcoin (BTC) Could be Tested By Another Stock Market Dip Due to the Coronavirus

First posted at https://ethereumworldnews.com/bitcoin-btc-could-be-tested-by-another-stock-market-dip/

In brief:

  • Today, the US has surpassed China in confirmed cases of the Coronavirus.
  • A total lockdown might be the only option left to curtail the spread of the disease in North America.
  • The Stock markets might experience another dip due to technical and fundamental factors. 
  • Bitcoin (BTC) might thus be tested one more time by a stock market meltdown.

New developments reaching Ethereum World News regarding the spread of the Coronavirus indicate that the United States has surpassed China in the number of confirmed cases. At the time of writing this, 83,836 Americans are known to have contracted the virus compared to China’s 81,782. Additionally, the British Prime Minister, Boris Johnson has announced that he too is under self-quarantine after testing positive for COVID19.

COVID19 stats courtesy of Tradingview.com

Lockdown in the US Might be Necessary

As much as President Trump has been optimistic about Americans going back to work, such a move would most definitely make things worse for the United States. Drastic measures of curfews and restricted movement, such as the ones that are currently in place in Russia and those used in Wuhan to battle the epidemic, might be necessary for the major cities and states affected by the virus in the US.

US Unemployment Claims at an All-time-High

Earlier today, additional reports estimate that the number of unemployment claims in the US will hit a record 1.5 Million for the current week. This number is greater than the peak unemployment claims in March 2009 (665,000) and October 1982 (695,000).

Bitcoin (BTC) to Be Tested By One More Stock Market Dip

The relief rally currently in the stock markets might be short-lived not only due to the potential of a lock-down in the major US cities and states but also because of the technical behavior of tradable assets that experience impressive gains after a major meltdown. We have seen this plenty of times with Bitcoin when it dumps hard then abruptly pumps through those green wicks before continuing on its downward trajectory.

Tony Dwyer, Chief Market Strategist at Canaccord Genuity, explained this phenomenon in an interview with CNBC. Mr. Dwyer elaborated on it as follows.

We put around 2,575 as a level for this relief rally [for the S&P 500]…Remember in a post crash environment, human nature takes over and historically the two periods we have liked it to is the 1987 crash and 2011 crash…The first panic stage that we highlighted last week being over and now we are due for a relief rally.

If you match what happened in 1987, your recoup 30% of the losses off the low and that is where we came up with the 2,575…it can go a little bit above that before stabalizing and maybe retesting that low.

Lately, we have seen that BTC is heavily correlated to the S&P 500 and a move down by the latter asset will most definitely have a ripple effect on Bitcoin.

Summing it Up

In conclusion, Bitcoin might once again be tested by a stock market dip as a result of three events. Firstly, a total lockdown in major cities and states affected by the virus. Secondly, by an increase in unemployment that translates to the US economy grinding to a halt. Thirdly, by the time tested technical analysis pattern of a possible double bottom at the stock markets. The only fact yet to be determined, is when all this will happen if at all it will.

(Feature image courtesy of Felix Mittermeier on Unsplash.)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

Coin Metrics Raises $6M in Series A Funding Round Led by Highland Capital Partners

First posted at http://feedproxy.google.com/~r/BitcoinIndependentNewsAndBlog/~3/JhJKtUryV2M/

Crypto New Media Press

Coin Metrics has raised $6 million in its Series A funding round. The company will use the money raised to diversify its product line and expand its team.  The leading provider of crypto-asset market data Coin Metrics has completed its Series A funding round. In the round, the company has raised as much as $6 […]

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Monero (XMR) up 8%, Sets its Eyes on $52 as Crypto Markets Stagnate

First posted at https://ethereumworldnews.com/monero-xmr-sets-its-eyes-on-52-as-crypto-markets-stagnate/

In Brief:

  • The major cryptocurrencies of Bitcoin, Ethereum and XRP are experiencing sideways movement. 
  • Only Monero (XMR) is exhibiting noteworthy gains in a 24-hour period. 
  • The privacy coin is up over 8% in a day and has its eyes set on the $52 resistance area.

In an earlier article, Ethereum World News reminded the crypto trading community that the CME Bitcoin futures expire tomorrow, Friday 27th March. In the piece, we explored how Bitcoin was having a hard time breaking the $6,900 resistance zone. The King of Crypto is currently experiencing sideways movement at its current value of $6,600. Further looking at Ethereum, $140 has proved to be a difficult resistance to break and ETH is currently trading at $135. Scrolling down Coinmarketcap.com, we find that our favorite privacy coin of Monero is leading the pack with 24-hour gains of 8.35%. XMR is currently trading at $49 and looks set to explore the $52 resistance area.

XMR compared to the top 3 cryptocurrencies. Source, Coinmarketcap.com

Brief Technical Analysis of Monero (XMR)

When we analyze the 6-hour XMR/USDT chart courtesy of Tradingview.com, we find the coin’s current price of $49.80 at the time of writing this, is above the 50 (white) moving average and has the 100 (yellow) moving average as a short term resistance. The latter also coincides with a resistance zone that begins around $52.

6 Hour XMR/USDT chart courtesy of Tradingview.com

Looking at the 6-hour MACD and Bollinger Bands, we see that XMR/USDT has the potential to break this resistance albeit momentarily. $52 might just be a local ceiling for the privacy coin. Also to consider is the aforementioned effect the CME bitcoin futures have on the entire crypto markets. With less than 48 hours before their expiry, it might be a wise decision to walk away from longing Monero and wait for more favorable conditions.

(Feature image courtesy of Brad Barmore on Unsplash.)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

BTC is still a good asset while halving brings opportunities for miners

First posted at http://feedproxy.google.com/~r/BitcoinIndependentNewsAndBlog/~3/0V0qkd8_p9E/

Crypto New Media Press

In the 55th issue of the ‘Kong Zhong Class’ of Lieyun Finance, we invited Tsou Yung-Cheng, global CEO of RRMine, who brought us a wonderful and interesting online sharing. At 15:00 on March 25, Tsou Yung-Cheng, the Global CEO of RRMine, was invited to the 55th issue of ‘Kong Zhong Class’ of Lieyun Finance, bringing […]

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Coronavirus: UAE Government Replaces Manual Systems with Blockchain 

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Crypto New Media Press

The United Arab Emirates’ (UAE) Ministry of Community Development (MOCD) has replaced its existing manual systems with innovative technologies such as blockchain technology as part measures to contain the coronavirus pandemic, reports Ledger Insights on March 26, 2020. MOCD Making Active Use of DLT Having recorded 140 cases of the deadly COVID-19 pandemic, with just […]

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Bernie Sanders Is Holding Up Assistance to Workers He Claims to Speak For

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Crypto New Media Press

Sen. Bernie Sanders threatened to hold up the coronavirus stimulus bill in the Senate. He says he’ll follow through if GOP senators don’t drop their objections to the size of unemployment benefits. But they’re negotiating the details of the stimulus, while Sanders says he’ll loop in unrelated policy reforms. Sen. Bernie Sanders threatened Wednesday afternoon […]

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Binance to Distribute ETH to DGD Holders as DigixDAO Initiates Dissolution

First posted at https://ethereumworldnews.com/binance-to-distribute-eth-to-dgd-holders-as-digixdao-initiates-dissolution/

In brief:

  • Binance has announced that it will be supporting the upcoming DigixDAO (DGD) dissolution. 
  • The exchange will distribute ETH to qualified DGD holders at a rate of 1 DGD = 0.193054178 ETH.
  • Earlier this year, the DigixDAO community voted on dissolving the project and burning the DGD in circulation.

The popular crypto exchange of Binance has announced its support for the upcoming DigixDAO (DGD) dissolution. The exchange will convert all DGD balances on the exchange, to Ethereum coins at a fixed ratio of 1 DGD = 0.193054178 ETH. Trading of DGD will cease tomorrow, 27th March, at 12:00 UTC. The token will consequently be delisted. A snapshot of DGD holdings will be taken on the 28th of March 2020, at 16:00 UTC.

Requirements for the Conversation of DGD into ETH

The exchange went on to list the following processes and requirements for the successful conversion of DGD holdings.

  • DGD balances under 0.01 DGD (including those in trade orders) will not be eligible to receive ETH.
  • DGD tokens held in sub-accounts will be combined into the corresponding master account. Sub-accounts will not separately receive any ETH tokens.
  • Once ETH tokens are distributed to the respective DGD holders, each user’s DGD balance will be removed from their asset balances. 
  • ETH tokens will be distributed before 2020/04/04 12:00 PM UTC.

DigixDAO Community Voted to Dissolve the Project

In January of this year, the DigixDAO community voted in favor of a proposal (named Ragnarok) to dissolve the project. The team at DigixDAO will, therefore, carry out the wishes of the community. The decision to dissolve was as a result of community members voicing their dissatisfaction with the project over the years. In a medium blog post, the DGD team thanked everyone that believed in the project since its inception in March 2016.

DGX and Digix Will Continue to Exist

The team also explained that the dissolution of DigixDAO will not affect DGX and Digix.

(Feature image courtesy of Denys Nevozhai on Unsplash.)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

Decentraland — A Virtual World for a Virtual Future

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Crypto New Media Press

Decentraland is a blockchain-powered virtual world where you’ll be able to explore 3D creations, play games and socialise. It is built, owned and monetised by its users and powered by the Ethereum blockchain. MANA is its native ERC20-based token that users trade for land, goods and services hosted on the platform. Before users can start […]

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What is A Stop Out Order? – Bex500 School

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Crypto New Media Press

In cryptocurrency futures or derivatives trading, you may hear about “stop out”. It is a signal given by the trading platform system to force close a position when a trader doesn’t have inadequate free equity (margin) to support the open trade. Stop out also refers to automatically exiting a position when the margin ratio falls […]

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How to profit from Bybit USDT perpetual contracts? – Collective Holdings

First posted at http://feedproxy.google.com/~r/BitcoinIndependentNewsAndBlog/~3/eNQdIpol8J0/

Crypto New Media Press

Cryptocurrency futures exchange Bybit just announced they will add USDT perpetual contracts to their trading platform. Bybit was kind enough to give us a testnet account to try out the new product and share our thoughts. In our testing we focused on one key question:How can we use USDT Perpetual contracts to make better trades? […]

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