From Bitcoin's precarious short-term outlook to Tether overthrowing XRP to take third place, here are some highlights in the crypto space.
After the announcement of US President Donald Trump about the national emergency, the stock market has recovered strongly. Bitcoin price rose in tandem with the stock to about $ 5,650, stabilizing at lows of $ 5,500.
Stocks and bitcoin gained as a national emergency opened up more financial resources and resources for the government to combat the corona virus pandemic, when the disease outbreak in the US became worse.
Just 48 hours ago, Bitcoin's price has hovered at $ 8,000 on most major cryptocurrency exchanges.
Within two days, the Bitcoin price has dropped from $ 8,000 to $ 3,800 and has recovered to a low area of $ 5,500 since then.
After such a large drop, in theory, the problem caused the price of Bitcoin to drop to near zero due to an unprecedented series of liquidation, the traders warned that Bitcoin could consolidate more. again. Investor Koroush AK said:
"In fact, people predict a complete reversal after the biggest daily price decline in Bitcoin history. Between a global crisis and a panic around the world, there is no technical / fundamental reason to raise prices soon after. "
For real though,
People out here calling for a full reversal.
After the biggest daily dump in bitcoins history.
Amidst a global crisis and world wide panic.
No technical / fundamental reason exists to be bullish immediately after this.
Nothing short of complete delusion.
– Koroush AK (@KoroushAK) March 13, 2020
Similarly, trader “Wolf” say Despite the optimistic sentiment in the market after President Trump's press conference, when the US officially carries out quarantine in big cities, the market may start to react negatively again.
"If or when we make official quarantine, I believe the market will start dumping again. So for now, holding on to the spot Bitcoin seems to be quite secure, but it could be just a bout of dead cat. "
The speed of corona virus outbreaks either spread or prevented will have a major impact on the stock market, and Bitcoin in the short term.
BTC price will reach ATH $ 15k by 2021
Trader Crypto Michael recently shared about Bitcoin trading, prospects and altcoins in the short term. He trades both on the cryptocurrency and stock markets, saying that trading is more and less volatile.
When asked about Bitcoin's ATH, he said he did not expect it to happen this year. He is betting on 2021 and thinks that by then, Bitcoin could reach $ 12,000 or $ 15,000.
However, he acknowledged that prices could rise sharply by 2020 if the BTC market shows a major recovery or some major FOMO appears.
(embed) https://www.youtube.com/watch?v=aquVEvCg-68 (/ embed)
Bitcoin insurance fund has a red alert
Amid the global market landscape, several major Bitcoin and cryptocurrency insurance funds are showing signs of serious stress.
Since March 13, Deribit has recorded a shock in the balance of the Bitcoin insurance fund, dropping from 391 BTC to 183 BTC (-53%) within three days.
Also yesterday, the Binance Insurance Fund was released an update on Twitter, revealing that it has pumped over $ 6,000,000 to reduce auto-cancellation (ADLs) on its platform.
“In the event that the insurance fund continues to run out, we will pump new money and continue to protect our users.”
The focus on Ethereum Ethereal has been postponed in the context of the corona virus outbreak but will be simulated VR (virtual reality). Ethereal is an annual event run by studio ConsenSys.
In a statement, ConsenSys said:
"We have decided to postpone the Ethereal Summit New York event until the fall of 2020. During that time, we will simulate Ethereal NY as Ethereal Virtual Summit 2020, which will take place on August 7-8. 5 ".
As a virtual event, people will be able to view conversations and interact with other attendees at home. Negotiations will be available in VR, so those with VR headsets will be able to explore digital venues.
Bitcoin's collapse from the $ 7,400 area to as low as $ 3,800 and then recovering back to the $ 5,200 zone led to the top 10 coins along with the rest of the cryptocurrency market.
XRP, has plunged deeper than usual and touched $ 0.15. This appears to have affected XRP trading in corridors running on Ripple's ODL platform, in particular – in Mexico, Philippines and Australia.
On March 13, the Philippines corridor on the exchange Coin.ph showed a bug in the bot or a short hold-up in the trade.
– Liquidity Index Bot (@LiquidityB) March 13, 2020
After that, the Bot XRP Liquidity Index returned to normal however ODL liquidity has reduced, widening the gap with the previous ATH
While the cryptocurrency market is facing unprecedented declines in prices, some services are also facing serious technical problems.
Reports have shown that Chainlink, a decentralized prediction service for the Ethereum network, has seen a delay in its price prediction.
The Chainlink price reference smart contract has stopped updating ETH / USD prices for nearly six hours. The outage occurred on March 12 and lasted from 8:48 am UTC to 4:28 am UTC.
– BAND Jedi Master (@BAND_Jedi) March 12, 2020
Tether, the stablecoin designed for valuation and backed by the US dollar, yesterday surpassed XRP to climb up to third place (according to Messari) amidst the market crash and sell panic selling.
In a press release Tether called itself the undisputed king of cryptocurrencies, the company said that on March 12, stablecoins surpassed $ 5 billion in market capitalization. Figures on CoinMarketCap are around $ 4.8 billion.
Third place on USDT's market cap rankings is no coincidence. As the price of Bitcoin and other cryptocurrencies continues to spiral downward, traders turn to hedging by selling volatile currencies to stablecoins.
Meanwhile, Whale Alert today reported on a series of new mintings at the Tether Treasury and moved between unknown wallets and exchanges. A total of 17 moves and 2 new castings, of which:
- 115,000,000 USDT was newly minted at Tether Treasury
- USD 90,103,921 was transferred from unidentified wallets to Huobi
- 130,000,000 USDT was transferred back and forth between Tether Treasury and Bitfinex
- 49,969,882 USDT was transferred from Huobi to Bitfinex and 1 hour later all of this USDT was transferred from Bitfinex to an unknown wallet
- 8,000,000 USDT was transferred from Tether Treasury to unknown wallet (0x6d51fdc0c57cbbff6dac4a565b35a17b88c6ceb5) and 1 hour later 8,776,000 USDT was transferred from this wallet back to Tether Treasury.
- 9,450,000 USDT was transferred from Tether Treasury to unknown wallet (0xed344fa1075499dac4e7eb0b868a1874dcdd36cf) and 1 hour later 11,800,000 USDT was transferred from this wallet back to Tether Treasury.
USDC, the second largest stablecoin, is just behind USDT, has also consistently renewed 47M USDC at USDC Treasury and moved 25M USDC to an unknown wallet.
Two Italian high schools issue digital certificates with blockchain
Two high schools of Italy will begin issuing digital certificates that are easy to share and immutable with Ethereum's blockchain technology.
The measure seeks to make the whole process of release and traceability transparent, but above all, to solve a long-standing problem in this country: fake degrees.
The schools mentioned are located in Rome and Crotone. The licei internazionali di Villa Flaminia school in Rome will rely on a blockchain-based system developed by the company EY, while the l'Istituto d'Istruzione Superiore "M. Ciliberto – A. Lucifero "at Crotone has cooperated with Blockchain Italia.
Bill Gates left the board of Microsoft after pledging to invest $ 1.4M in the African blockchain
Follow Press Release, software developer, philanthropist and Microsoft co-founder Bill Gates will leave the board of the company.
Microsoft announced a blockchain token and data management service in late 2019 that will be a new tool for its enterprise Azure service users. Gates himself recently supported a blockchain-enabled security service for fintech companies operating in Africa and Asia called Crest, spending a check of $ 1.4 million earlier this month to helping financial technology companies in these areas bring financial services to the non-bank population.
Gates's departure from the board of management is about spending more time on philanthropy and his efforts to tackle climate change.
The Aurus gold-backed token project mobilizes € 1 million from Dubai's Silver Rock Group
Aurus, a company that created the gold-backed token protocol, declare has completed an investment deal with Dubai-based Silver Rock Group (SRG) to pre-subscribe AurusCOIN (AWX) tokens worth 1,000,000 euros at the company's upcoming IEO.
AWX receives 70% of the revenue generated by the fees generated by the company's AurusGOLD (AWG), a 100% gold-backed cryptocurrency on the Ethereum blockchain.
Founded in 2017, Aurus created a digital bullion blockchain that allows a network of suppliers and vault to interact safely and transparently with each other. AurusGOLD represents 1 gram of 99.99% gold which is kept securely in stock.
The protocol is designed to manage gold creation, trading, and withdrawal of tokens. Aurus's self-sustaining ecosystem will allow transparency, traceability, liquidity and cost reduction.
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