Bitcoin Halving and COVID-19: Impact on the Value of Bitcoin
We are fast approaching the event of Bitcoin halving and the turbulence in the economic system created by the coronavirus is bound to have implications for the world’s economy. The various sectors of the economy are reeling under the heat of the COVID-19 and this has led to the many investors panic under the possibility of the impending global economic recession.
Federal Reserve and its preparations
Neel Kashkari, who is the head of the Federal Reserve Bank of Minneapolis, said that the situation in the US is going to be severe and the exact damage caused by the coronavirus can be ascertained only after some few days. But if the present signs of the crisis are anything to go by, then the world economy is heading towards a difficult phase. Alleviating the fears about lack of cash, Kashkari said that nobody should be concerned about lack of liquidity in the system and in fact, the top echelon went on to emphasize that the Federal Reserve has an infinite amount of cash to counter any kind of contingency situation in the future. The very specific reason for the existence of the Federal Reserve, according to Khashkari, is to provide support to banks and financial Institutions in such specific situations of trouble and acts as a buffer for the country’s financial structure and support system. It is important to note that the Federal Reserve has got a mandate from the US congress to inject much-needed liquidity into the financial system without any inhibition regarding the devaluation of the currency. The head of the Federal Reserve said that they would print the money and provide to customers through direct withdrawal, ATMs, or other means.
Bitcoin Halving
In the backdrop of these economic conditions, the Bitcoin halving event has become even more interesting for investors and financial experts. All eyes are on what specific impact the Bitcoin halving will have on the future prices of the digital currency, which is largest in terms of market capitalization. Before the outbreak of COVID-19, a large consensus was among the experts that the Bitcoin halving event was going to increase the valuation of the cryptocurrency by reducing its supply in the market. It made sense as the decrease in the supply of the digital coin should ideally lead to an increase in its value owing to more and more people wanted to purchase the coin in anticipation of a good return. According to the prediction of various crypto experts and enthusiasts, the halving event is expected to push the value of Bitcoin at least beyond the level of $10,000. Some financial experts are also predicting that the value of Bitcoin might go well past $300k within the next two years, which seems to be a very optimistic forecast but well within the scope of the reality.
We are fast approaching the event of Bitcoin halving and the turbulence in the economic system created by the coronavirus is bound to have implications for the world’s economy. The various sectors of the economy are reeling under the heat of the COVID-19 and this has led to the many investors panic under the possibility of the impending global economic recession.
Federal Reserve and its preparations
Neel Kashkari, who is the head of the Federal Reserve Bank of Minneapolis, said that the situation in the US is going to be severe and the exact damage caused by the coronavirus can be ascertained only after some few days. But if the present signs of the crisis are anything to go by, then the world economy is heading towards a difficult phase. Alleviating the fears about lack of cash, Kashkari said that nobody should be concerned about lack of liquidity in the system and in fact, the top echelon went on to emphasize that the Federal Reserve has an infinite amount of cash to counter any kind of contingency situation in the future. The very specific reason for the existence of the Federal Reserve, according to Khashkari, is to provide support to banks and financial Institutions in such specific situations of trouble and acts as a buffer for the country’s financial structure and support system. It is important to note that the Federal Reserve has got a mandate from the US congress to inject much-needed liquidity into the financial system without any inhibition regarding the devaluation of the currency. The head of the Federal Reserve said that they would print the money and provide to customers through direct withdrawal, ATMs, or other means.
Bitcoin Halving
In the backdrop of these economic conditions, the Bitcoin halving event has become even more interesting for investors and financial experts. All eyes are on what specific impact the Bitcoin halving will have on the future prices of the digital currency, which is largest in terms of market capitalization. Before the outbreak of COVID-19, a large consensus was among the experts that the Bitcoin halving event was going to increase the valuation of the cryptocurrency by reducing its supply in the market. It made sense as the decrease in the supply of the digital coin should ideally lead to an increase in its value owing to more and more people wanted to purchase the coin in anticipation of a good return. According to the prediction of various crypto experts and enthusiasts, the halving event is expected to push the value of Bitcoin at least beyond the level of $10,000. Some financial experts are also predicting that the value of Bitcoin might go well past $300k within the next two years, which seems to be a very optimistic forecast but well within the scope of the reality.
Bitcoin Gains Intraday Momentum and Readily Surges Above $6.4k
Bitcoin (BTC), at the time of writing, was seen hitting the intraday high above $6,400 after hitting a weekly low around $5,800. Yet, this was quite an anticipated dip that was lined up after the price of BTC faced a “death crossover” and price accumulation above $6k and $6.5k over a period of 7 days. However, the dip seemed to have been temporary as the price of the coin has again surged to $6.3k after two days of the correction below $6.5k. Bitcoin is retaining its strong support at $5.8k, and further fall is likely to bring back the bear market and aligned losses.
Moreover, the financial crisis has taken the ground as the investment assets have faced the major blows of all times due to the spread of Coronavirus all over the world. The greenback is now the new safe haven as people fear liquidity crunch in the upcoming days.
Analyzing the intraday movement of BTC/USD, we see that yesterday’s fall was obvious and anticipated due to technical force or the “death crossover” complexity that was building up in the global crypto market. However, the first day of the week started with an uptrend as the price of BTC soared as high as $6,428.17 and regained support from 50-day and 200-day daily moving average. Moreover, the 20-day Bollinger Bands are showing up no extremities as of now. Therefore, we do not anticipate an unusual blow in the near future for Bitcoin.
Technical Indicators:
The technical indicators laid on the intraday movement of the coin appear slightly bearish as the price has slightly plummeted below the intraday high, and thereby, we see the signal line crossing above the MACD line.
While the RSI of the BTC is at 52.46 and holds no trading extremities at present.
Bitcoin (BTC), at the time of writing, was seen hitting the intraday high above $6,400 after hitting a weekly low around $5,800. Yet, this was quite an anticipated dip that was lined up after the price of BTC faced a “death crossover” and price accumulation above $6k and $6.5k over a period of 7 days. However, the dip seemed to have been temporary as the price of the coin has again surged to $6.3k after two days of the correction below $6.5k. Bitcoin is retaining its strong support at $5.8k, and further fall is likely to bring back the bear market and aligned losses.
Moreover, the financial crisis has taken the ground as the investment assets have faced the major blows of all times due to the spread of Coronavirus all over the world. The greenback is now the new safe haven as people fear liquidity crunch in the upcoming days.
Analyzing the intraday movement of BTC/USD, we see that yesterday’s fall was obvious and anticipated due to technical force or the “death crossover” complexity that was building up in the global crypto market. However, the first day of the week started with an uptrend as the price of BTC soared as high as $6,428.17 and regained support from 50-day and 200-day daily moving average. Moreover, the 20-day Bollinger Bands are showing up no extremities as of now. Therefore, we do not anticipate an unusual blow in the near future for Bitcoin.
Technical Indicators:
The technical indicators laid on the intraday movement of the coin appear slightly bearish as the price has slightly plummeted below the intraday high, and thereby, we see the signal line crossing above the MACD line.
While the RSI of the BTC is at 52.46 and holds no trading extremities at present.
Cardano (ADA) Experiences Intraday Trend Reversal; Trades at $0.0294
Cardano, at the time of writing this article, was trading at $0.029 after recording a 6% dip from the weekly high of $0.0315
ADA retains immediate support from the 50-day MA, while loses the long-term support from 200-day MA as it experienced an intraday correction
The 20-day Bollinger Bands hold a moderate opening, and therefore, we are likely to experience volatility in the upcoming days
The price of ADA coin recovered as it rose above 38.20% Fib after marking a weekly low at $0.0278
Cardano appears bullish as it marks an impressive intraday recovery from the trading price of $0.0280 to currently rising above $0.029 and regained the lost support.
Cardano Price Analysis
Taking a glance at the intraday price movement of ADA/USD, we see that the coin has been exhibiting an intraday bullish streak yet drawing a potential downtrend and consistent lower highs. However, the candlesticks have turned above the potential downtrend formed, and a further gained momentum is likely to reverse the current trend. This has also taken the price trend of ADA coin above 38.20% Fib Retracement Level along with moderate volatility. Nonetheless, Cardano faced a price accumulation before it marked a weekly high at $0.0315, which is now major resistance. Alongside this, the immediate support for the ADA coin lies at $0.027, followed by $0.025.
However, the intraday volatility has hit the market quite tight as seen, the price of BTC has slid below $6k after a week of bullish crossover. Moreover, the financial crisis has been digging deeper as the virus has been spreading widely.
Technical Indicators
The technical indicators appear bullish as the intraday experienced a trend reversal, and the MACD crossed above the signal line.
Similarly, the RSI of Cardano coin is at 62.12 and is holding a bullish divergence.
Cardano, at the time of writing this article, was trading at $0.029 after recording a 6% dip from the weekly high of $0.0315
ADA retains immediate support from the 50-day MA, while loses the long-term support from 200-day MA as it experienced an intraday correction
The 20-day Bollinger Bands hold a moderate opening, and therefore, we are likely to experience volatility in the upcoming days
The price of ADA coin recovered as it rose above 38.20% Fib after marking a weekly low at $0.0278
Cardano appears bullish as it marks an impressive intraday recovery from the trading price of $0.0280 to currently rising above $0.029 and regained the lost support.
Cardano Price Analysis
Taking a glance at the intraday price movement of ADA/USD, we see that the coin has been exhibiting an intraday bullish streak yet drawing a potential downtrend and consistent lower highs. However, the candlesticks have turned above the potential downtrend formed, and a further gained momentum is likely to reverse the current trend. This has also taken the price trend of ADA coin above 38.20% Fib Retracement Level along with moderate volatility. Nonetheless, Cardano faced a price accumulation before it marked a weekly high at $0.0315, which is now major resistance. Alongside this, the immediate support for the ADA coin lies at $0.027, followed by $0.025.
However, the intraday volatility has hit the market quite tight as seen, the price of BTC has slid below $6k after a week of bullish crossover. Moreover, the financial crisis has been digging deeper as the virus has been spreading widely.
Technical Indicators
The technical indicators appear bullish as the intraday experienced a trend reversal, and the MACD crossed above the signal line.
Similarly, the RSI of Cardano coin is at 62.12 and is holding a bullish divergence.
Prosecutors Charge Two Men over Coincheck Hack, But Not For Hacking
Tokyo prosecutors have formally charged two men with handling stolen cryptoassets as part of the investigation into the January 2018 hack on crypto exchange Coincheck – still the biggest crypto heist in human history.
Per media outlet Nikkei, the two men, an Osaka-based 39-year-old and a doctor, aged 30, from Obihiro, Hokkaido, under the terms of the Act on Punishment of Organized Crimes and Control of Crime Proceeds.
Per the terms of the indictment, the two men have not yet been accused of hacking – meaning the malicious actors responsible for the theft may still be at large. But Nikkei says that police officers are currently deciding if they have enough evidence to charge the men under the terms of the nation’s principal cybercrime law, the Act on Prohibition of Unauthorized Computer Access.
So far, the men have been charged with taking part in a purchase deal for millions of discounted NEM (XEM) tokens in February-March 2018. Prosecutors say the men obtained the cryptoasset, knowing full well that it had been stolen from Coincheck, and went on to sell it, earning “billions of yen” in the process.
Prosecutors say that the men appear to have exchanged hugely discounted NEM tokens for another, unnamed cryptocurrency.
Some 260,000 customers’ NEM wallets were raided as part of the attack, which forced the Japanese government and its financial regulators to radically rethink its policing of crypto exchanges and security protocols.
After a largely fruitless initial search for the hackers, Tokyo police began to close the net on suspects in December last year.
At pixel time (10:22 UTC), XEM, ranked 27th by market capitalization, trades at c. USD 0.0369 and is up by 1% in a day, trimming its weekly losses to less than 3%. The price is down by 30% in a month and 50% in a year.
Tokyo prosecutors have formally charged two men with handling stolen cryptoassets as part of the investigation into the January 2018 hack on crypto exchange Coincheck – still the biggest crypto heist in human history.
Per media outlet Nikkei, the two men, an Osaka-based 39-year-old and a doctor, aged 30, from Obihiro, Hokkaido, under the terms of the Act on Punishment of Organized Crimes and Control of Crime Proceeds.
Per the terms of the indictment, the two men have not yet been accused of hacking – meaning the malicious actors responsible for the theft may still be at large. But Nikkei says that police officers are currently deciding if they have enough evidence to charge the men under the terms of the nation’s principal cybercrime law, the Act on Prohibition of Unauthorized Computer Access.
So far, the men have been charged with taking part in a purchase deal for millions of discounted NEM (XEM) tokens in February-March 2018. Prosecutors say the men obtained the cryptoasset, knowing full well that it had been stolen from Coincheck, and went on to sell it, earning “billions of yen” in the process.
Prosecutors say that the men appear to have exchanged hugely discounted NEM tokens for another, unnamed cryptocurrency.
Some 260,000 customers’ NEM wallets were raided as part of the attack, which forced the Japanese government and its financial regulators to radically rethink its policing of crypto exchanges and security protocols.
After a largely fruitless initial search for the hackers, Tokyo police began to close the net on suspects in December last year.
At pixel time (10:22 UTC), XEM, ranked 27th by market capitalization, trades at c. USD 0.0369 and is up by 1% in a day, trimming its weekly losses to less than 3%. The price is down by 30% in a month and 50% in a year.
Bitcoin And Altcoins Look Primed For Further Upsides
👉Bitcoin price is up 5% and it broke the key USD 6,550 resistance.
👉Ethereum surpassed the USD 135 resistance and XRP is approaching USD 0.178.
👉DGTX, QNT, NRG, GNT, STX, and DGB are up more than 8% today.
After a short term corrective decrease, bitcoin price found support near the USD 6,200 level. BTC/USD started a fresh bullish wave and gained momentum above USD 6,400. The price was able to surpass the key USD 6,550 resistance and it seems like it could continue to rise towards the USD 6,850 and USD 7,020 levels.
Similarly, many major altcoins are gaining (08:30 UTC) bullish momentum, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD succeeded in clearing the USD 135 resistance area and it could even surpass USD 140. XRP/USD is rising and it may soon test the USD 0.178 and USD 0.180 levels.
Bitcoin price
The USD 6,200 support prevented more downsides in bitcoin price , which resulted in a fresh increase. BTC/USD rallied around 5% and climbed above a few key hurdles, starting with USD 6,400 and up to USD 6,600. The price even tagged the USD 6,700 zone and it is currently consolidating gains.
An upside break above the USD 6,700 level is likely to start another upward move. The first major resistance is near USD 6,850, above which bitcoin is likely to rise towards the USD 7,020 level.
Ethereum price
Ethereum price also followed BTC and traded above the USD 135 resistance area. ETH/USD is likely to continue higher towards the USD 142 and USD 144 resistance levels. Any further gains could lead the price towards the USD 155 level.
On the downside, an initial support is near the USD 135 level (the recent breakout resistance), below which the price could test the USD 132 support area.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is back above the USD 220 resistance level. BCH/USD is up around 5% and it approaching the USD 230 resistance. A successful follow-through above the USD 230 level might open the doors for a move towards the USD 250 resistance level. On the downside, the USD 220 level is likely to provide support.
Litecoin is rising steadily above the USD 38.50 resistance area. However, LTC/USD must surpass the USD 40.50 resistance area to continue higher. The next major resistance is near USD 41.20, followed by USD 42.50. On the downside, the USD 36.50 level is the most important support for the current wave.
XRP price is up around 2% and it broke the USD 0.175 resistance area. It seems like the price is likely to test the USD 0.178 and USD 0.180 levels. Any further gains are likely to lead the price towards the USD 0.188 level. On the downside, the main supports are near USD 0.170 level.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins jumped more than 5%, including DGTX, QNT, NRG, GNT, STX, DGB, SEELE, CKB, HEDG, ELF, HOT, CHZ, XVG, and STEEM. Out of these, DGTX gained more than 25% and QNT is up close to 20%.
Overall, bitcoin price is gaining bullish momentum above the main USD 6,550 resistance area. It seems like BTC/USD is likely to continue higher towards USD 6,850 and USD 7,020. Conversely, there might be a downside correction towards USD 6,550 or USD 6,400 in the coming sessions.
Total market capitalization:
👉Bitcoin price is up 5% and it broke the key USD 6,550 resistance.
👉Ethereum surpassed the USD 135 resistance and XRP is approaching USD 0.178.
👉DGTX, QNT, NRG, GNT, STX, and DGB are up more than 8% today.
After a short term corrective decrease, bitcoin price found support near the USD 6,200 level. BTC/USD started a fresh bullish wave and gained momentum above USD 6,400. The price was able to surpass the key USD 6,550 resistance and it seems like it could continue to rise towards the USD 6,850 and USD 7,020 levels.
Similarly, many major altcoins are gaining (08:30 UTC) bullish momentum, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD succeeded in clearing the USD 135 resistance area and it could even surpass USD 140. XRP/USD is rising and it may soon test the USD 0.178 and USD 0.180 levels.
Bitcoin price
The USD 6,200 support prevented more downsides in bitcoin price , which resulted in a fresh increase. BTC/USD rallied around 5% and climbed above a few key hurdles, starting with USD 6,400 and up to USD 6,600. The price even tagged the USD 6,700 zone and it is currently consolidating gains.
An upside break above the USD 6,700 level is likely to start another upward move. The first major resistance is near USD 6,850, above which bitcoin is likely to rise towards the USD 7,020 level.
Ethereum price
Ethereum price also followed BTC and traded above the USD 135 resistance area. ETH/USD is likely to continue higher towards the USD 142 and USD 144 resistance levels. Any further gains could lead the price towards the USD 155 level.
On the downside, an initial support is near the USD 135 level (the recent breakout resistance), below which the price could test the USD 132 support area.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is back above the USD 220 resistance level. BCH/USD is up around 5% and it approaching the USD 230 resistance. A successful follow-through above the USD 230 level might open the doors for a move towards the USD 250 resistance level. On the downside, the USD 220 level is likely to provide support.
Litecoin is rising steadily above the USD 38.50 resistance area. However, LTC/USD must surpass the USD 40.50 resistance area to continue higher. The next major resistance is near USD 41.20, followed by USD 42.50. On the downside, the USD 36.50 level is the most important support for the current wave.
XRP price is up around 2% and it broke the USD 0.175 resistance area. It seems like the price is likely to test the USD 0.178 and USD 0.180 levels. Any further gains are likely to lead the price towards the USD 0.188 level. On the downside, the main supports are near USD 0.170 level.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins jumped more than 5%, including DGTX, QNT, NRG, GNT, STX, DGB, SEELE, CKB, HEDG, ELF, HOT, CHZ, XVG, and STEEM. Out of these, DGTX gained more than 25% and QNT is up close to 20%.
Overall, bitcoin price is gaining bullish momentum above the main USD 6,550 resistance area. It seems like BTC/USD is likely to continue higher towards USD 6,850 and USD 7,020. Conversely, there might be a downside correction towards USD 6,550 or USD 6,400 in the coming sessions.
Total market capitalization:
In the United States, three cryptocurrency traders are accused of creating a $ 35 million pyramid
A lawsuit was filed with the federal court of Florida against three cryptocurrency traders who organized a financial pyramid and lured over $ 35 million from more than 100 investors.
The defendants in this lawsuit are James Seijas, who until March last year worked as a financial consultant at Wells Fargo Bank, surgeon Quan Tran, and Michael Ackerman, an institutional broker with the New York Stock Exchange.
The rights of investors will be protected by the legal education of Q3 Investment Recovery Vehicle. According to the lawsuit, fraudsters promised investors a profit from their break-even trading strategy, but they deceived them.
“The scammers claimed that they were able to develop an incredibly successful algorithm that will be used to profit in the cryptocurrency trading process,” the prosecutors said.
According to investors, of all the funds raised for trading in cryptocurrencies, less than $ 10 million was used "or even less than $ 5 million." At the same time, at least $ 20 million was spent on personal needs.
The lawsuit alleges that the pyramid was funded with money raised between August 2017 and December 2019. For example, scammers bought medical-related Facebook ads. It is because of this that many doctors believed the tricks of fraudsters and invested their money.
A lawsuit was filed with the federal court of Florida against three cryptocurrency traders who organized a financial pyramid and lured over $ 35 million from more than 100 investors.
The defendants in this lawsuit are James Seijas, who until March last year worked as a financial consultant at Wells Fargo Bank, surgeon Quan Tran, and Michael Ackerman, an institutional broker with the New York Stock Exchange.
The rights of investors will be protected by the legal education of Q3 Investment Recovery Vehicle. According to the lawsuit, fraudsters promised investors a profit from their break-even trading strategy, but they deceived them.
“The scammers claimed that they were able to develop an incredibly successful algorithm that will be used to profit in the cryptocurrency trading process,” the prosecutors said.
According to investors, of all the funds raised for trading in cryptocurrencies, less than $ 10 million was used "or even less than $ 5 million." At the same time, at least $ 20 million was spent on personal needs.
The lawsuit alleges that the pyramid was funded with money raised between August 2017 and December 2019. For example, scammers bought medical-related Facebook ads. It is because of this that many doctors believed the tricks of fraudsters and invested their money.
NIFA: “cryptocurrency exchanges falsify trading volume data”
The National Internet Finance Association of China (NIFA), a self-regulatory organization created by the People's Bank of China, has warned that cryptocurrency exchanges falsify trading volume data.
On Thursday, NIFA published a report in which it stated that foreign trading platforms use "robotic programs to falsify data or create the appearance of development in the market of active trading in virtual currencies."
“We carried out a sample analysis and found that 40 coins have a daily turnover of 100%, and another 70 have this figure above 50%. The prices of these assets are relatively low, but the trading volumes are unreasonably huge. Some exchanges even copy transactions from other platforms, thereby providing false trading data, ”writes NIFA.
The association also announced the use of various tricks to attract new users. For example, some platforms intentionally inflate the hype around the fact that cryptocurrencies are capable of playing the role of a safe asset along with gold and silver. NIFA believes that this is far from the case.
“First, investors are beaten up to invest in cryptocurrencies, and then some exchanges begin to manipulate the market to appropriate other people's assets to themselves,” the report says.
Some exchanges can stop the operation of their systems for a certain time so that users cannot carry out trading operations and thereby suffer significant losses. At the same time, the operators of cryptocurrency exchanges are “relatively hidden” and often do not indicate their real location.
In September last year, Bitwise Asset Management stated that approximately 95% of the Bitcoin trading volume was created by exchanges “from the air”, and in March an anonymous group of researchers CryptoIntegrity published a report according to which 86% of transactions and 88% of the trading volume on cryptocurrency exchanges.
The National Internet Finance Association of China (NIFA), a self-regulatory organization created by the People's Bank of China, has warned that cryptocurrency exchanges falsify trading volume data.
On Thursday, NIFA published a report in which it stated that foreign trading platforms use "robotic programs to falsify data or create the appearance of development in the market of active trading in virtual currencies."
“We carried out a sample analysis and found that 40 coins have a daily turnover of 100%, and another 70 have this figure above 50%. The prices of these assets are relatively low, but the trading volumes are unreasonably huge. Some exchanges even copy transactions from other platforms, thereby providing false trading data, ”writes NIFA.
The association also announced the use of various tricks to attract new users. For example, some platforms intentionally inflate the hype around the fact that cryptocurrencies are capable of playing the role of a safe asset along with gold and silver. NIFA believes that this is far from the case.
“First, investors are beaten up to invest in cryptocurrencies, and then some exchanges begin to manipulate the market to appropriate other people's assets to themselves,” the report says.
Some exchanges can stop the operation of their systems for a certain time so that users cannot carry out trading operations and thereby suffer significant losses. At the same time, the operators of cryptocurrency exchanges are “relatively hidden” and often do not indicate their real location.
In September last year, Bitwise Asset Management stated that approximately 95% of the Bitcoin trading volume was created by exchanges “from the air”, and in March an anonymous group of researchers CryptoIntegrity published a report according to which 86% of transactions and 88% of the trading volume on cryptocurrency exchanges.
BIS: "the COVID-19 pandemic will accelerate the introduction of state-owned cryptocurrencies»
The Bank for international settlements (BIS) believes that the COVID-19 coronavirus pandemic will accelerate the widespread adoption of state-owned cryptocurrencies from Central banks.
According to a report published by BIS, COVID-19 changes people's attitude to cash, despite the opinions of various scientists that the possibility of Contracting the virus through banknotes or coins is unlikely. Regardless of whether these fears are justified or not, people have become massively interested in digital forms of payment, including digital currencies from Central banks.
However, according to BIS researchers, if cash is no longer used as a means of payment, there may be a "stratification" of the public between those who have access to cryptocurrencies and those who do not have the ability to make digital payments, especially the elderly population.
BIS analysts believe that state stablecoins should be as simple and convenient to use as possible. Developers need to take into account the needs of people who do not have even minimal knowledge about cryptocurrencies or access to banking services. At the same time, the infrastructure of stablecoins must be resistant to various threats, whether it is an epidemic or hacker attacks. States will also need to be socially responsible to the population by allowing people to use different payment methods.
The other day, first Deputy Chairman of the Bank of Russia Olga Skorobogatova said that she is skeptical about crypto assets and blockchain. She believes that state-owned cryptocurrencies are no different from conventional electronic payments, so they have no value.
The Bank for international settlements (BIS) believes that the COVID-19 coronavirus pandemic will accelerate the widespread adoption of state-owned cryptocurrencies from Central banks.
According to a report published by BIS, COVID-19 changes people's attitude to cash, despite the opinions of various scientists that the possibility of Contracting the virus through banknotes or coins is unlikely. Regardless of whether these fears are justified or not, people have become massively interested in digital forms of payment, including digital currencies from Central banks.
However, according to BIS researchers, if cash is no longer used as a means of payment, there may be a "stratification" of the public between those who have access to cryptocurrencies and those who do not have the ability to make digital payments, especially the elderly population.
BIS analysts believe that state stablecoins should be as simple and convenient to use as possible. Developers need to take into account the needs of people who do not have even minimal knowledge about cryptocurrencies or access to banking services. At the same time, the infrastructure of stablecoins must be resistant to various threats, whether it is an epidemic or hacker attacks. States will also need to be socially responsible to the population by allowing people to use different payment methods.
The other day, first Deputy Chairman of the Bank of Russia Olga Skorobogatova said that she is skeptical about crypto assets and blockchain. She believes that state-owned cryptocurrencies are no different from conventional electronic payments, so they have no value.
Unemployment Seemingly Next Pandemic in the US
Coronavirus epidemic is wreaking havoc on the nations all across the world, thrashing away the world economy, which will soon result in massive unemployment all across the world.
To this tweet from the leading news agency, some followers expressed grief and concern and some even retweeted that this unemployment caused due to the lethal COVID-19 fear will quadruple the record of 1982 and the entire world economy will be engulfed by the Coronavirus layoffs. As such, millions of people are already being laid off; some are even being asked to take unpaid leave for an indefinite period of time. Such a crisis will soon transform into a global pandemic of unemployment, all because of the Corona aftermath.
Amidst this COVID-19 crisis, there is good news coming up for all those who have lost their jobs owing to this virus outbreak. The US government has come up with an unemployment insurance program to “provide unemployment benefits to eligible workers who become unemployed through no fault of their own.” To avail such benefits, there is each state’s website that has all the necessary information on how to apply for availing those benefits in this crucial hour of crisis. But unfortunately, there has been so much demand that sites are crashing, and phone lines are being engaged for long waiting times.
Earlier this week, the unemployment insurance claimed that unemployment case filings had spurt to around 3 million (in fact 3.28 million as per recent updates) in the US that has long surpassed the Great Recession crest of March 2009, which was around 665,000, and around 695,000 unemployment cases in 1982. These counts do not include freelance workers, self-employed owing to their ineligibility for availing unemployment insurance in many of the US states.
Such expanded unemployment-insurance payouts will enable low wage workers to continue to pay their utility bills like house rent, groceries, etc. This sector of the low-wage workers, service-sector workers, and those engaged with industries like restaurants and hospitality management were hit the most by the COVID-19 outbreak. These workers are already struggling to get by with their current payment levels. Further reducing their take-home pay without an inadequate replacement rate would impose extreme hardships on these workers. Therefore, the US government has decided to bring these daily wage earners under the periphery of the unemployment insurance program.
Apart from the federal government, banks and other finance lenders are doing their best to assist people during this crisis period. Now it is time for the people to give the government gratitude in return only through a little cooperation that only demands us to stay at home. To stop this global epidemic from further spreading, lockdown is the only inevitable way, but very few have till now understood the gravity of this global crisis. The government has ordered a lockdown period long before and is also trying to help people in every way possible. For example, the student loan borrowers, have been allowed to put off their federal students’ loan payments without a penalty until September 30th under the Senate Coronavirus bill passed on this Wednesday.
Coronavirus epidemic is wreaking havoc on the nations all across the world, thrashing away the world economy, which will soon result in massive unemployment all across the world.
To this tweet from the leading news agency, some followers expressed grief and concern and some even retweeted that this unemployment caused due to the lethal COVID-19 fear will quadruple the record of 1982 and the entire world economy will be engulfed by the Coronavirus layoffs. As such, millions of people are already being laid off; some are even being asked to take unpaid leave for an indefinite period of time. Such a crisis will soon transform into a global pandemic of unemployment, all because of the Corona aftermath.
Amidst this COVID-19 crisis, there is good news coming up for all those who have lost their jobs owing to this virus outbreak. The US government has come up with an unemployment insurance program to “provide unemployment benefits to eligible workers who become unemployed through no fault of their own.” To avail such benefits, there is each state’s website that has all the necessary information on how to apply for availing those benefits in this crucial hour of crisis. But unfortunately, there has been so much demand that sites are crashing, and phone lines are being engaged for long waiting times.
Earlier this week, the unemployment insurance claimed that unemployment case filings had spurt to around 3 million (in fact 3.28 million as per recent updates) in the US that has long surpassed the Great Recession crest of March 2009, which was around 665,000, and around 695,000 unemployment cases in 1982. These counts do not include freelance workers, self-employed owing to their ineligibility for availing unemployment insurance in many of the US states.
Such expanded unemployment-insurance payouts will enable low wage workers to continue to pay their utility bills like house rent, groceries, etc. This sector of the low-wage workers, service-sector workers, and those engaged with industries like restaurants and hospitality management were hit the most by the COVID-19 outbreak. These workers are already struggling to get by with their current payment levels. Further reducing their take-home pay without an inadequate replacement rate would impose extreme hardships on these workers. Therefore, the US government has decided to bring these daily wage earners under the periphery of the unemployment insurance program.
Apart from the federal government, banks and other finance lenders are doing their best to assist people during this crisis period. Now it is time for the people to give the government gratitude in return only through a little cooperation that only demands us to stay at home. To stop this global epidemic from further spreading, lockdown is the only inevitable way, but very few have till now understood the gravity of this global crisis. The government has ordered a lockdown period long before and is also trying to help people in every way possible. For example, the student loan borrowers, have been allowed to put off their federal students’ loan payments without a penalty until September 30th under the Senate Coronavirus bill passed on this Wednesday.
Technology Vs. Virus! How Blockchain Can Help Fight COVID-19 Pandemic
Blockchain technology has made significant advancements since its inception and has constantly been advancing into different areas. Few of them are as critical as medicine and sustaining medical facilities. The recent outbreak of the COVID-19 global epidemic has brought blockchain technology into the limelight as it can play an important role in containing the spread of the virus. US Homeland Security has also recognized the potential of this technology as cases of the infection have touched overwhelming numbers in the country. WHO has also recognized blockchain as the choice of technology to create a ‘COVID-19 information highway.’ Still, our focus here is primarily on the role of blockchain in the medical sector.
Hasshi Sudler of the Villanova College of Engineering has talked about two critical areas where blockchain could come to the rescue in the fight against the pandemic. He said, “As individuals travel across borders, medical facilities need immutable, trustworthy medical data quickly and electronically. A critical requirement to contain coronavirus is to track any individual having tested positive and to track the health of anyone who has come in contact with that individual, even if those encounters were across borders.” Thus blockchain could act as a database globally where the information can be accessed by medical facilities anywhere, although he also warns against potential cases of misinformation. Blockchain can allow medical facilities to access the data on the persons tested, the test results, and kits on a real-time basis to identify and curtail false information.
The technology should also be used to ‘validate quality medical advice’ and recognize sources of misinformation as these can have serious effects during such crises. Currently, social media has caused several myths and other ill-represented facts, conspiracies to spread like wildfire. Sudler remarked, “the blockchain can serve as a means to verify quality advice the public should follow versus false claims the public should disregard.” Most countries have taken measures of lockdown and shelter-in-place to restrict the spread of the virus while healthcare providers are working round the clock to provide essential services. This has already put tremendous pressure on this sector, where telemedicine has emerged as a viable option as people need to stay in isolation. “Telemedicine is the remote use of telecommunications to deliver care, like trading the typical doctor’s appointment for a private, secure video call with a medical profession.” Therefore it can be used for medical consultation without a physical visit, which has naturally led to a boom in this sector, presently.
Blockchain already works on an immutable ledger, technologies like zero-knowledge proofs and multiparty computation can add a degree of privacy to this ledger. The data needs to be provided to the healthcare sector while also protecting it from any breach. As telemedicine can help in cutting costs, both for the patient and the healthcare providers, various blockchain-based startups like BitMED aims to provide free telemedicine ‘through a platform built around its BXM token.’
Medicalchain is another example that provides access to complete healthcare records and allows users to share them with doctors through a system of MedTokens. The tokens can also be used for remote video consultations with desired doctors on the company’s MyClinic.com website. Several others provide blockchain telemedicine services through their own tokens like Docademic’s doc.com.
Blockchain technology has made significant advancements since its inception and has constantly been advancing into different areas. Few of them are as critical as medicine and sustaining medical facilities. The recent outbreak of the COVID-19 global epidemic has brought blockchain technology into the limelight as it can play an important role in containing the spread of the virus. US Homeland Security has also recognized the potential of this technology as cases of the infection have touched overwhelming numbers in the country. WHO has also recognized blockchain as the choice of technology to create a ‘COVID-19 information highway.’ Still, our focus here is primarily on the role of blockchain in the medical sector.
Hasshi Sudler of the Villanova College of Engineering has talked about two critical areas where blockchain could come to the rescue in the fight against the pandemic. He said, “As individuals travel across borders, medical facilities need immutable, trustworthy medical data quickly and electronically. A critical requirement to contain coronavirus is to track any individual having tested positive and to track the health of anyone who has come in contact with that individual, even if those encounters were across borders.” Thus blockchain could act as a database globally where the information can be accessed by medical facilities anywhere, although he also warns against potential cases of misinformation. Blockchain can allow medical facilities to access the data on the persons tested, the test results, and kits on a real-time basis to identify and curtail false information.
The technology should also be used to ‘validate quality medical advice’ and recognize sources of misinformation as these can have serious effects during such crises. Currently, social media has caused several myths and other ill-represented facts, conspiracies to spread like wildfire. Sudler remarked, “the blockchain can serve as a means to verify quality advice the public should follow versus false claims the public should disregard.” Most countries have taken measures of lockdown and shelter-in-place to restrict the spread of the virus while healthcare providers are working round the clock to provide essential services. This has already put tremendous pressure on this sector, where telemedicine has emerged as a viable option as people need to stay in isolation. “Telemedicine is the remote use of telecommunications to deliver care, like trading the typical doctor’s appointment for a private, secure video call with a medical profession.” Therefore it can be used for medical consultation without a physical visit, which has naturally led to a boom in this sector, presently.
Blockchain already works on an immutable ledger, technologies like zero-knowledge proofs and multiparty computation can add a degree of privacy to this ledger. The data needs to be provided to the healthcare sector while also protecting it from any breach. As telemedicine can help in cutting costs, both for the patient and the healthcare providers, various blockchain-based startups like BitMED aims to provide free telemedicine ‘through a platform built around its BXM token.’
Medicalchain is another example that provides access to complete healthcare records and allows users to share them with doctors through a system of MedTokens. The tokens can also be used for remote video consultations with desired doctors on the company’s MyClinic.com website. Several others provide blockchain telemedicine services through their own tokens like Docademic’s doc.com.
StarChain - Global Digital Asset Chain In Culture & Entertainment, fastest blockchain app landing & realization of blockchain incremental market
StarChain is the world's first high-performance public chain in Culture & Entertainment industry, adopts the advanced dBFT(delegated BFT) consensus mechanism module, use multi-chain parallel cross-chain technology to achieve million +TPS, it can also support large-scale commercial applications and confirm transaction in seconds.
✴️ Application Scene
1️⃣ Stars value operation: Assets Issuance, Implications, Fans New Economy - Community, Interaction, Consumption, Equity Exchange, Value Asset Operations
2️⃣ Film and television applications: Film and television crowdfunding, Box office anti-counterfeiting pre-sale clearing, advertising announcement
3️⃣ IP digital assets: IP explore, incubation, transaction, crowdfunding, management, equity, sharing, packaging, derivative products
4️⃣ Original contents: Digital assets, right distribution, content incubation platform, assets distribution of original contents such as novels, movies, dramas, games, animations, dramas, music, and variety show
5️⃣ Entertainment industry applications: Multiple chain coexistence, cross-chain, cross system, cross sector, entertainment application development, asset replacement, high adaptation entertainment business model
6️⃣ Decentralized Exchange: Global decentralized IP, equity, digital virtual currency trading platform
✴️ Technological Innovation
1️⃣ STC-StarChain: StarChain - the public chain providing underlying service, supplies high-adaptability services and supports for StarChain ecosystem and various blockchain application DApps
2️⃣ STC-StarChain Modular Framework: StarChain custom module framework with high-performance can provide modular and customized support for the commercial business model in Entertainment Industry, highly adapted to the Entertainment Industry
3️⃣ STC Protocol Group: According to relevant work/business/scenes in Entertainment Industry, StarChain Protocol Group provide and compatible with various types of interactive protocols. Which can support various scenes of the Entertainment Industry such as copyright distribution, crowdfunding, asset issuance, value evaluation, cross-chain, cross-system, cross-domain application
✴️ We are currently listed on BitTrex, and we will be listed on more exchanges soon!
Join our community to keep posted on the latest update:
✅ Telegram: https://t.me/starchainofficial
StarChain is the world's first high-performance public chain in Culture & Entertainment industry, adopts the advanced dBFT(delegated BFT) consensus mechanism module, use multi-chain parallel cross-chain technology to achieve million +TPS, it can also support large-scale commercial applications and confirm transaction in seconds.
✴️ Application Scene
1️⃣ Stars value operation: Assets Issuance, Implications, Fans New Economy - Community, Interaction, Consumption, Equity Exchange, Value Asset Operations
2️⃣ Film and television applications: Film and television crowdfunding, Box office anti-counterfeiting pre-sale clearing, advertising announcement
3️⃣ IP digital assets: IP explore, incubation, transaction, crowdfunding, management, equity, sharing, packaging, derivative products
4️⃣ Original contents: Digital assets, right distribution, content incubation platform, assets distribution of original contents such as novels, movies, dramas, games, animations, dramas, music, and variety show
5️⃣ Entertainment industry applications: Multiple chain coexistence, cross-chain, cross system, cross sector, entertainment application development, asset replacement, high adaptation entertainment business model
6️⃣ Decentralized Exchange: Global decentralized IP, equity, digital virtual currency trading platform
✴️ Technological Innovation
1️⃣ STC-StarChain: StarChain - the public chain providing underlying service, supplies high-adaptability services and supports for StarChain ecosystem and various blockchain application DApps
2️⃣ STC-StarChain Modular Framework: StarChain custom module framework with high-performance can provide modular and customized support for the commercial business model in Entertainment Industry, highly adapted to the Entertainment Industry
3️⃣ STC Protocol Group: According to relevant work/business/scenes in Entertainment Industry, StarChain Protocol Group provide and compatible with various types of interactive protocols. Which can support various scenes of the Entertainment Industry such as copyright distribution, crowdfunding, asset issuance, value evaluation, cross-chain, cross-system, cross-domain application
✴️ We are currently listed on BitTrex, and we will be listed on more exchanges soon!
Join our community to keep posted on the latest update:
✅ Telegram: https://t.me/starchainofficial
Adv Ashim Sood: “We Argued That RBI Has No Power to Impose a Banking Ban on Crypto”
The banking ban RBI imposed on the crypto industry in April 2018 was recently struck down by the Supreme Court. This brought joy and happiness to thousands of the Indian crypto community members, and the man responsible for the success was Adv Ashim Sood, who represented IAMAI in the petition. Adv Sood was recently interviewed by Crypto Kanoon co-founder Kashif Raza, in which he explained the arguments presented in the court in detail.
The interview was released by Crypto Kanoon, which was coincidentally launched on the same day when the RBI released the circular imposing the banking ban, on their second birthday on April 06. In the interview, Kashif requested Adv Sood to break down the entire case in simpler terms. In response, Adv Sood said that the first argument that they made was that crypto was a legal activity and that there was no law banning. “with all legal activities only the Parliament of India can decide whether they should be made legal or criminalized or anything of the sort,” he added.
Therefore, he said, the RBI has taken over the decision-making function of the parliament and rendered an otherwise legal activity illegal.
“What I told the court was that the implications of that are immense because tomorrow at the RBI decides that it wants to, for example, impose prohibition in the country by which I mean no alcohol should be distributed or sold in the country, it could easily come and say that the spread of alcoholism is affecting productivity, and therefore, the economy. and it could say that we will be withdrawing our banking services to everyone who is using alcohol.”
The second argument that the petitioners demanding the striking down of the infamous circular made was that even if the RBI had the power to label crypto illegal, it did not follow an honest process to examine the impact before banning crypto. Adv Sood argued that if the RBI felt that crypto could have harmful effects on the economy, they could have examined the material facts. “But what we showed the court again and again and again that there was no material proof that could possibly cause it to believe that there was any harm that merited a ban,” he said. The petitioners showed to the court the cryptocurrencies are causing no harm to the economy based on the material facts.
The final argument, according to Adv Sood, was that the argument of proportionality. This means that whenever a governmental organization decides to ban anything, it will first look into alternatives that can help realize the objectives that compelled it to decide on the ban in the first place. The petitioners argued that banning anything is the most extreme measure and should be reported only if there’s no other way of realizing the objective remains.
The banking ban RBI imposed on the crypto industry in April 2018 was recently struck down by the Supreme Court. This brought joy and happiness to thousands of the Indian crypto community members, and the man responsible for the success was Adv Ashim Sood, who represented IAMAI in the petition. Adv Sood was recently interviewed by Crypto Kanoon co-founder Kashif Raza, in which he explained the arguments presented in the court in detail.
The interview was released by Crypto Kanoon, which was coincidentally launched on the same day when the RBI released the circular imposing the banking ban, on their second birthday on April 06. In the interview, Kashif requested Adv Sood to break down the entire case in simpler terms. In response, Adv Sood said that the first argument that they made was that crypto was a legal activity and that there was no law banning. “with all legal activities only the Parliament of India can decide whether they should be made legal or criminalized or anything of the sort,” he added.
Therefore, he said, the RBI has taken over the decision-making function of the parliament and rendered an otherwise legal activity illegal.
“What I told the court was that the implications of that are immense because tomorrow at the RBI decides that it wants to, for example, impose prohibition in the country by which I mean no alcohol should be distributed or sold in the country, it could easily come and say that the spread of alcoholism is affecting productivity, and therefore, the economy. and it could say that we will be withdrawing our banking services to everyone who is using alcohol.”
The second argument that the petitioners demanding the striking down of the infamous circular made was that even if the RBI had the power to label crypto illegal, it did not follow an honest process to examine the impact before banning crypto. Adv Sood argued that if the RBI felt that crypto could have harmful effects on the economy, they could have examined the material facts. “But what we showed the court again and again and again that there was no material proof that could possibly cause it to believe that there was any harm that merited a ban,” he said. The petitioners showed to the court the cryptocurrencies are causing no harm to the economy based on the material facts.
The final argument, according to Adv Sood, was that the argument of proportionality. This means that whenever a governmental organization decides to ban anything, it will first look into alternatives that can help realize the objectives that compelled it to decide on the ban in the first place. The petitioners argued that banning anything is the most extreme measure and should be reported only if there’s no other way of realizing the objective remains.
Crypto Kanoon Turns 2, Grows to Become Prominent Crypto News and Analysis Firm in India
One of India’s leading crypto news and analysis platforms, Crypto Kanoon, is celebrating its 2nd birthday today, and on occasion, it has shared its journey on various social networks so far. At the moment, Crypto Kanoon holds an influential position in the Indian crypto industry, with a strong presence on various social networks like YouTube, Twitter, Telegram, and more.
Interestingly, Crypto Kanoon came into existence on the same day when the Reserve Bank of India released the infamous circular prohibiting commercial banks from serving to crypto-related businesses and transactions. Since then, the Indian crypto community had been on a two-year-long legal battle with the RBI that ended last month, when the Supreme Court ruled in favor of the industry.
The platform continued to raise the issue of the RBI ban order and worked hard to create awareness among the industry, while also providing essential information and analysis about the industry. Crypto Kanoon has, in fact, maintained a record of raising issues and shedding light on the topics that few others do.
Recently, Crypto Kanoon interviewed Adv. Ashim Sood, the lawyer who presented the crypto community in the Supreme Court. It will be posted soon, in which Adv. Sood demystifies the apex court’s judgment.
“We are happy to announce that the most awaited interview of the year 2020 will be released tomorrow. On 06-04-2018, the RBI banking ban came into existence and it’s a beautiful coincidence that on 06-04-2020 advocate Ashim Sood will demystify judgment himself.”
One of India’s leading crypto news and analysis platforms, Crypto Kanoon, is celebrating its 2nd birthday today, and on occasion, it has shared its journey on various social networks so far. At the moment, Crypto Kanoon holds an influential position in the Indian crypto industry, with a strong presence on various social networks like YouTube, Twitter, Telegram, and more.
Interestingly, Crypto Kanoon came into existence on the same day when the Reserve Bank of India released the infamous circular prohibiting commercial banks from serving to crypto-related businesses and transactions. Since then, the Indian crypto community had been on a two-year-long legal battle with the RBI that ended last month, when the Supreme Court ruled in favor of the industry.
The platform continued to raise the issue of the RBI ban order and worked hard to create awareness among the industry, while also providing essential information and analysis about the industry. Crypto Kanoon has, in fact, maintained a record of raising issues and shedding light on the topics that few others do.
Recently, Crypto Kanoon interviewed Adv. Ashim Sood, the lawyer who presented the crypto community in the Supreme Court. It will be posted soon, in which Adv. Sood demystifies the apex court’s judgment.
“We are happy to announce that the most awaited interview of the year 2020 will be released tomorrow. On 06-04-2018, the RBI banking ban came into existence and it’s a beautiful coincidence that on 06-04-2020 advocate Ashim Sood will demystify judgment himself.”
Stellar (XLM) Nears $0.050 as it Gains Almost 3% Value Overnight
Stellar price has been raised by 2.94% over the last 24 hours, and the value has reached $0.049894 from $0.048465. Investors may find the continuation of the current upside momentum for the near-term.
Stellar Price Analysis
Since the beginning of the ongoing month, XLM coin was trading with a slow and steady uptrend. Till April 06, the currency managed to reach above $0.042 mark, and then, it marked steep upward movement, and on the next day, it crossed $0.050 level. Despite the current volatility, Stellar currency managed to trade around $0.050 mark for the last two days with slight in-between plunges.
XLM/USD Chart By TradingView
Yesterday, XLM coin started dealing around $0.048465, and over the initial 6 hours, the price was up by 4.33% and touched $0.050565. However, from this high, the coin faced rejection and started trading downwards. It was followed by a 4.29% price correction that cost the coin 0.002 USD and pulled the price of Stellar down to $0.048403 by 10:47 UTC.
The next swing occurred between 10:47 & 23:33 UTC, and over these 12 hours and 45 minutes, XLM price got hiked to the apex point of the day at $0.051592, but again it faced rejection, and the price fell to $0.04939. At the time of writing this analysis, the currency reflected slight improvement and traded towards $0.050 mark at $0.04989.
Stellar’s current price holds strong support at its 20 days MA ($0.049848) and 50 days MA ($0.049786). Its MACD line has also gone beyond the signal line, and all these figures hint at an upcoming improvement. The next resistance is likely to come by $0.051.
Stellar price has been raised by 2.94% over the last 24 hours, and the value has reached $0.049894 from $0.048465. Investors may find the continuation of the current upside momentum for the near-term.
Stellar Price Analysis
Since the beginning of the ongoing month, XLM coin was trading with a slow and steady uptrend. Till April 06, the currency managed to reach above $0.042 mark, and then, it marked steep upward movement, and on the next day, it crossed $0.050 level. Despite the current volatility, Stellar currency managed to trade around $0.050 mark for the last two days with slight in-between plunges.
XLM/USD Chart By TradingView
Yesterday, XLM coin started dealing around $0.048465, and over the initial 6 hours, the price was up by 4.33% and touched $0.050565. However, from this high, the coin faced rejection and started trading downwards. It was followed by a 4.29% price correction that cost the coin 0.002 USD and pulled the price of Stellar down to $0.048403 by 10:47 UTC.
The next swing occurred between 10:47 & 23:33 UTC, and over these 12 hours and 45 minutes, XLM price got hiked to the apex point of the day at $0.051592, but again it faced rejection, and the price fell to $0.04939. At the time of writing this analysis, the currency reflected slight improvement and traded towards $0.050 mark at $0.04989.
Stellar’s current price holds strong support at its 20 days MA ($0.049848) and 50 days MA ($0.049786). Its MACD line has also gone beyond the signal line, and all these figures hint at an upcoming improvement. The next resistance is likely to come by $0.051.
Bears Take Control Over Bitcoin (BTC); Eyeing to Retest $7k
Bitcoin price has been up by 6.53% in the last seven days, and the value has reached $7265
As per the recent bearish move, BTC may retest its previous support $7000 before making any steep movement
If Bitcoin crosses $7300 mark then it can easily crack its major resistance $7800
Bitcoin’s last week was more or less a stable one. For a major part of the week, it showed upside momentum, and the price is up by 6.53% over the last seven days. It is currently being traded around 7265.26.
If we look at the weekly chart of BTC/USD, after hitting $7450, the currency trades bearishly till today. Despite this bearish movement, Bitcoin still holds upward momentum, but as per its movement of the past three days, it may retest its crucial support $7000 before marking a rally.
Bitcoin Price Analysis
BTC has been under immense pressure from the last few days as its value has shown significant price volatility. Over the last 30 days, the coin has dwindled from $8000 to $4000. After giving shocks to investors for a major part of the month, it has shown strength over the last few days.
The price of Bitcoin was trading at $6819 at the starting of the week, and over the next four days, it managed to get an upsurge of 9.26% and hit $7450. After hitting this high, it marked a 4.56% price correction that cost $339 and pulled the price down to $7111 by April 07.
Further, BTC registered moderate upside movement between April 07 & 09. In these two days, the price ballooned up by 2.94% and touched $7320. However, at the time of writing this analysis, Bitcoin faced moderate regressive movement, and the price touched $7265.
Bitcoin price is struggling to catch its 20 days MA ($7282.5) and 50 days MA ($7297.33). Its MACD line is well below the signal line. No visible sign of price improvement is there for BTC in the short-term. And hence, it may soon face downside correction and retest previous support of $7100, and if it continues to trade downwards, it may cross $7k mark.
Bitcoin price has been up by 6.53% in the last seven days, and the value has reached $7265
As per the recent bearish move, BTC may retest its previous support $7000 before making any steep movement
If Bitcoin crosses $7300 mark then it can easily crack its major resistance $7800
Bitcoin’s last week was more or less a stable one. For a major part of the week, it showed upside momentum, and the price is up by 6.53% over the last seven days. It is currently being traded around 7265.26.
If we look at the weekly chart of BTC/USD, after hitting $7450, the currency trades bearishly till today. Despite this bearish movement, Bitcoin still holds upward momentum, but as per its movement of the past three days, it may retest its crucial support $7000 before marking a rally.
Bitcoin Price Analysis
BTC has been under immense pressure from the last few days as its value has shown significant price volatility. Over the last 30 days, the coin has dwindled from $8000 to $4000. After giving shocks to investors for a major part of the month, it has shown strength over the last few days.
The price of Bitcoin was trading at $6819 at the starting of the week, and over the next four days, it managed to get an upsurge of 9.26% and hit $7450. After hitting this high, it marked a 4.56% price correction that cost $339 and pulled the price down to $7111 by April 07.
Further, BTC registered moderate upside movement between April 07 & 09. In these two days, the price ballooned up by 2.94% and touched $7320. However, at the time of writing this analysis, Bitcoin faced moderate regressive movement, and the price touched $7265.
Bitcoin price is struggling to catch its 20 days MA ($7282.5) and 50 days MA ($7297.33). Its MACD line is well below the signal line. No visible sign of price improvement is there for BTC in the short-term. And hence, it may soon face downside correction and retest previous support of $7100, and if it continues to trade downwards, it may cross $7k mark.
Adv Ashim Sood: “We Argued That RBI Has No Power to Impose a Banking Ban on Crypto”
The banking ban RBI imposed on the crypto industry in April 2018 was recently struck down by the Supreme Court. This brought joy and happiness to thousands of the Indian crypto community members, and the man responsible for the success was Adv Ashim Sood, who represented IAMAI in the petition. Adv Sood was recently interviewed by Crypto Kanoon co-founder Kashif Raza, in which he explained the arguments presented in the court in detail.
The interview was released by Crypto Kanoon, which was coincidentally launched on the same day when the RBI released the circular imposing the banking ban, on their second birthday on April 06. In the interview, Kashif requested Adv Sood to break down the entire case in simpler terms. In response, Adv Sood said that the first argument that they made was that crypto was a legal activity and that there was no law banning. “with all legal activities only the Parliament of India can decide whether they should be made legal or criminalized or anything of the sort,” he added.
Therefore, he said, the RBI has taken over the decision-making function of the parliament and rendered an otherwise legal activity illegal.
“What I told the court was that the implications of that are immense because tomorrow at the RBI decides that it wants to, for example, impose prohibition in the country by which I mean no alcohol should be distributed or sold in the country, it could easily come and say that the spread of alcoholism is affecting productivity, and therefore, the economy. and it could say that we will be withdrawing our banking services to everyone who is using alcohol.”
The second argument that the petitioners demanding the striking down of the infamous circular made was that even if the RBI had the power to label crypto illegal, it did not follow an honest process to examine the impact before banning crypto. Adv Sood argued that if the RBI felt that crypto could have harmful effects on the economy, they could have examined the material facts. “But what we showed the court again and again and again that there was no material proof that could possibly cause it to believe that there was any harm that merited a ban,” he said. The petitioners showed to the court the cryptocurrencies are causing no harm to the economy based on the material facts.
The final argument, according to Adv Sood, was that the argument of proportionality. This means that whenever a governmental organization decides to ban anything, it will first look into alternatives that can help realize the objectives that compelled it to decide on the ban in the first place. The petitioners argued that banning anything is the most extreme measure and should be reported only if there’s no other way of realizing the objective remains.
“The RBI, in the case of real estate transactions, in the case of gold transactions, and other sensitive types of transactions, where money laundering is a possibility, has laid down the most stringent KYC requirements then for other entities. So, we said they’ve done it for precisely the same reason because they believe money laundering is a possibility and instead of banning real estate or trade in real estate, or sale of real estate, or construction, they’ve said they’ll have better KYC. So, there was a less invasive measure short of a ban which the RBI should have considered them, which it did not consider and if the RBI would have considered it may not have found that the ban wasn’t necessary.”
The banking ban RBI imposed on the crypto industry in April 2018 was recently struck down by the Supreme Court. This brought joy and happiness to thousands of the Indian crypto community members, and the man responsible for the success was Adv Ashim Sood, who represented IAMAI in the petition. Adv Sood was recently interviewed by Crypto Kanoon co-founder Kashif Raza, in which he explained the arguments presented in the court in detail.
The interview was released by Crypto Kanoon, which was coincidentally launched on the same day when the RBI released the circular imposing the banking ban, on their second birthday on April 06. In the interview, Kashif requested Adv Sood to break down the entire case in simpler terms. In response, Adv Sood said that the first argument that they made was that crypto was a legal activity and that there was no law banning. “with all legal activities only the Parliament of India can decide whether they should be made legal or criminalized or anything of the sort,” he added.
Therefore, he said, the RBI has taken over the decision-making function of the parliament and rendered an otherwise legal activity illegal.
“What I told the court was that the implications of that are immense because tomorrow at the RBI decides that it wants to, for example, impose prohibition in the country by which I mean no alcohol should be distributed or sold in the country, it could easily come and say that the spread of alcoholism is affecting productivity, and therefore, the economy. and it could say that we will be withdrawing our banking services to everyone who is using alcohol.”
The second argument that the petitioners demanding the striking down of the infamous circular made was that even if the RBI had the power to label crypto illegal, it did not follow an honest process to examine the impact before banning crypto. Adv Sood argued that if the RBI felt that crypto could have harmful effects on the economy, they could have examined the material facts. “But what we showed the court again and again and again that there was no material proof that could possibly cause it to believe that there was any harm that merited a ban,” he said. The petitioners showed to the court the cryptocurrencies are causing no harm to the economy based on the material facts.
The final argument, according to Adv Sood, was that the argument of proportionality. This means that whenever a governmental organization decides to ban anything, it will first look into alternatives that can help realize the objectives that compelled it to decide on the ban in the first place. The petitioners argued that banning anything is the most extreme measure and should be reported only if there’s no other way of realizing the objective remains.
“The RBI, in the case of real estate transactions, in the case of gold transactions, and other sensitive types of transactions, where money laundering is a possibility, has laid down the most stringent KYC requirements then for other entities. So, we said they’ve done it for precisely the same reason because they believe money laundering is a possibility and instead of banning real estate or trade in real estate, or sale of real estate, or construction, they’ve said they’ll have better KYC. So, there was a less invasive measure short of a ban which the RBI should have considered them, which it did not consider and if the RBI would have considered it may not have found that the ban wasn’t necessary.”
Bitcoin has Zero Value & Holds Zero BackUp: Is It Really So?
The title rightly points at the major controversial thing — the crux of Bitcoin and the value it holds in the portfolio for the institutional investors. We have heard many critics stating that cryptocurrencies hold no worth as long as investments are considered.
Well, this is not just a layman belief whose investment portfolio would have turned fragile due to cryptocurrency or Bitcoin investment, given the time of investment and holding period. Undoubtedly, we have crypto critic biggies, who have in the past shared their not-so-favoring opinions about the investment and worth of crypto, particularly Bitcoin.
Pointing the first and very famous, Warren Buffett, the CEO of Berkshire Hathaway, continued his public disinclination to cryptocurrency by condemning it as having “no value.”
He rightly stated, “Cryptocurrencies basically have no value and they don’t produce anything,” to which he even clarified further, “In terms of value: zero. I don’t have any cryptocurrency and I never will.”
To explain further, the value that Warren Buffet and many other people have pointed out is the intrinsic or inherent value of the investment as the source remains decentralized.
On the second in the index we have Mark Cuban, the Billionaire Entrepreneur who says that Bitcoin has no inherent value—but the technology that powers the leading cryptocurrency could be transformative. He also believes that Bitcoin is not likely to have a worldwide recognition for the investors as it is too difficult for an average person to use and goes ahead to compare it with the safe haven—Gold.
Well, if we go ahead with the statements of other critics and their points, we are likely to end up with the major point of the discussion, which happens to be the “Value of Bitcoin.”
Amidst the world of Bitcoin and crypto critics, we even have yet another crypto biggie, Matt D’Souza, who is rightly pointing at busting the biggest myth: “Bitcoin has Zero Value and is Backed by Nothing.”
When he says that he is busting the widely accepted and believed myth, it is important to point that Bitcoin is backed by the toughness of a decentralized network of miners which brings us to the point of highlighting that Bitcoin and Bitcoin Network is a Global Phenomenon. It is one of those investments which is neither backed by the company’s profit and does not depend on the group of BODs rather the brains behind the network.
Here, Bitcoin miners take the spotlight on the stage who happen to be the HODLers of last resort, irrespective of Bitcoin Blockchain just being an algorithm. As rightly pointed by Mr. D’Souza, these miners have been at times working with negligible profits and therefore, the recent suppression in the price and the upcoming mining gives a hope of relief amid the recent selling pressure created.
The title rightly points at the major controversial thing — the crux of Bitcoin and the value it holds in the portfolio for the institutional investors. We have heard many critics stating that cryptocurrencies hold no worth as long as investments are considered.
Well, this is not just a layman belief whose investment portfolio would have turned fragile due to cryptocurrency or Bitcoin investment, given the time of investment and holding period. Undoubtedly, we have crypto critic biggies, who have in the past shared their not-so-favoring opinions about the investment and worth of crypto, particularly Bitcoin.
Pointing the first and very famous, Warren Buffett, the CEO of Berkshire Hathaway, continued his public disinclination to cryptocurrency by condemning it as having “no value.”
He rightly stated, “Cryptocurrencies basically have no value and they don’t produce anything,” to which he even clarified further, “In terms of value: zero. I don’t have any cryptocurrency and I never will.”
To explain further, the value that Warren Buffet and many other people have pointed out is the intrinsic or inherent value of the investment as the source remains decentralized.
On the second in the index we have Mark Cuban, the Billionaire Entrepreneur who says that Bitcoin has no inherent value—but the technology that powers the leading cryptocurrency could be transformative. He also believes that Bitcoin is not likely to have a worldwide recognition for the investors as it is too difficult for an average person to use and goes ahead to compare it with the safe haven—Gold.
Well, if we go ahead with the statements of other critics and their points, we are likely to end up with the major point of the discussion, which happens to be the “Value of Bitcoin.”
Amidst the world of Bitcoin and crypto critics, we even have yet another crypto biggie, Matt D’Souza, who is rightly pointing at busting the biggest myth: “Bitcoin has Zero Value and is Backed by Nothing.”
When he says that he is busting the widely accepted and believed myth, it is important to point that Bitcoin is backed by the toughness of a decentralized network of miners which brings us to the point of highlighting that Bitcoin and Bitcoin Network is a Global Phenomenon. It is one of those investments which is neither backed by the company’s profit and does not depend on the group of BODs rather the brains behind the network.
Here, Bitcoin miners take the spotlight on the stage who happen to be the HODLers of last resort, irrespective of Bitcoin Blockchain just being an algorithm. As rightly pointed by Mr. D’Souza, these miners have been at times working with negligible profits and therefore, the recent suppression in the price and the upcoming mining gives a hope of relief amid the recent selling pressure created.
Will Short-term Turbulence Deteriorate Dogecoin’s Month-long Recovery?
Almost a month-long recovery of Dogecoin has been halted; the coin is on the verge of a breakout
The 1-week chart of DOGE/USD shows a couple of ups and downs; currently testing resistance at $0.0019
Investors may find this scenario confusing as the coin holds a bearish picture regarding its technical indicators
Dogecoin finds itself in the middle of chaos as the market is witnessing frequent breakouts in its recovery. Amid the struggling global economies, anticipating any long-lasting recovery can be a bit too impractically positive approach.
Over a week, the Bitcoin price has dropped from $7404 to $6700; however, today’s rebound may bring some improvement. On the other hand, Dogecoin also went through downward movements over a week; at this moment, it is trading even below its opening price of the week.
The coin had two major plunges near $0.00185 and $0.00186, respectively. After yesterday morning’s price plunge, DOGE price has been rebounding slowly through stable rally above $0.0021 is still yet to take place.
In its 1-week chart, moving averages are in the bearish zone while Dogecoin has just formed a bearish candle below its 200-day EMA. The MACD indicator, too, has entered the negative zone.
Thankfully, Dogecoin holds a bullish picture in its 1-month price chart. The gradual price escalation is facing barriers since the last few days. The current stand of the coin puts it on an ambiguous zone as the coin can opt for any type of breakout from here; this keeps the coin vulnerable to a downtrend while chances of an uptrend cannot be denied too. Dogecoin value is still above the 38.20% Fib level with a stable bias.
Almost a month-long recovery of Dogecoin has been halted; the coin is on the verge of a breakout
The 1-week chart of DOGE/USD shows a couple of ups and downs; currently testing resistance at $0.0019
Investors may find this scenario confusing as the coin holds a bearish picture regarding its technical indicators
Dogecoin finds itself in the middle of chaos as the market is witnessing frequent breakouts in its recovery. Amid the struggling global economies, anticipating any long-lasting recovery can be a bit too impractically positive approach.
Over a week, the Bitcoin price has dropped from $7404 to $6700; however, today’s rebound may bring some improvement. On the other hand, Dogecoin also went through downward movements over a week; at this moment, it is trading even below its opening price of the week.
The coin had two major plunges near $0.00185 and $0.00186, respectively. After yesterday morning’s price plunge, DOGE price has been rebounding slowly through stable rally above $0.0021 is still yet to take place.
In its 1-week chart, moving averages are in the bearish zone while Dogecoin has just formed a bearish candle below its 200-day EMA. The MACD indicator, too, has entered the negative zone.
Thankfully, Dogecoin holds a bullish picture in its 1-month price chart. The gradual price escalation is facing barriers since the last few days. The current stand of the coin puts it on an ambiguous zone as the coin can opt for any type of breakout from here; this keeps the coin vulnerable to a downtrend while chances of an uptrend cannot be denied too. Dogecoin value is still above the 38.20% Fib level with a stable bias.
Bitcoin – An Inch Away from Drawing a Complete Bearish Trendline
Bitcoin opens below $6.6k, and 38.20% Fib Retracement Level on Monday, April 13, 2020, as the bearish candlesticks breach the lower 20-day Bollinger Bands
BTC/USD price has dropped from the 30-day high and resistance of $7,400 and retested the weekly support below $6,600 on the hourly chart
The coin has formed new and strong support at $6,500, and a weekly close below this point will draw a bearish trend line
Taking the question of the above tweet further, as per the current economic condition is concerned, inflation is going to be the major hindrance for the economy to make a comeback. Now, why to consider Bitcoin or cryptos as an investment at this point in time? The answer to this is complex yet simple to understand that the stock market and the other traditional assets have been recording the lows of all times with intermittent recoveries. Alongside, as the government tries to combat the losses and inject money in the economy as the Pandemic takes the toll, we get closer to the risk of hyperinflation again, leading to the same old story of “Rich getting Richer and Poor becoming Poorer.” So, the answer to the present investment avenue remains simple and go-getter.
The intraday chart of Bitcoin against the US Dollar appears bearish as the coin opens with a trend reversal and drops below the weekly support of $6,600. The price accumulation over the weekend drew the lowest below $6,800, and even further fall is likely to take the BTC price below $6,500, and the bearishness will roll. However, a turn above $6,700 will let the bulls get back in the picture.
Similarly, the hourly chart of Bitcoin against the US Dollar shows an extended and steep fall as the candlestick plummets below 38.20% Fib retracement level. The 20-day day Bollinger Bands laid are seen widening, hinting towards the upcoming volatility which is likely to break or make the market. The current price has lost imminent support from the 50-day and 200-day daily moving average as it breaches below the lower Bollinger Band.
The technicals also emphasize the bearish crossover as the signal line of BTC crosses above the MACD line, and the RSI drops to 31.77, emphasizing the selling pressure of the coin.
Bitcoin opens below $6.6k, and 38.20% Fib Retracement Level on Monday, April 13, 2020, as the bearish candlesticks breach the lower 20-day Bollinger Bands
BTC/USD price has dropped from the 30-day high and resistance of $7,400 and retested the weekly support below $6,600 on the hourly chart
The coin has formed new and strong support at $6,500, and a weekly close below this point will draw a bearish trend line
Taking the question of the above tweet further, as per the current economic condition is concerned, inflation is going to be the major hindrance for the economy to make a comeback. Now, why to consider Bitcoin or cryptos as an investment at this point in time? The answer to this is complex yet simple to understand that the stock market and the other traditional assets have been recording the lows of all times with intermittent recoveries. Alongside, as the government tries to combat the losses and inject money in the economy as the Pandemic takes the toll, we get closer to the risk of hyperinflation again, leading to the same old story of “Rich getting Richer and Poor becoming Poorer.” So, the answer to the present investment avenue remains simple and go-getter.
The intraday chart of Bitcoin against the US Dollar appears bearish as the coin opens with a trend reversal and drops below the weekly support of $6,600. The price accumulation over the weekend drew the lowest below $6,800, and even further fall is likely to take the BTC price below $6,500, and the bearishness will roll. However, a turn above $6,700 will let the bulls get back in the picture.
Similarly, the hourly chart of Bitcoin against the US Dollar shows an extended and steep fall as the candlestick plummets below 38.20% Fib retracement level. The 20-day day Bollinger Bands laid are seen widening, hinting towards the upcoming volatility which is likely to break or make the market. The current price has lost imminent support from the 50-day and 200-day daily moving average as it breaches below the lower Bollinger Band.
The technicals also emphasize the bearish crossover as the signal line of BTC crosses above the MACD line, and the RSI drops to 31.77, emphasizing the selling pressure of the coin.
🏁Currency.com crypto platform gave away a record 15 BTC among 130 participants in BTC Brawl and Bull’s Run promo campaigns!
🏆 30 participants became the winners of the BTC Brawl tournament. 7.5 BTC were distributed among the leaders in each league:
🔸 The winner of the Whales League got 1,35 BTC;
🔸 The winner of the Bulls League got 0,675 BTC;
🔸 The winner of the Hamsters League got 0,225 BTC.
🏆 100 participants became the winners of the Bull’s Run. They received the second part of the price fund – 7.5 BTC. The trader with the highest rate of profitable trades got 0.6 BTC.
BTC Brawl and Bull’s Run were held from March 10 to April 10, 2020, and attracted 3,473 participants. The total trading volume of the campaigns exceeded $1.15 billion. The final prize pool was 15 BTC. It was the second challenge by Currency.com, the first one was held in the period from January to February, 2020. More than 3000 people took part in the tournament, the total trading volume of which exceeded $350 million. The final prize was 7.5 BTC.
Although BTC Brawl and Bull’s Run are over, there will be more challenges to come in the next couple of days! Follow us to learn the details.
🏆 30 participants became the winners of the BTC Brawl tournament. 7.5 BTC were distributed among the leaders in each league:
🔸 The winner of the Whales League got 1,35 BTC;
🔸 The winner of the Bulls League got 0,675 BTC;
🔸 The winner of the Hamsters League got 0,225 BTC.
🏆 100 participants became the winners of the Bull’s Run. They received the second part of the price fund – 7.5 BTC. The trader with the highest rate of profitable trades got 0.6 BTC.
BTC Brawl and Bull’s Run were held from March 10 to April 10, 2020, and attracted 3,473 participants. The total trading volume of the campaigns exceeded $1.15 billion. The final prize pool was 15 BTC. It was the second challenge by Currency.com, the first one was held in the period from January to February, 2020. More than 3000 people took part in the tournament, the total trading volume of which exceeded $350 million. The final prize was 7.5 BTC.
Although BTC Brawl and Bull’s Run are over, there will be more challenges to come in the next couple of days! Follow us to learn the details.
Currency
Sign in - Currency.com
Sign in to Currency.com to buy, sell and trade crypto.