Cryptocurrency News Roundup for April 1, 2020

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In Brief
  • Bitcoin pumped to nearly $6,800 in the final hours of April 1.

  • Brazilian exchange XDEX closed its doors amid regulatory uncertainty.

  • The crypto-verse saw its fair share of jokes and pranks yesterday over the course of April Fool's Day.

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Bitcoin recorded a respectable 7% increase in the final four hours of April 1, pushing the price all the way up to nearly $6,800. This latest bullish gesture once again didn’t seem to have any correlation with the stock markets, which kicked off with a bearish gap and wrapped the day up in the red.

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At the time of publishing, Bitcoin is seeing some pushback from the bears and has been knocked back to $6,600.

Meanwhile, in other important crypto news from the past 24 hours:

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Brazilian Exchange XDEX is Shutting Down

Yes, that’s right — XDEX has officially shut its doors. The exchange kicked things off on a high note with an ambitious goal of having 1 million customers in 12 months. However, it all fell apart as XDEX was clearly unable to smoothly navigate the prevailing market conditions.

Besides that, the exchange has also gone on record saying that regulatory uncertainties were also a major hurdle that played a part in the unexpected and premature demise of the platform.

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Best April Fools’ Jokes in Crypto

If you weren’t careful, it was simple to get caught up in the pranks and truly believe that CoinMarketCap had added a Toilet Paper Token, for instance. Pranksters came out of the woodwork, ranging from Bitcoin maximalists picking on rival networks to blockchain startups launching fake products — not to mention the shots fired at Satoshi Nakamoto-wannabe Craig Wright.

There are too many to count, so we thought we would compile a list of the top crypto-fueled April Fool’s jokes of the day.

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25% Drop in BitMEX BTC Supply

The market bloodbath on March 12 and the subsequent cascading sell-off took a massive toll on most cryptocurrency trading platforms, including many of the heavyweights. Many of these exchanges are yet to recover from the widespread liquidation.

BitMEX, which was hit particularly hard, has reportedly lost one-fourth of its Bitcoin supply to the flash crash. On March 13, the exchange’s stash reached its peak with around 315k BTC. That number has now dropped to 244k BTC (as of March 29).

It is, however, unclear whether this is a bearish indicator, but it may also be that traders are losing faith in the exchange.

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Bitcoin Transactions Drop to the Lowest Since Dec 2018

Bitcoin is seeing a significant drop in usage as the global health crisis continues to drag on. With users strapped for income and cash, risk-on assets like Bitcoin are seeing declining transactions. The drop has been significant and now sits at levels not seen since December 2018.

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Tezos Foundation’s Portfolio Still Looks Pretty Healthy – But How?

The second biannual update from the Tezos Foundation suggests it is still in possession of a large amount of fiat capital and has taken an active approach to portfolio management. This comes in accordance with research done by the cryptocurrency data analytics firm Messari.

It’s worth noting that Tezos prices have crashed in the last month but it could be one of the first to recover.

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Are Crypto Exchanges Selling USDT They Don’t Actually Have?

In the past seven days, some $223M Tether (USDT) has flowed into exchanges. The number keeps steadily rising, and USDT balances on exchanges are now well past all-time-highs. Amid all that, there is also a growing worry that at least some of the exchanges do not have the USDT they claim they have and are, in effect, engaging ‘fractional-reserve’ like behavior.

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Bitcoin Analysis for April 1, 2020

The monthly candlestick for March took the form of a bearish hammer, with a very long lower-wick. It closed 24% below the opening price, while the candlestick had a lower-wick with a magnitude of 40%.

  • The monthly candlestick for March was a bearish hammer.
  • The price is possibly trading inside a symmetrical triangle.
  • There are resistance and support levels at $6,500 and $5,800, respectively.

Read the Full Analysis

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Shilpa is a freelance tech writer and journalist who is deeply passionate about artificial intelligence and pro-freedom technologies such as distributed ledgers and cryptocurrencies. Her expertise lies in turning complicated technical concepts into easy-to-read, informative articles without distorting or diluting facts. She is a jack-of-many-trades with hands-on experience in network engineering, front-end web development, copywriting, and digital marketing. She is also a full-time foodie, semi-skilled musician, and wannabe horror writer.

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