Cryptocurrency News Roundup for April 29, 2020

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In Brief
  • Bitcoin pumped to $9,400 in the early hours of April 30.

  • 50 million USDT was deposited onto Binance just before the pump.

  • Mike Novogratz hosted a webcast where he stated that we are in "the greatest economic slowdown in modern history."

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Bitcoin bulls are having quite the field day after the benchmark cryptocurrency soared nearly 20% on the 24-hour scale and is currently hovering just under $9,200. That’s significant considering there are only 12 days to go until the much-awaited Bitcoin halving 2020.

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Meanwhile, some skeptics say the coming halving may be ‘priced in’ and that it may end up being a non-event compared to 2016. More optimistic analysts, however, claim that Bitcoin could head lower into the halving, but will eventually regain strength and climb towards an all-time-high sometime around Sept 2020.

We’ll keep a close eye on how things move from here as we inch closer to Bitcoin’s third halving. Meanwhile, in other big news:

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Crypto-Friendly CFTC Commissioner Resigns

Brian Quintenz, the CFTC Commissioner that managed to build a good rapport with the cryptocurrency community, is stepping down after nearly five years.

Quintenz has often advocated for the self-regulation of the cryptocurrency industry, thus making himself stand out among other top officials, many of who don’t usually share his affection towards the still-nascent asset class.

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Over 50M USDT Was Deposited to Binance Just Before Bitcoin’s Recent Surge

In a somewhat mysterious transaction, 50.5 million USDT was deposited onto Binance just before Bitcoin began to see a massive spike.

Within an hour of the transfer, the leading cryptocurrency surged both in terms of price and volume. The USDT was deposited to Binance’s hot wallet, indicating that it was likely for a trade.

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Billionaire Bitcoin Investor Mike Novogratz on the ‘Greatest Economic Slowdown in Modern History’

Galaxy Digital CEO and billionaire Bitcoin bull, Mike Novogratz, hosted a webcast dubbed “Got Gold? Add Bitcoin” yesterday. Acknowledging that we are currently witnessing “the greatest economic slowdown in modern history,” he made quite a few interesting points about the state of the economy and global financial markets.

He also noted how we’ve learned in the last month that “even s**t we didn’t think can happen, can happen,” pointing to the negative price of oil and negative swap spreads. According to Novogratz, these are not issues that will be fixed overnight.

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Bitfinex’s Cold Wallets are Being Drained of Bitcoin

In December 2019, BeInCrypto reported that Bitfinex had some 146,000 BTC in its cold wallet at the time. This number steadily increased since but is now sharply declining.

A recent tweet by Zack Voell (@Zackvoell) has shown that over 176,000 BTC had been withdrawn in the past 30 days from Bitfinex.

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Bitcoin Fundamentals Strengthen While BitMEX Liquidity Struggles to Recover

Capriole Digital Asset Manager, Charles Edwards, recently tweeted a chart showing several indicators for BTC. The chart included hash ribbons, which are strong indicators that provide powerful buy or sell signals based on hash rate and difficulty moving averages.

What’s interesting about this chart is that a buy signal using this particular indicator is very rare. The last time it happened was during the peak of the great crypto-slowdown of 2018 and the market dump towards the end of last year.

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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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