Down but not out — that’s the state of Bitcoin’s current situation as the global economy falters as a side-effect of the coronavirus pandemic. As virtually every other asset continues to plummet during this tumultuous market meltdown, it is somewhat of a relief to see BTC price holding steady — for now, at least.
On that optimistic count, let’s quickly review some of the new developments that transpired in the cryptocurrency space over the past 24 hours.
An ‘Economic Society’ Between the Bitcoin and Gold Communities
The CEO of GoldMoney, an industry leader in the custody of precious metals, says that the communities surrounding both Bitcoin and precious metals need to exercise greater unity going forward. He even offered to fund the new initiative provided other firms were on-board with it.
A Glimmer of Hope for Bitcoin Proponents
While we are a long way from ‘moon,’ Bitcoin restored hope among some investors as it became apparent that the cryptocurrency was finally beginning to trade independently of the stock market. Furthermore, while meandering between positive and negative ground or trading flat, BTC continues to stubbornly cling on to the $5,200 threshold. It’s a positive development considering other assets have shown absolutely zero sign of hitting a bottom.
Russian Government Admits Crypto Ban Not Possible
Cryptocurrencies have faced a confusing and difficult legal situation in Russia for some time now. Last month, BeInCrypto reported that some cryptocurrency-linked bank accounts could be frozen in the country. Cryptocurrency payments have also come under fire for undermining the Russian ruble. The director of the Bank of Russia’s legal department has admitted that Bitcoin and other cryptocurrencies cannot ever be banned in the country.
COVID-19 Could Force Central Banks to Change Attitude on Digital Currencies
Amid the looming threat of a coronavirus-induced full-blown recession, public faith in central banks and governments could dwindle rapidly. If that happens, odds are there that there will be a steady capital inflow from equity and bond markets to cryptocurrencies. Emerging economy currencies have especially witnessed a sharp selloff against the U.S. dollar. Bitcoin may be the preferred choice among investors to hedge this loss.
Where Does LINK Go From Here?
While the LINK price reached a high of 56,000 satoshis on March 4, the two ensuing weeks have made that seem like a distant memory as the price has decreased by more than 30%. However, due to the fact that it is also trading inside a short-term bullish pattern, we believe it will soon bounce toward the resistance area at 45,000 satoshis.
Tether Mints Another 60M USDT
Tether (USDT) seems to be leading the charge as stablecoin treasuries across the spectrum continue to work hard to boost liquidity and the overall health of the cryptocurrency market. In continuation of that effort, the controversial stablecoin is pumping another 60M USDT into the market.
A Closer Look at ETH Price Movement Using the Wyckoff Distribution
The Ethereum price is likely in the markdown stage of a Wyckoff distribution. It is expected to reach the major support area at ₿0.02. A short-term bounce towards ₿0.025 could occur before that.
Bitcoin Analysis for 2020-03-18
- The Bitcoin price is trading inside a short-term range of $4,400-$5,600.
- It has broken out from a descending resistance line.
- The price is trading above its 50-hour moving average (MA).
- BTC is in the process of completing a double-bottom pattern.