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Following a brief dip below $6,000 on Monday,once again anchored itself around the mid-$6,000s by the end of the day. Nearly all major altcoins have followed suit by staying green.
Compare that to the 3% drop in S&P 500 on Monday, which has further shaken investors’ confidence after last week’s 15% plunge, and you will see that the cryptocurrency market is doing notably better relative to most conventional assets.
On that optimistic note, let’s quickly review some of the major new developments in the cryptocurrency space over the past 24 hours.
Traders and investors who made profits in the digital assets market last year have been given an additional 90 days to file and pay their taxes. This grave period will also allow taxpayers to delay payments up to $1 million individually.
The chief U.S. equity strategist at JPMorgan has stated that stimulus packages and containment will empower the economy to gradually recover over time. He added that assuming everything goes as per plan, the coronavirus-induced global slowdown will eventually wear out and the markets will almost fully recover early next year.
The Federal Reserve is reversing its previous decision of setting aside $700 billion for asset purchases. Instead, it has now removed the cap entirely and will be purchasing an ‘unlimited amount of Treasuries and mortgage-backed securities’ to support the financial market. The Fed also announced a new lending program that will provide up to $300 billion to support companies.
The news proved to be bullish for Bitcoin even if in the short-term. Shortly after the news broke, the BTC price surged from the high-$5,000s and went all the way up to $6,700 before pulling back.
A small relief rally allowed Bitcoin SV (BSV) to overtake Litecoin (LTC). The now sixth-largest cryptocurrency is one of the best-performing digital assets this week and definitely the most noteworthy. The price of BSV has increased by 20.3% to 0.02741 BTC.
At the time of writing,was trading at $133. Well-known trader @CryptoNTez outlined an Ethereum chart that shows the price being rejected by a significant resistance area on March 20. As for the future movement, he predicts a price decrease toward $116 initially and $100 afterward.
Last week, BeInCrypto posted an article looking at the prices of both STEEM and DASH, stating that the increases do not seem natural, especially in the case of STEEM. On March 18, the STEEM price initiated one of its most volatile movements to date. It increased by a massive 250% in two days, reaching a high of 8,187 satoshis. However, what followed has been a similarly paced price decrease.
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