Following a brief dip below $6,000 on Monday, Bitcoin 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.
Deadline for Cryptocurrency Tax Filings Extended Due to COVID-19
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.
Global Financial Markets Could Recover in Early-2021
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.
Bitcoin Posts Massive Green Candle
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.
Bitcoin SV Sprints Past Litecoin
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.
Tougher Times Ahead for ETH Traders
At the time of writing, Ethereum 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.
STEEM Loses Momentum Following Impressive Two-Day Gains
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.
Bitcoin Premium Analysis
- The Bitcoin price has reached a weekly close above its 200-week moving average (MA).
- It may be following an ascending support line.
- There is resistance at $6,100 and $6,750.
- There is support at $5,200 and $4,200