Despite all the hardships faced recently, the Bitcoin network is still growing in more ways than one. For example, the number of Bitcoin wallets continues to grow, according to recent data from blockchain.com. Similarly, total transactions on the network are on the rise and there is a steady demand for Bitcoin mining machines (even though, the mining industry as a whole is struggling at the moment).
Of course, not everything is hunky-dory from a trading point-of-view. So, let’s take a quick look at some of the finer details emanating from the market (along with other important updates) in today’s crypto news roundup for March 26.
Bitcoin’s Bullish and Bearish Scenarios Since March Low
The bearish scenario suggests that the BTC price has just finished the fourth wave of a five-wave Elliott formation. Therefore, this is just a retracement in response to the previous downward move and the price will eventually settle at a lower-low, completing the fifth wave.
In a more bullish scenario, the price has already begun the next upward movement and this is the first wave in said movement.
Record USDT Balances on Exchanges
In the past week, the Tether Treasury has proceeded to mint USDT in record numbers virtually every day. For example, the largest stablecoin issued another 180M USDT Tuesday. It seems that much of the new USDT issued is going straight into exchange wallets. We do know that Binance experienced a shortage of USDT last month, so the timing is somewhat mysterious.
BitBay Faces Outage, Says the Issue is ‘More Complicated’ Than Thought
BitBay experienced unexpected downtime early on Thursday with the exchange attributing the outage to “a network problem of our external service provider.” Around four hours after the original tweet, the exchange updated its users on the ongoing situation simply stating that the issue was “more complicated” than initially thought.
US Stocks Pump Even as the Economy Suffers
Stocks rallied today after the United States posted the highest-ever weekly unemployment claims. This is a tell-tale sign of how the financial markets have become decoupled from the ‘real’ economy.
Across the board, financial markets saw gains despite more Americans being added to the unemployment rolls in a single week than ever before. The Dow Jones is also up 4.46% on the daily today as well.
Bitcoin Scammers Use Coronavirus Pandemic to Extort Money
In a pathetic excuse for an extortion attempt, a Bitcoin scammer demanded that victims pay $4,000 in BTC. The bad actor(s) then posted a Bitcoin address giving the victim 24 hours to make the payment. If not, the scammer claims, ‘I will infect every member of your family with the CoronaVirus.’
The false threat elicited laughs from replies and shows just how desperate Bitcoin scammers have become amid this pandemic.
California Governor Mentions Bitcoin in COVID-19 Speech
The world’s most popular cryptocurrency was mentioned during Gavin Newsom’s recent speech on California’s response to the COVID-19 pandemic. During the live stream, the Californian Governor cautioned the public against sending money or Bitcoin to anonymous individuals on the internet in light of shortages due to the COVID-19 outbreak.