Bitcoin closed the day slightly higher at just over $6,400 on March 31. That’s an increase of around 8.5% on the 24-hour scale. The Bitcoin dominance metric continues to linger around 66% with the total market cap ending the day at just over $118.6 billion and a four-day high volume.
Meanwhile, Bitcoin’s hash rate, which is often used as a key parameter to gauge the network’s overall strength, continues on the decline for the third consecutive week. However, the more optimistic among us are taking this as a positive indicator hinting at an impending rally.
The reasoning behind this bullish outlook is that with an increasing number of miners pulling the plug on their mining rigs, there will be a marked decrease in selling pressure provided by miners.
On that note, let’s have a quick recap of the other important cryptocurrency news that has transpired over the past 24 hours.
Crypto’s Mainstream Appeal Gets a Boost From Civic Wallet’s $1 Million Guarantee
Blockchain identity startup Civic has announced its new cryptocurrency wallet will include a $1 million guarantee. A non-custodial hot wallet currently in beta testing, Civic’s offering will be protected by Coincover and insured by Lloyd’s of London underwriters.
Given that the traditional banking sector and financial markets have taken quite a beating recently due to the COVID-19 crisis, Civic is sure to strike a chord with people.
Assuming all goes as per plan, the Civic Wallet could be one possible solution to the instability of the banking system. This is considering that unlike leaving money in a bank or on a cryptocurrency exchange, people will be in complete control of their own money.
Bitcoin Market Sentiment Engulfed in Longest-Ever Period of ‘Extreme Fear’
One popular measure of how cryptocurrency investors are feeling about the market is the Crypto Fear and Greed Index by Alternative.Me. This index typically takes several factors into account, including trading volume, market volatility and momentum, social media engagement, market dominance, and so on.
BeInCrypto took a peek at the index recently and turns out, this is the longest-ever that the metric has consistently read ‘Extreme Fear.’
Why You Shouldn’t Keep Large Cryptocurrency Sums in Custody Accounts
BeInCrypto recently had a one-on-one conversation with Guilherme Jovanović, the Chief Business Development Officer of Indacoin. The interview encompassed a wide range of topics ranging from EU’s new AMLD5 regulations and its impact on the cryptocurrency space, to why large cryptocurrency amounts shouldn’t be held in custody accounts.
Will CoinGecko Benefit from a Binance-CMC Deal?
Speculations are rife about Binance’s rumored plans to buy CoinMarketCap for $400 million. The deal, if it pulls through, will be one of the largest ever in the history of the cryptocurrency industry. There are some worries too, though, as the world’s largest cryptocurrency exchange owning the largest price reference site could amount to a conflict of interest.
Could this open up a window of opportunity for other cryptocurrency price reference sites such as CoinGecko?
ICX’s Bullish Reversal Pattern Suggests a Breakout Awaits
The ICX price is trading inside a descending wedge. A breakout from this pattern is expected that could take the price all the way to 4,400 satoshis.
Bitcoin Premium Analysis for March 31
The BTC price is in the process of creating a bearish hammer candlestick for the month of March. In the short-term, it has been increasing since reaching a low of $5,857 but has stalled once it reached $6,600.
- The Bitcoin price has created a bearish hammer in its monthly candlestick.
- The price has broken out above its 200-hour moving average.
- There is support at $6,200 and $6,050.