Bitcoin performs strongly
2 days after halving, the Bitcoin presents itself in an outstanding form. The manageable decrease of the hash rate doesn’t seem to burden the network any further. Meanwhile Telegram officially says goodbye to the long awaited TON project. We take a look at the current market situation
Bitcoin back on track
Bitcoin is again climbing above the important USD 9000 mark on Thursday and is approaching the five-digit range with big steps. For several months, the crypto space discussed the possible effects of the halving. Almost 48 hours after the major event, the situation seems to have calmed down for the time being. A daily volume of around USD 42 billion implies that investors are acting cautiously. Nevertheless, price breakouts in the double-digit percentage range cannot be ruled out. Volatility remains at a high level.
Is the magic threshold falling?
From a bullish perspective, the resistances at $9400 and $9800 are getting interesting. Here, the barriers lie before the magic 10000 USD barrier. Should the bulls enter the five-digit range, this could have a major impact on mainstream media coverage. The digital currency is already considered the best performing asset in 2020, and in less than a month the BTC was able to level the effects of the Corona crisis and use the volatility for a quick comeback.
Correlation with traditional markets declines
The correlation between Bitcoin and traditional markets is a much discussed topic. The rapid recovery of the No.1 crypto currency was partly due to the fact that the major stock indices also recovered. After the halving, it now looks like the Bitcoin will be encapsulated. Whether Down Jones (- 2.17 %), S&P 500 (- 1.75 %) or DAX (- 2.56 %): The traditional markets will have to record price losses on Thursday, while the BTC is climbing.
Telegram cancels TON
The eagerly awaited Telegram Open Network project and the GRAM token have no future. This was announced by Telegram CEO Pavel Durov in a blog post yesterday. To explain the reasons for the decision, Durov uses the following comparison:
„Imagine that several people put their money together to build a gold mine – and to later split the gold that comes out of it,”
“Then a judge comes and says: ‘These people invested in the gold mine because they were looking for profits. And they didn’t want that gold for themselves, they wanted to sell it to other people. Because of this, they are not allowed to get the gold.”
“If this doesn’t make sense to you, you are not alone – but this is exactly what happened with TON (the mine) and Grams (the gold). A judge used this reasoning to rule that people should not be allowed to buy or sell Grams like they can buy or sell Bitcoins” he added.