Uncertainty is spreading
US economic output is falling by about 33%, the gold price is experiencing a record rally and Bitcoin is fighting the bears at the USD 11000 mark. Seldom has it been so difficult for the experts to make macroeconomic forecasts as in times of the coronavirus pandemic. And new developments from the crypto space are quickly lost… We provide the latest crypto news.
Bitcoin finds new range
After the respectable price rally of the previous days, the No.1 crypto currency finds a support range at around 10900 USD. At the time of this article, the BTC is at a price of 10961 USD, which corresponds to a daily loss of 1.04%. The bulls are now pawing the resistance at USD 11000, while the trading volume has dropped to just under USD 25 billion. Chart-wise, if one zooms out, it is still a matter of the sustained confirmation of the five-digit USD range. A dump below the magic threshold could have fatal consequences.
Bitcoin Dominance Index at 62.5
The Altcoins are fighting with all their might against the dominance of the first mover. However, the investors’ focus is clearly on the first crypto currency. After the gold price breaks one record after another, investors are looking for crisis-stable stores of value, so-called “safe havens”. Bitcoin, with its limited reserves and low inflation rate, fits almost perfectly into this role. However, the high volatility of the block-chain market often acts as a deterrent to potential investors. Nevertheless, the mainstream has become aware of the “digital gold” in the past few days as it pulverized the magic 10000 USD barrier.
US economy with heavy losses
The US economy has to record a historic negative record with a performance slump of 32.9 %. The fear of a continuing coronavirus pandemic has so far had only a minor impact on the major stock indices. However, the uncertainty is clearly noticeable. The all-time high of the gold price indicates that investors are looking for stable “store of values”. This could benefit Bitcoin in the coming weeks.
Wirepuller of PlusToken Scam apparently arrested
It is considered to be one of the largest scam attacks the crypto space has ever seen. In the end, it resulted in a frightening balance: 3 million registered users, damage in excess of USD 5 billion and a huge loss of confidence. We are talking about the PlusToken Scam from last year. But now there seems to be news. Among others, cryptopotato.com reports that the core team behind the scam has been arrested by the Chinese police. Less than a year after the exit scam, this news is at least a small consolation for the aggrieved investors.
Huawei with Blockchain patent
Huawei is the leading company when it comes to patent applications. For several years, the tech giant has been concentrating more and more on developments in the block chain world. Now the Cointelegraph reports on a patent application from January 2020, according to which Huawei had a special block chain memory patented.