🗞 Daily Crypto News, March, 14th 💰

in bitcoin •  5 years ago 

  • Post-crash Hopium: Bitcoin Bulls Look for Light in the Dark Tunnel ;
  • Crypto Traders Explain What Caused the Bitcoin Price Plunge to $3,000s ;
  • Thursday’s Market Madness Strained Ethereum’s Killer App: DeFi;
  • Bitcoin & Gold ‘Are Doing the Same Thing’ in Coronavirus Crisis: Pomp ;
  • Exclusive: 10 Crypto Minds Weigh in On Post-Crash Bitcoin and Its Future ;
  • 🗞 Daily Crypto Calendar, March, 14th 💰
  • STEEM Trading Update

Welcome to the Daily Crypto News: A complete Press Review, Coin Calendar and Trading Analysis. Enjoy!

🗞 Post-crash Hopium: Bitcoin Bulls Look for Light in the Dark Tunnel

Things are not as grim as they seem, find many hardcore Bitcoiners. Sure, the situation is bad currently, but it's just a period that has its end, at that end await more investors, and the entire situation should be used to buy more bitcoin (BTC), they say.

Good for gold and bitcoin

Anthony Pompliano, co-founder and partner at digital asset management firm Morgan Creek Digital, said in a blog post yesterday that "both gold and bitcoin should do incredibly well during this time period." He encouraged people, saying that - between the Covid-19 outbreak causing major economic difficulties and S&P 500, the Dow Jones Industrial Average, oil, gold, and bitcoin all dropping, it's been a very tough week, but that this too shall pass. As a matter of fact, bitcoin, the hardest money ever, was built for this scenario, and its celebrated features are what will prove themselves "exponentially important" in the next phase of this crisis.

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🗞 Crypto Traders Explain What Caused the Bitcoin Price Plunge to $3,000s

The Bitcoin (BTC) price dropped to $3,600 overnight, marking Bitcoin’s biggest daily drop in the last seven years. Over $1 billion worth of longs was liquidated on March 12, causing one of the most intense long squeezes in the crypto market’s recent history.

The main catalyst of the sudden 50% decline in the price of Bitcoin within a span of eight hours was the 9.99% drop of the Dow Jones Industrial Average. The United States stock market experienced its worst sell-off since 1987, as panic over the coronavirus pandemic intensified to unprecedented levels.

In the past seven days, Bitcoin and cryptocurrencies in general have shown a high level of correlation with the U.S. stock market, possibly due to the overall drop in investor appetite for high-risk assets. The steep correction in the U.S. stock market together with a lack of buying demand as Bitcoin’s price fell to the low $5,000 levels ultimately led the price to decline to $3,600.

“Today’s massive dump in both the crypto markets and the traditional markets was very interesting to say the least. While many would say it is solely due to the coronavirus, looking into it further and you will see this does not show the usual signs of a recession. This may be because of the war on oil that many people have not heard about due to the news of the virus.”

🗞 Thursday’s Market Madness Strained Ethereum’s Killer App: DeFi

So many people were trying to use the Ethereum blockchain during Thursday’s market meltdown that many applications simply stopped working as intended.

The decentralized finance (DeFi) sector was hit particularly hard.

The decentralized services that feed price information into these headless lending platforms – known as “oracles” in the industry – simply couldn’t keep up.

Oracles could not send accurate price data and traders could not execute trades without paying horrendous fees to record transactions onto the blockchain.

🗞 Bitcoin & Gold ‘Are Doing the Same Thing’ in Coronavirus Crisis: Pomp

On March 14, Tyler Winklevoss, the co-founder and CEO of Gemini and prominent early Bitcoin investor, took to Twitter to defend Bitcoin despite the recent market crash.

In the tweet, Tyler emphasizes that Bitcoin is still in its infancy, stating:

“If bitcoin isn't gold 2.0, then what is it? The fact that it's not acting how you might expect only underscores just how early it is.”

Supporting Winklevoss’ assertion, Anthony Pompliano, the co-founder and partner at Morgan Creek Digital, has attributed the recent crypto market meltdown to a broader liquidity crisis coursing through the global economy. He said:

“Bitcoin and gold are doing the same thing, just as you would expect them to in a liquidity crisis..they go down. Same thing happened to gold during liquidity crisis of 2008 too.”

🗞 Bank of England Releases Discussion Paper on CBDCs

Once people see inflation hitting, they will stampede towards gold and bitcoin.
The recent bitcoin price crash is very different from what the market experienced in 2018.
The fact that BTC can theoretically hit zero is "a good thing in the long run."

As investors are looking for safety in cash, can bitcoin (BTC) become more attractive than cash? How low might BTC go and how long will this downturn last? What to watch for before making an investment decision in the nearest future? What can we expect from institutional investors and what are the long term perspectives for bitcoin?

We asked industry players to share their insights on this. Here's what they said.

"But bitcoin, being digital, is easier to own and manage, so I expect it will eventually win out over gold," he said.

🗞 Daily Crypto News, March, 14th💰

  • Mithril (MITH)

"While we can’t quite announce these partners today, we do look forward to announcing them next week. Stay tuned!"

  • CoinDeal Token (CDL)

"We are so excited to inform you that next week CDL #Token will be listed on @p2pb2b exchange..."

  • Chainlink (LINK), Matic Network (MATIC)

"Join us for the Google Developer Group meetup at the Matic Office, co-hosted alongside @chainlink, on March 14th!"

  • Litecoin Cash (LCC)

Mainnet of ringcoin.tech will be launched live on 14-03-20 @21.00 UTC.

  • T.OS (TOSC)

"TOSC will be listed on Hotbit in the second week of March."

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STEEM Trading Update by my friend @cryptopassion

Here is the chart of my last analysis :

Here is the current chart :

Hard time for crypto holders ! The STEEM followed the big correction of the BTC to make a low around 0.08$. We simply explode all the support line of myc hart so not easy to have some analysis after that. However, buyers at 0.08 did almost an instant profit ! Well done ! We are now trying to go back upper the resistance line at 0.14$. Let's see if the market will allow us to break it.

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