After trading in the $6,450 to $6,850 range for the past eight days, Bitcoin (BTC) price finally made a larger move, this time to the downside, as the digital asset dropped 8.72% to a daily low at $6,068.
The move somewhat mirrors the performance of traditional markets, which also closed the day with losses. The Dow closed with a 915 point loss, the S&P 500 pulled back 3.37% and the Nasdaq was down 3.79%.
The break below $6,550 pulled the price below the ascending trendline and the $6,450 support. Traders had anticipated that a sharp move was on the cards after the price had traded sideways on declining volume for the majority of the week, also failing to push above $6,850 and flip the resistance to support.
In a role reversal befitting these topsy-turvy times, Wall Street has recently seen more turbulence than the top cryptocurrency.
The S&P 500’s 30-day volatility of daily returns, or historical volatility, jumped to 200 percent Wednesday, nearly 10 times the average volatility of 27 percent observed in the preceding 12 months, according to data from the Federal Reserve Bank of St. Louis.
Meanwhile, bitcoin’s (BTC) volatility gauge stood at 138 percent on Wednesday compared to the average volatility of 65 percent seen in the March 2019-February 2019 period, as per CoinDesk’s Bitcoin Price Index.
The 30-day volatility of daily returns calculates the standard deviation of the daily gain or loss from each of the past 30 trading days and is usually expressed in annual terms irrespective of the time period.
A user poll conducted by Kraken has revealed that most traders are expecting Bitcoin (BTC) to break into new all-time highs before 2021.
The poll analyzed the responses of 400 “VIP” crypto traders on Kraken: 41% of respondents described themselves as “investors”, 40% identified as “traders”, and 15% as “institutions” — with the remaining 4% comprising payment processors, crypto exchanges and miners.
84% of respondents manage less than $10 million in capital, while 11% manage between $10 million and $50 million. The remaining 6% is divided evenly between traders managing from $50 million to $100 million and traders mobilizing more than $100 million.
Johnson Xu is the Chief Analyst at TokenInsight, a token data and rating agency.
The sharp market downturn in mid-March 2020 forced some Bitcoin (BTC) miners to switch off their mining rigs. As a result, the Bitcoin network hash rate plummeted to ~75.8 EH/s. After reaching its lowest recent point, down from its all-time high of ~136 EH/s, the network hash rate is currently hovering at ~100 EH/s.
Consequently, we have seen a fall of almost 16% in mining difficulty, resulting in the second-largest drop in history.
As the price plummeted yet lower, the network has seen a surge on its mean block interval from roughly 10 minutes per block to 15 minutes per block before the scheduled network adjustment kicks in.
The “digital dollar” took just eight days to get into the U.S. Congress.
Advocates for digitizing coronavirus relief payments began working with congressional staffers earlier this month to outline how the Federal Reserve could potentially distribute funds to unbanked individuals quickly as the country’s economic downturn worsened.
Morgan Ricks, an associate professor at Vanderbilt Law School, told CoinDesk that a provision detailing the digital dollar in two different bills from the House of Representatives reflected assistance that he, along with Columbia University fellow Lev Menand and University of California Hastings law professor John Crawford, provided. The group has long advocated for a digital dollar, writing a paper in 2018 on the subject and a Bloomberg opinion piece earlier this week.
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@cryptopassionHere is the chart of my last analysis :
Here is the current chart :
The STEEM is still stabilizing inside the trading canal between the support line at 0.15$ and the resistance line at 0.19$. We will have to wait the direction of the BTC to see in which direction the Break Out will take also on the STEEM. The more we will stay inside that canal, the more powerfull the Break Out will be powerful ! So if we go in the good direction, let's enjoy the current price.
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