Bitcoin (BTC) price has started to show strength in its recovery since the black Thursday selloff this past week, but is this something we can expect to continue? Or is this a dead cat bounce on the way down to lower lows?
In today's analysis I’m looking not only at the charts, but also at the possibility of large Bitcoin miners being the cause of the 50% price drop on March 12, after supporting data emerged last week suggesting that short-term holders sold a whopping 281,000 BTC, which resulted in the crash.
What if the miners stopped selling Bitcoin?
There are 1,800 new Bitcoins mined every day, and between the period of Jan. 4 and Mar 12, there would have been 122,400 Bitcoin mined. This is about 50% of the amount that was revived by short term holders, and you don’t get more short term than freshly mined BTC.
The best Sundays are for long reads and deep conversations. From Boeing to bitcoin in this week's discussion we're talking about our disrupted reality, the politically expedient path forward, why it almost certainly won't work, the alternatives to it, what this means for bitcoin and what you can do to help.
Podcast HERE
Osho Jha is an investor, data scientist, and tech company executive who enjoys finding and analyzing unique data sets for investing in both public and private markets.
The week of March 9 was a ride regardless of what market you trade and invest in. Markets spiking up, markets spiking down, longs taking drawdowns, shorts getting stopped out on intraday bounces. While investor sentiment across markets was negative, there was also a sense of confusion as “there was nowhere to hide” in terms of assets. Interestingly, I’ve yet to speak with anyone who made a “real killing” in that week’s trading. The ones who fared best are the ones who moved out of assets and into USD/hard currency and now have many options as to where to vest that capital.
On March 12, bitcoin having already traced down from $9,200 to $7,700 and then to $7,200 in the prior few days, plunged from $7,200 to $3,800 before spiking up and settling in the $4,800 to $5,200. The move tested the resolve of bitcoin bulls who had expected the upcoming halving to continue to drive the price higher. Similarly, sentiment towards the crypto king and leading decentralized currency plunged with many pointing to bitcoin’s failure to be a hedge in troubled times - something that was long assumed to be a given due to the “digital-gold” nature of bitcoin. I, however, believe that these investors are mistaken in their analysis and that the safe haven nature of bitcoin is continuing.
- "Bitcoiners are usually early adopters for various technologies, so it's a good match."
- First virtual crypto conferences are being scheduled.
- Blockchain-based virtual worlds have appeared.
Cryptocurrency is also known as virtual currency. And funnily enough, "virtual" is becoming an increasingly apt word to use in the context of cryptocurrency, which is showing a newfound fondness for virtual reality.
More and more cryptocurrency events and meetings are being hosted in VR rooms or platforms. Meanwhile, blockchain-based virtual worlds and platforms are being launched, which make use of their own cryptocurrencies to enable their virtual netizens to purchase in-world items.
But is such growth part of a major emerging trend? Or does it simply represent a niche segment of the crypto ecosystem, one that might even subside as soon as the coronavirus disappears and makes it possible once more to attend IRL (in real life) conferences?
Well, as is usually the case with these things, the answer can be found somewhere in the middle.
The Italian Red Cross is now seeking Bitcoin (BTC) donations to purchase emerging medical equipment after its first-crypto initiative surpassed its goal within three days.
On March 12, Italy’s Red Cross launched a BTC fundraising campaign to purchase an advanced medical post for pre-triaging coronavirus cases.
Red Cross crypto fundraiser surpasses target in three days
Just three days later, the Red Cross announced that its goal of around $10,710 (€10,000) had been reached and that it had begun purchasing the materials needed to deploy the pre-triage facility. After reaching its first goal so quickly, the Red Cross has continued to continue its Bitcoin fundraising campaign.
"Next major development release"
"Web wallet will be released until March 21."
Joint AMA with FTM and BAND in Discord at 10 AM (UTC+0).
@cryptopassionHere is the chart of my last analysis :
Here is the current chart :
The correction was foreseen but it is always hard to see. So after the nice pump that we experienced due to the fork and the people interested to receive free Hive, the correction just started after the fork at 10.00. We broke one after one the different support line and we just broke the last one at 0.19$. Let's see now where the STEEM will stabilize after that fork.
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