Bitcoin (BTC) has never been so oversold in the last month before its block reward halving, one important indicator shows.
In an ongoing Twitter debate on April 11, the analyst known as PlanB noted that Bitcoin’s relative strength index (RSI) was unusually low.
Indicator hits record pre-halving lows
The oscillator uses a scale from 1 to 100 to determine whether Bitcoin is overbought or oversold at a particular price.
The 12-month RSI currently registers 49 — near its historic lows. Since 2011, according to data from PlanB, it has only seen two periods below that level, in 2015 and late 2018.
What’s more, before Bitcoin’s two previous halvings in 2012 and 2016, the 12-month RSI was much higher — around 70.
As the latest Bitcoin halving approaches, miners are upgrading equipment, optimizing arrangements, conserving power and more in the race to dominate.
How are bitcoin (BTC) miners strategizing for the upcoming halving event, in which block reward subsidies will be cut by 50 percent?
On this week’s episode of “Bitcoin Halving 2020: Miner Perspectives,” Kristy-Leigh Minehan and Pavel Moravec give an in-depth explanation of what miners are doing to maximize profits and increase operational efficiency.
https://art19.com/shows/late-confirmation/episodes/9d5ca1b3-cbf2-4c8d-b16d-014743b9d79c
Money is a shared fiction. Our mechanism for storing and exchanging agreed-upon units of value, a tool so powerful that wars are fought over it, springs entirely from our collective imagination.
Some might find that unnerving. The age-old desire to attach a currency’s value to something earthly, precious and finite is partly founded on a false hope that these tokens, in which we place such faith, have intrinsic value. It’s an understandable instinct, and there’s a strong gold standard argument for curtailing the sovereign’s power to debase people’s savings. But the sense of innate value is just a belief. As with people’s beliefs in other ephemeral concepts – in religion, for example, or in the concept of a nation – the ones most difficult to challenge are those fundamental to society. Indeed, one could argue that if everyone were to acknowledge that money is a fiction, it would cease to function.
Despite the Reserve Bank of Zimbabwe (RBZ) said that it will create a regulatory sandbox for crypto entrepreneurs, local industry players warned not to get too excited and urged to wait for results.
In March, the bank announced that it has started drafting a policy framework.
“The framework, which is a regulatory sandbox, will be assessing the cryptocurrency companies as to how they are going to operate,” Chronicle reported back then, citing Josephat Mutepfa, Deputy Director of Financial Markets and National Payment Systems at the RBZ.
The system may expose new segments of Venezuela’s population to cryptocurrencies amid the country’s ongoing hyperinflation crisis — with the value of the Venezuelan bolivar fluctuating by 1.58% in the past 24 hours and roughly 2,500% in 12 months.
Criptolago unveils SMS-based crypto transfers
In a tweet published on April 6, Criptolago stated that it developed the service in response to a call from the country’s president for financial companies to develop payment platforms parallel to the Venezuelan banking system that can process Petro transfers:
“Following the guidelines of our president @NicolasMaduro and in favor of our #criptonation, with the new function of Payments for #SMS we have opened the possibility for all the Venezuelan people to carry out #Petro transactions in a very practical way.”
🗞 Daily Crypto News, April, 12th💰
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