🗞 Daily Crypto News, April, 20th

vlemon(78)

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$7.6B Sitting in Stablecoins — Is This Bullish or Bearish for Bitcoin?;
Hopes and Strategies In Play As Miners Prepare For Bitcoin Halving ;
Bitcoin ATMs Expand Despite Shelter-in-Place Rules;
How Ethereum Could Help The Global Economy Recover From A Recession;
CZ Slams IPOs at BlockDown 2020 Conference;
🗞 Daily Crypto Calendar, April, 20th 💰
Bitcoin Trading Update

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

🗞 $7.6B Sitting in Stablecoins — Is This Bullish or Bearish for Bitcoin?

It's been another bullish week for Bitcoin (BTC) as the price surged past the critical $7,200 resistance, as mentioned in last week's analysis, all the way to $7,300.

However, the price has corrected slightly and is now sitting just below $7,200. So was this the local top? Or has the leading digital asset got some steam left in it ahead of the halving event that is now about three weeks away?

Bitcoin’s slow grind to $10K

Starting out with the daily chart for Bitcoin, we can see that BTC has successfully flipped the resistance of the long-standing descending channel into support. The argument for this channel's validity is that in January of this year, the breakout was a bull trap and that for this to occur twice would invalidate this channel.

🗞 Hopes and Strategies In Play As Miners Prepare For Bitcoin Halving

Some estimate that 40% of Bitcoin mining machines will be switched off in the first two weeks after the halving.

Miners hope that some of their new methods will help to increase mining revenue.

The Bitcoin (BTC) halving is fast approaching, and already miners are swooping into action. Some are phasing out older mining hardware, while others are preparing to take equipment offline if the bitcoin price falls below certain thresholds after the halving.

But while the halving will obviously reduce mining rewards by 50% and a chunk of mining rigs will be turned off, miners hope to regain equilibrium in the event of any short-term volatility and bet on rising bitcoin prices.

Slower blocks and transactions for two weeks

As of writing, one bitcoin is worth around USD 7,170. Not bad, but it doesn’t sound like an awful lot when it is compared to an estimation by TradeBlock that the average cost of mining a single bitcoin stood at USD 6,851 in February and increased to USD 7,300 by the end of March.

At these prices, after the halving, it would cost miners almost USD 46,000 (again, on average) to earn the new BTC 6.25 block reward. This would leave successful (meaning, those we get the reward) miners with a loss of around USD 1,000 per block. As a reminder, there are around 144 blocks mined per day.

🗞 Bitcoin ATMs Expand Despite Shelter-in-Place Rules

Tucked into corners of grocery stores, gas stations and transit hubs, crypto ATMs are part of the “critical infrastructure industry” still allowed to operate amid the coronavirus contagion event. And some are thriving.

With blockchain-based payments apps and entertainment platforms seeing a boost in users with people spending more time online, crypto and bitcoin ATMs, the physical manifestation of this network, seem an unlikely adjunct to this market growth.

Despite wide-reaching shelter-in-place rulings meant to keep people indoors, some bitcoin ATM operators are reporting an increase in transactions, while others are taking advantage of this intermission to expand their networks.

🗞 How Ethereum Could Help The Global Economy Recover From A Recession

DeFi applications are accelerating the transition to internet-first, global-first financial infrastructure.

Ethereum has a massive head start.

People will realize there are things you can do with this new technology that you couldn't do before.

Ethereum (ETH) has a role to play in the recovery from a coronavirus recession. While the global economy is still waiting for the worst effects of mass lockdowns, layoffs, and losses, Ethereum and its ecosystem of financial platforms are waiting in the wings to make the eventual recovery easier.

Ethereum already boasts a wide range of DeFi (decentralized finance) platforms that make finance more accessible and efficient for their users. And according to figures working within the Ethereum ecosystem, the decentralization, transparency, openness, and speed of these platforms could play a key role in lubricating the global economy once it gets going again.

🗞 CZ Slams IPOs at BlockDown 2020 Conference

Binance founder and chief executive, Changpeng Zhao, took aim at initial public offerings, or IPOs, and venture capital fundraising while speaking at the recent BlockDown 2020 conference.

Despite the recent decline in crypto investment, Changpeng Zhao, or CZ, expressed confidence that the blockchain fundraising markets will produce exponential growth in the coming years, emphasizing the boom and bust cycles of investment into other tech industries.

IPOs leave the public ‘holding the bag’

Speaking at BlockDown 2020 on April 16, CZ described distributed ledger technologies, or DLT, as driving creative destruction in global fundraising practices, arguing blockchain fundraising has allowed individuals to raise money globally in a decentralized fashion for “the first time in history.”

🗞 Daily Crypto News, April, 20th💰

SINOVATE (SIN)

SINOVATE Webtool Release on 4/20/2020.

CryptoAds Marketplace (CRAD)

CryptoAds Marketplace with Persian support will launch on April 20.

IOST (IOST)

Bithumb Official launches staking as a service with IOST as first cryptocurrency available for staking.

Azbit (AZ)

"9th weekly burn: 66,078,198.58 native coins were irrevocably destroyed."

Bitcoin Trading Update by my friend @cryptopassion

Here is the chart of my last analysis :

Here is the current chart :

We are still just under the resistance line at 7330$ and we have not been able to break it during this week-end. So let's see already during this night and the coming week, we should see new volume to help us to try to break that line. If it is not the case, we have a high risk to see a correction taking place.

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