The price of Bitcoin (BTC), the top-ranked cryptocurrency by market capitalization, hit the psychological barrier of $10,000 but immediately rejected. Meanwhile, the sentiment is shifting from fear towards greed as the Crypto Fear & Greed Index is now above 50 for the first time in three months.
However, altcoins have been showing weakness across the board. Investors are selling their altcoins to catch the Bitcoin train with the halving now less than three days away.
Bitcoin hits the psychological level of $10,000
Bitcoin is showing strength as the halving is approaching with the hype only increasing by the day. FOMO (fear of missing out) is increasing as well, which makes people eager to step into Bitcoin and the price to rally heavily.
However, is such a rally sustainable, or will this be another case of “buy the rumor, sell the news”? Based on the previous halving and the previous halvings of Litecoin (LTC), this is entirely possible.
Is gold faltering as a safe haven? A Coinbase blog post from May 1 suggested that several months into the COVID-19 pandemic, gold’s market efficiency vis-à-vis Bitcoin (BTC) could be slipping. “Bitcoin and gold are fundamentally similar as scarce and globally accessible units of value,” the report noted, but recent “challenges” in the gold market “reveals Bitcoin’s distinct advantage over gold.”
The event that provoked this observation was a market supply squeeze. As Coinbase recounted: “According to the LA Times on March 24, ‘The gold market in New York is facing a historic squeeze as the global pandemic chokes off physical trading routes at the same time that investors are piling into the metal as a safe haven.’” Investors and bankers were said to be facing severe shortages of gold bars and coins.
A chink in gold’s armor?
Is the world’s most popular store of value losing its grip? And if so, will investors and gold bugs swarm to BTC as the new hedge in times of crisis? On the matter of the supply squeeze, some were dubious. Campbell Harvey, a J. Paul Sticht professor of international business at Duke University, told Cointelegraph:
“I’m not concerned about a so-called short squeeze. You certainly don’t see it in the data, and people have been talking about this for over a month.”
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Binance CEO Changpeng "CZ" Zhao really doesn't want to tell you where his firm's headquarters is located.
To kick off ConsenSys' Ethereal Summit on Thursday, Unchained Podcast host Laura Shin held a cozy fireside chat with Zhao who, to mark the occasion, was wearing a personalized football shirt emblazoned with the Binance brand.
Scheduled for 45 minutes, Zhao spent most of it explaining how libra and China's digital yuan were unlikely to be competitors to existing stablecoin providers; how Binance's smart chain wouldn't tread on Ethereum's toes – "that depends on the definition of competing," he said – and how Binance had an incentive to keep its newly acquired CoinMarketCap independent from the exchange.
Could the dollar be replaced by a single new, dominant currency like China’s DCEP, or is a multipolar currency world more likely? Presented in documentary podcast and full transcript formats below.
Listen to the Podcast here
"We are happy to announce that #MXC_Exchange will list @VaultBitcoin , and open trading for $BTCV/BTC pair at 20:00 (UTC+8), May 9."
Trading will be active at 16:00 tomorrow(GMT+8) with PLF/BTC and PLF/ETH trading pairs.
"ZBG will list
@origin015 ( $UFO ) and open trading for UFO/USDT trading pair at 15:00 (HKT) on May 9, 2020."
Report for the month of April.
"GOM(Gomics)/ETH trading pair will list on EtherFlyer at 2020/5/9 21:00 (HKT)."
@cryptopassionHere is the chart of my last analysis :
Here is the current chart :
We are testing since several hours now the resistance line at 10k$ but we are not able to break it. However we are staying very close to it so the market has still in mind to try to break it. Teh more time we will take to break it, the more risky it will be that a correction starts.
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