Another week, another series of Crypto Tidbits. Bitcoin was indeed stable over the week, recently returning to its starting point the week after briefly interacting with the still significant resistance of $ 7,400. Altcoins, interestingly, made their appearance this week, with Ethereum, Link, Tezos, EOS, among the other top-performing altcoins, posting double-digit percentage gains over the past seven days.
Bitcoin’s stagnation in the past week comes as the stock market has made a comeback, with the S&P 500 up 12% from last Friday near Thursday despite 6.6 million new requests for unemployment in the United States and the ongoing coronavirus epidemic.
Despite the non-action, analysts are still optimistic about BTC and the rest of the cryptocurrency market. In fact, as reported by NewsBTC previously, BitMEX CEO Arthur Hayes said that while he can see Bitcoin revisiting $ 3,000, its year-end price target “remains at $ 20,000”, which is 180% higher than the current price.
As to why he thinks this is the case, he cited the monetary and fiscal solutions that governments and central banks are looking for to avoid precision:
“Everyone knows that change is upon us, which is why central bankers and politicians will throw all their tools at this problem. And I repeat, it’s inflationary because more fiat money will chase an apartment away from a dwindling supply of real goods and labor. There are only two things to own during the transition to whatever the new system is – gold and bitcoin. “
Related reading: Crypto Tidbits: Bitcoin at $ 7,000, FATF regulation, Coinbase supports Ethereum DeFi
Bitcoin & Crypto Tidbits
- The crypto industry sees layoffs: The Bitcoin community and the wider crypto space were not spared during the recent economic carnage. According to a list of “100% user-generated” companies on Candor recruitment / employment site, Bitcoin.com, crypto mining Bitfarms closes, and mining Hardware maker Bitfury is one of the companies in the industry that has started laying off workers in recent weeks. Other than that, one of the original crypto companies, Factom, is said to have gone into liquidation, despite obtaining millions of dollars in funding over the past five years and obtaining a grant from the Department. American energy.
- Ethereum DeFi has seen stellar growth: In a report released on April 9, blockchain analysis site DappReview found that the volume of transactions in Ethereum-based DeFi projects increased by nearly 800% when comparing Q1 2020 metrics to Q1 2019 metrics. Much of this growth has been attributed to projects like Maker and Compound. – which offer decentralized loans and stable solutions – and suppliers of derivatives such as Synthetix and Augur. This growth comes as Thesis, a newbie in crypto, and other partners will soon publish tBTC – a project that will act as a decentralized representation of Bitcoin on the Ethereum blockchain. Analysts expect launch of project will boost adoption of DeFi, along with ETH and BTC holders
- Bitcoin Cash & Bitcoin SV See block reward halves: Bitcoin Cash and Bitcoin SV have seen their block reward halves pass in the past 72 hours. As a result, both networks have seen their hash rates and their difficulties decrease. The halving resulted in an instant reduction of 50% in mining revenues for those operating on the BCH and BSV chain, forcing operators with tight margins to turn off their machines or operate on other networks. Fewer machines means fewer computers processing blocks, which slows down transactions.
- South Korea launches digital currency project: South Korea’s central bank, Bank of Korea, revealed on Monday that it had launched a pilot program to test a digital won, which is expected to continue until December 2021. A statement describing the decision said the program will determine if there is a legal record and sufficient technical capacity to launch a digital currency in South Korea. This comes just six weeks after the South Korean National Assembly passed legislation that will provide a comprehensive framework for the regulation and legalization of cryptocurrencies and Bitcoin exchanges.
- Twitter CEO and Bitcoin Bull Jack Dorsey pledges $ 1 billion to COVID-19 Relief: Jack Dorsey announced this week in a Twitter thread that Dorsey ad in a Twitter thread – it is entirely appropriate, I must say – that he “will move $ 1 billion from my Square stock”, which would correspond to about 28% of his total wealth, to an LLC called “Start Small “to” finance “global COVID-19 relief. Start Small existed before this outbreak, but it is the first time that it has received general attention. The Bitcoin bull intends to allocate the rest of the donation to promote universal basic income and girls’ health and education, calling these two questions critical.
- Fidelity sees growth in demand for crypto: Fidelity Digital Assets – the crypto services division of Wall Street giant Fidelity Investments, a company with billions of dollars under management – has confirmed that it has seen an increase in interest. Speaking to Frank Chaparro of The Block, a spokesperson for the firm said:
“From a business perspective, we continue to add new customers every month and we are seeing significant growth in the pipeline. […] And in recent weeks, we have seen new momentum in our business. “
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