Bitcoin is trading above $ 7,000
Cryptocurrencies take a turn for the pandemic we are experiencing, starting with Bitcoin. BTC rose above $ 7,000 and opened doors for stronger gains before half of next month’s rewards.
The price of the main cryptocurrency in the market peaked at $ 7,200. It closed Thursday with a gain of about 4%, its biggest single-day gain since April 6.
Importantly, the cryptocurrency, superior by market value, found acceptance above key average resistance at $ 7,000.
Several higher altcoins also rebounded strongly. Ether (ETH) posted a profit of 17.77%, while Binance Coin (BNB) and Chainlink (LINK) increased 11.65% and 15.02% respectively on Thursday.
Cryptocurrencies take a U-turn since the pandemic, Oxford University report notes
The COVID-19 pandemic has caused unexpected and revealing patterns among cryptocurrency traders. According to new research, cryptocurrencies took a U-turn.
In an article titled “How the crisis affects Crypto: Coronavirus as a test case ”, the Oxford University School of Law noted that the crypto market made a sharp U-turn mid-way through the crisis.
In the post they analyzed the period from January 1 to March 11. The investigators in question found that initially both market prices and overall trading volume increased as the number of identified cases of COVID-19 increased.
This positive correlation was reversed, with investors drawing their cash from cryptocurrencies and markets began to decline. Causing each cryptocurrency to reflect this change differently.
The document draws several key conclusions from some findings. Noting that cryptocurrency markets could, in one opinion, be understood as a source of systemic risk to the traditional financial system in times of crisis.
Bitcoin LGO platform integrates Fireblocks
Institutional digital asset management platform Fireblocks has announced that the Bitcoin LGO trading platform will integrate its security infrastructure and API. It is an effort to expand your product offerings.
According to an announcement, the integration will allow LGO to increase the speed at which customers can access and withdraw funds by leveraging the liquidity of the Fireblocks ecosystem.
The move also aims to help provide maximum security and better execution for institutional investors, LGO said.
PlanB expects the value of the Bitcoin cryptocurrency to be higher after Halving
The creator of the stock-to-flow (S2F) pricing model for Bitcoin (BTC) expects Bitcoin’s upcoming Halving to drive value 10x more than the market-leading cryptocurrency.
In a series of tweets on April 16, PlanB said it sticks to Bitcoin’s price rise in “An order of magnitude” in the two years after the reduction to the middle of May.
Continuing, PlanB responded to inquiries about the cryptocurrency’s correlation with traditional markets. A key concern among many operators is that a repeat of March could still occur. With the possibility that BTC / USD will lose 60% in one day due to the fall of the shares.
Highlighting the Dow Jones, PlanB argued that the current correlation was the result of a broader coronavirus crisis. It was not a permanent feature for Bitcoin.