COVID-19 Had Russians Withdrawing $13.6B in March, Fearing Banks Would Shut Down

While the entire world was panicking that there wouldn’t be enough toilet paper for the coronavirus lockdown, Russians were more interested in piling up on cash.

According to a report released by BNN Bloomberg, banks and ATMs in Russia issued around 1 trillion rubles ($13.6 billion), which is more than was withdrawn for the entire last year, in March this year only. Denis Poryvay, a Raiffeisen bank analyst from Moscow, said:

“People were afraid that banks will be unavailable during the quarantine. They withdrew money for the same reason as people hoarded food.”

More Withdrawals after President Putin’s TV Briefings

Daily cash withdrawals were higher after President Vladimir Putin held his regular TV briefings in which he detailed what measures need to be taken for the global pandemic to be addressed as efficiently as possible within Russia. Even more withdrawals were reported after the President announced the tax on bank deposits of more than 1 million rubles, and especially after the self-isolation measures were extended until May at least.

The US Also Had More Cash Withdrawals

The US has also seen an increase in cash withdrawals during the crisis. Reports from the Federal Reserve Bank of St. Louis say that at the end of March, the US dollar had its largest increase in percentage since the coronavirus started to wreak havoc into the world. As far as the spread of the disease in Russia goes, Moscow Times says this is continuing to grow.

Until now, there have been 47,121 cases reported and 405 deaths in the country. While holding cash can spread the virus, it seems people still prefer it to having their money in the bank or holding digital currency. In the meantime, some voices in the crypto space are sure the world will have to move to digital money as a result of the pandemic. Retailers said the demand for basic groceries has increased in mid-March too.

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Author: Oana Ularu

Bitcoin Market in Backwardation Supports A ‘Cautious Tone’ for BTC Price Short Term

  • Bitcoin price certainly go down but wouldn’t be “surprising if they keep melting up”
  • June Bitcoin futures contracts on BitMEX trading as low as $6,665 while $6,725 on CME
  • A break below $5,000 zone will be particularly painful

The price of Bitcoin on spot exchanges is currently trading around $6,750 after sliding below $7,000 over the weekend. Some extremely bearish predictions are even calling for fresh lows.

However, the good thing is Bitcoin has found a “higher floor” and given that currently, the cash on exchanges is at all-time highs and sentiments are still near their all-time lows, and leverage at two-year lows, “it is VERY hard to short risk assets into a wall of cash right now, including Bitcoin. Prices can certainly go down, but it would not be surprising if they keep melting up,” said Jeff Dorman of Arca.

The stock market is also recording losses amidst the report of the largest drop of 8.7% on record going as far as 1967 in the US retail sales for March. This has been because of the majority of people staying home to slow the spread of coronavirus amidst the news of companies furloughing employees.

Treasury yield also fell to a 7-year low on the back of this data. The two-year-old hit the lowest level of 0.199% since July 2012.

The relief came in the form of stimulus checks that the government started sending late last week that Americans are largely spending on food and gas.

Lower prices in the future

This week, we started seeing the open interest on Bitcoin futures slowly rebounding.

However, bitcoin futures are in backwardation which means the price of an underlying asset currently is higher than prices trading in the futures market.

On CME, June 2020 contracts are trading at $6,725 while Bakkt’s June contracts are at $6,755.

Bitcoin perpetual swaps meanwhile are at a much lower price.

The June Bitcoin futures contracts on Kraken are trading at $6,721, $6,707 on FTX, $6,690 on Deribit, $6,683 on Huobi, $6,668 on OKEx, and the lowest on BitMEX at $6,665, as per Skew Markets.

Futures data suggests speculators are expecting to see lower prices in the near future.

According to Denis Vinokourov, head of research at Bequant, a crypto investment brokerage, “a break below $6,500 level will likely lead to another round of liquidations and send the price towards the $6,100/ $6,200 area.”

With not much support until the $5,000 zone, “a break below will be particularly painful,” for bulls, as such calling for a cautious tone which is supported by the shift in the futures curve into backwardation.

Over-the-counter (OTC) bitcoin liquidity provider B2C2 also warns of caution with the weekly BTC chart “tapped the trendline and formed a shooting star. Unfortunately no follow-through in a negative funding environment (leveraged shorts outweigh longs).”

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Author: AnTy

When’s Bitcoin Likely to Moon?

  • Bitcoin investors attention should be on just a few of the crypto exchanges and they wouldn’t miss a thing
  • There’s still fake volume in the market but Digital Asset Research says it is “not materially impacting the price”
  • If BTC holds at $7,800, the bottom might be in but a move up means “we’re likely to moon for the next few months at least”

Bitcoin is off to its best start of the year since 2012, gaining 20% in two weeks. The day BTC climbed to $8,900, 2020 high, the market registered record volumes across the market.

However, there’s only a handful of exchanges that are key to setting the prices. Only 10 markets including Binance, Coinbase, Huobi, HitBTC, and Liquid are where most of the price discovery takes place and then migrates to other sites, according to Digital Asset Research.

“There’s some lessons here that most of the time, most of your attention should be on a smaller group of these exchanges,” Doug Schwenk, chairman of DAR told Bloomberg.

This should go some way to ease the concerns of the US Securities and Exchange Commission who has rejected applications from firms seeking to start Bitcoin ETF because of worries over market manipulation.

“Even though we know there’s fake volume in the market, that fake volume is not materially impacting the price,” said Erin Friez, general counsel at DAR.

The firm also found that futures contracts on derivatives exchange BitMEX may have an impact on the digital asset’s price.

Bitcoin pushing towards $10,000 in the next few days

Now, after climbing to $8,900, Bitcoin has now come back down to $8,670 level.

A consolidation after a rally of this size, Mati Greenspan, founder of Quantum Economics says it is a “natural thing to happen.” Greenspan in his daily newsletter, explained,

“We’re now near the top of the channel that we’ve been tracking. Some might even say we’ve broken it. More importantly though, we’re now testing that 200-day moving average.”

We could also see a pullback as there might not be enough steam for BTC to bust through the channel. If BTC holds at $7,800 while on its way to the downside, the former eToro analyst says, it would be safe to say that the bottom is in.

But if Bitcoin does end up surging, after all, Greenspan wager, “we’re likely to moon for the next few months at least.”

Analyst Galaxy also sees Bitcoin pushing towards $10,000 in the next couple of days if we manage to hold $8,500 level.

The analyst also shared another hopium induced chart yesterday where he said if BTC manages to break an important line it will trigger the next parabolic movement that would take us to a new all-time high (ATH).

With Bitcoin price slowly making its way downwards and the Crypto Twitter divided between the bears and bulls, it’s to be seen the direction Bitcoin will move in next.

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Author: AnTy

Decentralized Applications (DApps) On the Rise after BitTorrent File System Launch


DApps On the Rise After BitTorrent File System Launch

One wouldn’t be wrong to say that the Cryptocurrency ecosystem is garnering daily adoption across the globe, this recognition is not only because of digital currencies are seamless and more comfortable means of holding assets, but because of the numerous problems that their applications have been able to solve. However, the crypto space appears to have shifted its focus form promoting and giving the impression that crypto assets could help integrate its applications into solving various real world problems.

A major area of concern has been that of Decentralized Applications [DApps] and one of the companies that have been a key advocate of the DApp advancement has been the Tron Foundation.

According to the recently released DApp weekly report by Tron Foundation:

“The number of #DApps on #TRON continued to grow this week. 55 new DApps were added with a growth rate of 14%. The total number of DApps on TRON is 447.”

DApps Dominate

Gambling applications turned out to be the major contributors among all the Decentalized Apps, after moving up by 44 from the last week. The report also indicated that utility DApps came closest to that of gambling after they moved were up by 9.

“Up to 1000 smart contracts have been deployed on Tron and TRX has made it back to top 10 cryptocurrencies by market cap. Let’s look forward to a decentralized network that is more open and reliable.”

Tron, had climbed to the tenth position on the charts at mid-week, however, it dropped out of the top 10 ranking as its prices fell. At present, Tron is holding the twelfth position on the charts. The crypto asset trades for $0.031 with total market capitalization of $2.1 billion. As indicated by Tron, prominent information site Coinstats included exchange pair insights for the TRXMarket while expecting to survey the performance of Tron’s blockchain and its effective utility.

BitTorrent File System Launch

Notably, the Justin Sun owned company recently made the media spotlight when one of its acquisition, BitTorrent, introduced the BitTorrent File System [BTFS].

Sun revealed that BTFS adhered deeply with the essentials of making a decentralized web or Web 4.0 with the goal that every individual across the globe could enjoy the fortune web based commercial trading. According to Sun’s tweet:

“We’re creating a platform with BTFS, BitTorrent Speed blockchain integration and the BTT utility token to let users quickly and privately interact with each other around the world without a middleman or government intervention.”

All of Today’s TRON (TRX) Price Analysis, Chart Forecasts and Industry News

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Damola