While some political and corporate leaders have been eager to invest in and adopt cryptocurrencies, others are entirely hostile. Turkish President Tayyip Erdogan recently declared outright war on the Bitcoin network. President Erdoğan: "We Are At War" President Erdoğan expressed his opposition to Bitcoin in a meeting with Turkish students this Saturday. The event comes after one of them asked if the country's central bank would adopt cryptocurrencies. Erdogan responded with total rejection: "We have absolutely no intention of embracing cryptocurrencies. On the…
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This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $173 billion.
- Bitcoin gains 10% in dollar value and trades safely above the $6,500 mark.
- Ethereum traded steadily between $135 and $140
- XRP rises to $0.19 but drops by 3% on the weekend
- The Trump Administration announces a $2 trillion economic stimulus.
- The equity market also increases by 10%
- Covid-19 has now spread to 199 countries and territories on the planet.
- New York is set to become the first US state to close under strict quarantine.
Crypto Trends 23rd – 29th of March 2020: PERFORMANCE & ANALYSIS
The last week saw a similar evolution of the cryptocurrency market to that of the previous week. Monday started with a minor slump in value for Bitcoin and the ensuing altcoins. However, as the days went by, they started trading in the green with remarkable consistency. The weekend brought yet another decrease in dollar-value, which is supposed to last until Monday afternoon.
Bitcoin steadily increased in value, and its rise has been backed by a succession of good news that played in its favor. Firstly, the Federal Reserve announced that it would buy an unlimited amount of treasuries and mortgage-backed securities to support the financial market.
The news also positively impacted the equity market and gold value and a good number of other industries and markets that experienced a considerable increase in these troubled times.
Then, the Trump Administration announced a bill to stimulate the economy with a brand new infusion of $2 trillion. These are all good news for the most popular crypto out there, and some experts believe that BTC will see a major increase in the next few months. For now, Bitcoin is trading at $6,175.
Ethereum followed Bitcoin’s lead and steadily increased throughout the week. Like other altcoins, ETH consolidated as most financial markets are still recovering from the early March slump. It is a clear indicator that the crypto market is hanging in with remarkable stoicism.
At the moment, Ethereum is trading at $130, after bouncing back and forth between $135 and $140 throughout the week, but it is expected to recover soon and aim for the $150 resistance level.
Ripple’s XRP had a pretty good week until today. It started following the same downtrend that the entire market was experiencing on Monday, but it regained value with each passing day, reaching as high as $0.191. Unfortunately, today it dropped by %3, and it now trades at $0.172, which is still promising for the upcoming weeks.
What’s in the News?
- CoinZoom, a U.S. Regulated Cryptocurrency Exchange, launches a Crypto Trading Platform and CoinZoom Visa Card.
- Peter Schiff, the Euro Pacific Capital CEO, commented that Bitcoin’s price would surge even if the economy will take a major blow following the Covid-19 pandemic.
- A new report hints at the imminent release of China’s first digital currency.
- New York imposes strict travel measures for its citizens as the state bemoans the worst impact of the Coronavirus pandemic in the country.
- The Covid-19 has now spread almost everywhere on the planet, infecting more than 600,000 people and killing at least 30,000
Next Week’s Market Forecast
In the upcoming week, the stabilization of the crypto market should continue. As miners see the possibility of new and larger profits from their activity, the Bitcoin volatility should subside even more. Investors should jump in on the positive sentiment bandwagon and help the network, and the BTC dollar-value increases furthermore.
The equity markets continue to surge as many governments announce financial infusion in their local economies. This combination of good news increased stabilization, and economic stimulus benefits the crypto market, which so far seems to be one of the few trendings amid a ruinous global pandemic.