Bitcoin is traded over $ 7,000
Cryptocurrencies are taking a turn for the pandemic we are experiencing, starting with Bitcoin. BTC surpassed $ 7,000 and opened doors for stronger profits before half of next month’s rewards.
The price of the main cryptocurrency on the market peaked at $ 7,200. It closed on Thursday with an increase of around 4%, the largest daily gain since April 6th.
It is important that the cryptocurrency, which is superior to the market value, found acceptance above the average average resistance at USD 7,000.
Some higher old coins also recovered strongly. Ether (ETH) gained 17.77%, while Binance Coin (BNB) and Chainlink (LINK) gained 11.65% and 15.02% on Thursday, respectively.
Cryptocurrencies have turned around since the pandemic
The COVID-19 pandemic has created unexpected and insightful patterns among cryptocurrency traders. According to recent research, cryptocurrencies have turned around.
In an article entitled “How the crisis affects crypto: Corona virus as a test case “The Oxford University School of Law found that the crypto market made a sharp turn in the middle of the crisis.
In the post they analyzed the period from January 1st to March 11th. The investigators in question found that initially both market prices and total trading volume increased as the number of identified cases of COVID-19 increased.
This positive correlation was reversed, and investors pulled their money out of cryptocurrencies and the markets began to decline. Make each cryptocurrency reflect this change differently.
The document draws several important conclusions from some of the results. Given that cryptocurrency markets are believed to be a source of systemic risk to the traditional financial system in times of crisis.
The 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 offering.
According to an announcement, the integration will enable LGO to increase the speed at which customers can access and withdraw funds using the liquidity of the Fireblocks ecosystem.
The move is also said to help provide institutional investors with maximum security and better execution, LGO said.
PlanB expects the value of the Bitcoin cryptocurrency to be higher after halving
The developer of the stock-to-flow pricing model (S2F) for Bitcoin (BTC) expects the forthcoming halving of Bitcoin to increase its value tenfold compared to the market-leading cryptocurrency.
In a series of tweets on April 16, PlanB said it was sticking to Bitcoin’s price hike “An order of magnitude” in the two years after the cut to mid-May.
PlanB also responded to requests to correlate cryptocurrency with traditional markets. A central concern of many operators is that March can still be repeated. With the possibility that BTC / USD will lose 60% in one day due to the decline in stocks.
PlanB highlighted the Dow Jones, arguing that the current correlation is the result of a wider coronavirus crisis. It wasn’t a permanent feature for Bitcoin.