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Bear Market Over? Bitcoin News March 30th 2020

Home - Cryptocurrency News - Bear Market Over? Bitcoin News March 30th 2020
cryptocurrency news

In this series we present the best news articles published over the weekend to see some correlations and to find out, why prices of Bitcoin and other digital currencies dropped over Saturday and Sunday.

Bitcoin and Ether Prices Stagnate as Traders Take Wait-and-See Approach
From the first article, we will learn everything about the stagnation of Bitcoin and Ethereum price. After staging a recovery earlier this week cryptocurrencies were stuck in a holding pattern Friday afternoon.

Bitcoin and Ether had both climbed by less than a percent. Notable performers on CoinDesk’s big board include XRP (XRP), up 10 percent, Stellar (XLM) in the green 3 percent and Dash, up 4 percent. All 24-hour price changes are from 20:00 UTC on March 27.

Although the USA has approved a $2 trillion economic stimulus package law in connection with the virus COVID-19 epidemic, U.S. shares have been closed and the S&P 500 index has fallen by 3 percent. Earlier that same day, the Japanese Nikkei 255 closed its session by 3.8 percent. For Europe, the FTSE 100 index closed in red by 3.3 percent.

The graph below perfectly illustrates the fluctuation of the Bitcoin price over four days. It clearly shows that the BTC price oscillated between $6600 and $6800.
bitcoin price chart

Bear Market Over?
Another article concerns the so-called bear market. The author of the publication states that some financial institutions are touting USA equities as ‘the shortest bear in history’ as if the dark days of the virus sell-off are behind us.

Markets in the US are beginning to show signs of life. Thanks to the US Federal reserve’s $2 trillion stimulus package, the Dow Jones Industrial Average is up 23% and the S&P 500 Index has gained around 20% from their respective March 23rd bottoms. The S&P 500 chart below is a perfect representation of the current situation.
S&P 500 index chart
Peak at $3,300 dropped all the way down to $2,200 in the span of a few weeks. Now normal recessions and economic collapses would actually show a slow and steady increase over the next few years. Whereas here we’re getting right back up to almost 20 percent gains from where we were at the bottom.

This is because people start buying shares because they see an opportunity. It makes the stocks grow. Nevertheless, we will probably see further drops on the stock exchanges, because this is only the beginning of the Covid-19 crisis.

Riot Blockchain Says Coronavirus Outbreak Might Hurt Crypto Mining Farms
The publication does not discuss the problems of the commercial sector. It mainly presents the problems of companies that deal with cryptocurrency mining. Problems caused mainly by the Covid-19 pandemic.

Riot Block Chain is getting thrashed by the response to Covid-19. Its workers being quarantined and going to self-isolation while its supply chain is seized up under border restrictions and Factory closures. It also has the unwanted label of being a nonessential business like a grocery store. According to their 10K report Riot has not been classified as an essential business of any of the jurisdictions they have decided to issue.

That potentially cuts off access to Riots offices and mining rigs. Now we’re seeing this all across the board. normal businesses that export their products across borders are getting so traumatized because the product can’t get out to their buyers. So they need to shut down manufacturing causing everything to be at a stalemate right now.

https://www.coindesk.com/riot-blockchain-says-coronavirus-outbreak-might-hurt-crypto-mining-farms

These 3 publications are proof of how the crypto world is changing and functioning. We try to provide you with the latest information on cryptocurrencies, trading and other market-related facts. Therefore, follow us and know more!

Arty Bryja

About The Author

Arty Bryja
Business Development Manager

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