Crypto Today: Bitcoin consolidates gains before another leg higher

Here’s what you need to know on 

Markets:

BTC/USD has been hovering around $6,200, having gained over 16 % since this time on Thursday. BTC hit the intraday high at $6,296 but failed to hold the ground. Now it is moving within a short-term bearish trend amid low volatility.

ETH/USD has settled at $137.50, off the Asian high of $140.18. The coin has jumped by nearly 17% on a day-to-day basis, moving in sync with the market

XRP/USD has settled at $0.1630., off the intraday high of $0.1680. The coin has gained 11% on a day-to-day basis, now it is trading within a bearish bias.
Among the 100 most important cryptocurrencies,v.systems (VSYS) $0.0267 (+35.7%),Bitcoin SV (BSV) $161.44 (+33.6%) and IOTA (IOT) $0.1662 (+31.5%) are in the green zone. The day’s losers are Steem (STEEM) $0.2903 (-22.7%), Bytecoin (BCN) $0.00022 (-1.4%).

Chart of the day:

BTC/USD, 30-min chart

Market

Recovery on the cryptocurrency market-inspired new bullish forecasts. Many experts believe, that unprecedented money-printing and liquidity injections by major central banks create a strong bullish case for Bitcoin. The digital asset is seen as a hedge against negative interests and looming inflation. Dan Tapiero, Co-founder of 10T Holdings, writes:

Negative interest rates have arrived in the US! 6mo t-bill at -2bps. Means you need to PAY US govt for 6mo cash deposit. Rates to go much more negative to weaken dollar. This is confiscation and it is bad but it needed for now to stabilize system. Mega bullish for #Bitcoin.

A popular crypto Twitter analyst and a creator of the Stock-to-Flow model, PlanB says that the liquidation of leveraged position on the cryptocurrency market helped to clean the system, while traditional markets cannot be cleared due constant interventions aimed to prevent investor losses.

#Bitcoin leveraged longs are liquidated, system cleared. The traditional system did not clear because of circuit breakers, bail outs, non 24/7: who knows how many blow ups are out there?! Markets show current $5trillionUSD promised QE is not enough. Bitcoin halving in May. 

Industry

According to a new report by CB Insights, the volume of venture financing in the blockchain industry decreased by a third from $4.2 billion to $2.8 billion in 2019, while the number of deals decreased from 822 to 807.

The experts explain the difference by a high statistical base of 2018 when several large finalized agreements were closed. They include the sale of Bitmain shares for $400 million, $300 million raised by Coinbase at the end of Serie E funding round and $234 million raised by Hyperchain under Serie B.

Ethereum co-founder Vitalik Buterin published a roadmap for the next 5-10 years. It covers not only the Ethereum 2.0, network but also the later stages of ecosystem development. Ethereum creator stressed that the scheme was the result of two years of research and reflected his own vision of the future of Ethereum.

This is my approximate view of what the next ~5-10 years of eth2 and beyond might look like.
The roadmap below reflects my own views, others (including future versions of me) may have different perspectives! Details may of course change as we discover new info or new tech.

Thus, when the zero phases of the Ethereum 2.0 mainnet is launched, the calculations of the gas cost, synchronization of customers and the principles of change of commissions will be revised. This way lightweight Ethereum 2.0 client can be integrated with Ethereum 1.0. Further system operation is subject to audit and testing before the two systems can be merged and Proof-of-Work consensus algorithm completely dropped.

Huobi DM has moved from instant to partial liquidation of losses. The new regime will allow customers of the exchange to avoid complete position liquidation in a highly volatile market conditions. Details of the mechanism were revealed in a press release. Ciara Sun, VP of Global Business at Huobi Group, commented:

Market volatility creates new arbitrage opportunities for users, but it can also lead to unnecessarily high-risk circumstances if the right measures aren’t in place to protect them. Our goal is to safeguard our users’ assets while providing a robust trading experience, so we’re using this partial liquidation mechanism to minimize the downside without diluting the potential upside.

Quote of the day

The only thing that will stop the current market bleeding is STOPING the coronavirus. Not the devaluation of the US dollar or anything Bitcoin related. You do the logic.

João Leite, Lead Analyst at Blockfyre