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🗞 Daily Crypto News, March, 21st 💰

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Mr. Crypto Lemon 🍋
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  • Steem Community Resists Takeover, Hard Fork Launches Hive Network;
  • Bitcoin Price Drops $1,000 as Stocks Plummet — Bulls Quickly Buy the Dip;
  • Coinbase Broke Traffic Records and Saw Massive Volume During Market Collapse ;
  • Genesis Mining: If Economic Crisis Deepens Bitcoin Will Shine as the New Gold;
  • The Puell Multiple Is Turning Bullish on Bitcoin ;
  • 🗞 Daily Crypto Calendar, March, 21st 💰
  • STEEM Trading Update

Welcome to the Daily Crypto News: A complete Press Review, Coin Calendar and Trading Analysis. Enjoy!

🗞 Steem Community Resists Takeover, Hard Fork Launches Hive Network

The Steem (STEEM) blockchain community continues to oppose Steemit in the wake of the recent “takeover” orchestrated by Justin Sun, the startup’s new owner. On March 18, “a large group of Steem community members” announced its intention to hard fork the Steem blockchain and create a new platform called Hive.

The network split that was scheduled for Friday, March 20, successfully took place at around 10.30AM CET, and the market already seems to be reacting to the news, as the price of STEEM token decreased by over 20% to around $0.23 as of press time. Hive is an exact code fork of the Steem blockchain, although the platform will undergo various alterations based on community feedback.

Steem vs. Steemit vs. Tron — what’s the difference?

Steem is a blockchain developed by Ned Scott and Dan Larimer. It was launched in March 2016 with Steemit Inc. emerging a few months later. The company has since released blockchain-based alternatives for major social media outlets like Reddit, YouTube and Instagram.

Steem represents a delegated proof-of-stake protocol governed by a limited number of “witnesses” who are elected by STEEM holders to validate transactions on the network — similarly to miners on the original Bitcoin (BTC) blockchain. Votes are allocated according to the number of tokens they hold.

🗞 Bitcoin Price Drops $1,000 as Stocks Plummet — Bulls Quickly Buy the Dip

Today as the closing bell rang at Wall Street, Bitcoin (BTC) price corrected sharply, pulling back below $6,000 less than 24-hours after hitting a 7-day high at $6,900. The $1,000 drop from $6,670 to $5,670 is sure to have shocked investors as it is slightly below analyst’s price correction estimates but at the time of writing it appears that traders are buying into the dip.

The price has bounced at $5,700 and currently bulls are pushing it back above $6,200. After this week’s stellar 82.4% recovery from $3,775, Bitcoin was somewhat overdue for a pullback and as discussed in previous analysis the price was expected to retest underlying support at either $5,900, $5,500 or $5,380.

🗞 Coinbase Broke Traffic Records and Saw Massive Volume During Market Collapse

Coinbase saw record site traffic and a massive surge in 24-hour trading volume during last week’s coronavirus-driven market swings, CEO Brian Armstrong said in a statement shared with CoinDesk.

The San Francisco-based crypto exchange said it processed $2 billion in crypto last Thursday and Friday (for comparison, Coinbase saw $394 million in volume over the past 24 hours, according to Bitwise). Last Thursday also beat Coinbase’s previous traffic record by over 50 percent, Armstrong said.

Where other platforms experienced issues and outages, Armstrong noted that Coinbase remained operational, saying the exchange has been preparing for a crisis “for the last couple years.”

🗞 Genesis Mining: If Economic Crisis Deepens Bitcoin Will Shine as the New Gold

Philip Salter, head of operations at Genesis Mining, believes that economic meltdown may lead to a growing value for Bitcoin as a hedge against the banks.

In the last couple of weeks, there has been a lot of turmoil in the Bitcoin world. There was a rapid decline in hashrate, followed by an even more precipitous price drop. This was particularly troublesome in view of the impending halving.

Bitcoin miners have margin calls too

Speaking on whether miners played a major role in the recent market decline, Salter observed:

“>It’s no different from traditional markets, you have to sell everything to keep the operations going, to pay off your debts. As a miner you have bills to pay, you have to pay for electricity, for operations; and your expenses are in dollars, so as the price of bitcoin is dropping, it means you have to sell more of your inventory just to keep going.”

🗞 The Puell Multiple Is Turning Bullish on Bitcoin

Bitcoin’s (BTC) recent sell-off has pushed prices on the top cryptocurrency by market capitalization into a historically attractive zone, according to one indicator.

Prices fell from $10,200 in mid-February to 12-month lows below $4,000 last week, dashing many hopes for a strong rally ahead of the May 2020 mining reward halving.

However, with the price slide, a key indicator called the “Puell Multiple” has declined to levels suggesting the value of newly issued bitcoins on a daily basis is quite low compared to historical standards.

2018 bear market

Bitcoin’s bear market from the record high of $20,000 reached in December 2017 ended at lows near $3,200 in mid-December 2018, with the Puell Multiple hitting a low of 0.30.

https://static.coindesk.com/wp-content/uploads/2020/03/2018-bear-market-775x436.png?format=webp

🗞 Daily Crypto News, March, 21st💰

  • Lisk (LSK)

"The Lisk Center Utrecht organizes a full-day blockchain development workshop on Saturday, 21st of March. "

  • ILCoin (ILC)

"Web wallet will be released until March 21."

  • Waves (WAVES)

YouTube developer tutorial on "How Transactions are Signed."

  • NULS (NULS)

"All unswapped NULS will be donated to the #nuls Foundation after the deadline. Deadline: 21st March 2020."

  • Matic Network (MATIC)

"Join us for the second session of the Matic Master Class series, Saturday at 6 PM IST!"

STEEM Trading Update by my friend @cryptopassion

Here is the chart of my last analysis :

Here is the current chart :

The correction was foreseen but it is always hard to see. So after the nice pump that we experienced due to the fork and the people interested to receive free Hive, the correction just started after the fork at 10.00. We broke one after one the different support line and we just broke the last one at 0.19$. Let's see now where the STEEM will stabilize after that fork.

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