Market news and analysis: Is the lawsuit against Ripple and XRP weakening?
As of March 31, the end of the first fiscal quarter for traditional markets is done for 2020. Yes, many will say this doesn't mean much for bitcoin. But given market circumstances, many in the cryptocurrency will applaud that the S&P 500 index lost to bitcoin.
Everything's a loser in these crazy times, but check this out:
I wrote in my market wrap-up yesterday about bitcoin's overall defeat of the S&P 500 in Q1. Yet it's obvious, due to volatility, those gains are ephemeral. What does that mean?
Bitcoin ended the first quarter of 2020 10 percent down from the start of the year, but not as badly as the record-setting losses suffered by global equities. The S&P 500 was in the red 18 percent to close out Q1 2020, its worst quarter since 1938.
Amended Lawsuit Against Ripple Now Offers Theory That XRP May Not Be a Security
An amended complaint against Ripple has been filed by XRP investors in a long-running lawsuit involving allegations of breaches to U.S. securities law. Notably, though, the plaintiffs now seem to be hedging their bets, adding two new claims for relief on the "alternative theory that XRP is not a security."
Tether CTO Claims USDT Stablecoin Can Boost DeFi Liquidity
The CTO for Tether and Bitfinex believes the USDT stablecoin can inject much-needed liquidity and stability into the emerging decentralized finance (DeFi) space. Paolo Ardoino said DeFi faces systemic risk if it only leverages value from the digital asset space. In his view, tokens with centralized collateral of U.S. dollars can provide a "safe set of shoulders" for the DeFi ecosystem.
LISTEN: Months in the Red
Hosts Adam B. Levine and John Biggs talk about the performance of various markets including bitcoin, a crypto game aiming for mass market appeal and France's plan to experiment with digital currencies.
Tweet of the day
Just remember it's April 1, folks. Well played, @CoinMarketCap.
Trend: Bitcoin is consolidating in a narrowing price range known as a pennant pattern, according to the daily chart. A UTC close above the top end of the pennant at $6,777 would confirm a breakout and open the doors to $8,000.
Alternatively, a close under the low end at $5,919 would imply a bearish reversal – an end of the bounce from $3,867 – and would shift risk in favor of a drop to $5,000.
Pennants, which occur following a notable upward move, usually end with a bullish breakout. The latest pennant on bitcoin has appeared following an 80-percent recovery rally and could pave the way for stronger gains.
However, a breakdown cannot be ruled out altogether, as the equity markets have again turned risk averse. At press time, major European equity indices are reporting a 4 percent drop and futures on the S&P 500 are down over 3 percent.
Bitcoin has pretty much moved in tandem with the equity markets over the last few weeks. If the risk aversion worsens during the U.S. trading hours, bitcoin will likely come under pressure. That's because investors tend to hold cash, mainly U.S. dollars, during a health crisis like the ongoing coronavirus outbreak.
Chinese Netizens Use Ethereum To Avoid China’s COVID-19 Censorship (Forbes) Amid the COVID-19 response, one unfortunate consequence has been increased censorship as governments around the world look to extend their control on the flow of information around the world.
Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
No Joke, Bitcoin is Beating the S&P 500