Bitcoin Turned ‘Sell’ After A Key Technical Rejection Above $7K

Bitcoin was rejected above the $7,000 level and it declined heavily against the US Dollar. BTC price is currently trading in a bearish zone and it could continue to slide towards $6,400. Bitcoin is showing a lot of bearish signs below the $7,000 pivot level against the US Dollar. There was a key technical rejection near the $7,200 area and the 100 hourly SMA. There is a crucial bearish trend line forming with resistance near $7,150 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair…

SBI Crypto Shares of Bitcoin SV Post Halving Rise to 15.28%

A subsidiary of Japanese financial services giant SBI Holdings has seen its share of Bitcoin Satoshi’s Vision (BSV) mining pool share rise since the first halving on April 10.  According to cryptocurrency information site CoinDance, cryptocurrency mining company SBI Crypto held about 4.4% of the total shares of BSV last week, but those numbers jumped to 15.28% on April 13.  Source: Coindance The halving of BSV comes just a short time after BCH’s halving event on April 8, and approximately one month prior to Bitcoin’s halving, expected between May 11-13.…

$30 Million Liquidated as Bitcoin Price Plunges to $6,600

Over the past two hours, Bitcoin has rapidly reversed after it passed $7,000 on Sunday. As of the time of this article’s writing, the cryptocurrency trades at $6,675, some 8% below the daily high around $7,200. BTC wicked as low as $6,580 just minutes ago. According to data from Skew.com, this strong move lower resulted in $30 million worth of long-side liquidations on BitMEX while other platforms probably saw a similar move. Sellers seem to be accumulating shorts into the crash, with BitMEX open interest denominated in BTC actually rising…

Bitfinex Made a $1.1 Billion BTC Transaction for only $0.68

When someone transferred 161,500 Bitcoin (BTC) on April 10 for a fee of only 0.00010019 BTC — approximately $0.68 — the crypto world took notice. According to blockchain transaction details, the user moved approximately $1.1 billion dollars in the cryptocurrency at the time of press. Of that amount, 15,000 BTC was sent to a wallet, while the remainder — 146,500 BTC — was returned to the original address. Twitter user KRMA_0 was one of the first to spot the transaction, but it didn’t take long for someone to take credit…

Square’s Users Can Route Stimulus Payments to BTC-Friendly Cash App

Square’s Cash App is allowing U.S. citizens and residents who don’t usually file a tax return to direct forthcoming government stimulus payments to the mobile payments application. The move comes after the company failed to convince the United States Treasury to let it distribute the stimulus funds to segments of the U.S. population. Cash App users can request stimulus payments to app Within hours of the Internal Revenue Service (IRS) green-lighting the distribution of stimulus funds to citizens who don’t file tax returns on April 10, Square users can accept…

10 Tips to Keep Your Crypto Portfolio Profitable During a Crisis

Dennis Gartman began his trading career in the 1970s and over the years he amassed a ton of experience trading Forex, treasuries, stocks, commodities, and derivatives. Those familiar with Gartman will know that he wrote a very prestigious daily newsletter for 30 years, and it is held in high regard by institutional investors. Known for his pragmatism and skepticism, Gartman crafted some of the most contrarian trading calls ever registered, often hitting the bullseye. Gartman eventually wrote down some “rules of trading,” and these have been revised and honed over…

Fifth-Largest US Accounting Firm Partners With Crypto Tax Tech Company

Blockchain-native software and tax services company, Lukka, has been chosen to provide crypto taxation software to the fifth-largest accounting firm in the United States, RSM. Cointelegraph spoke to Lukka CCO Jeremy Drane, and RSM senior manager of international tax and blockchain/cryptocurrency, Jamison Sites, to find out more about the partnership between the two firms. Lukka provides crypto tax software to RSM clients The deal will see RSM’s tax clients provided with the ‘Lukka Crypto Office’ and ‘LukkaTax for Professionals’ software to assist the tax preparation needs of both individuals and…

Crypto Crash Created Rare Opportunities for Savvy Traders

Despite the volatility of the March 12 – 13 crypto market meltdown, Coinbase has identified several unusual methods through which traders were profiting amid the chaos. The crash saw rare profits being generated through ‘crypto-and-carry’ derivatives arbitrage, stablecoin speculation, and the failure of MakerDAO’s auction protocol. Derivatives arbitrage through ‘crypto-and-carry’ trades Coinbase asserts that the sudden flip in market sentiment from bullish to bearish created opportunities for derivative arbitrage through “crypto-and-carry” trades. With the exchange estimating that the crypto market is usually net-60% bullish with futures prices higher than spot…

Bitcoin Could Become Like ‘Prison Cigarettes’ Amid Deepening Financial Crisis

In an interview with Cointelegraph, John Vaz, economist and academic at Monash University, asserts that the outlook for Bitcoin (BTC) and cryptocurrency is dependent on the response from governments to the current economic crisis. John also emphasizes the importance of wider adoption and acceptance of cryptocurrencies, likening Bitcoin’s possible role as a money commodity in the context of deepening economic crisis to cigarettes in prisons. Bitcoin will correlate with mainstream markets in short term In the short term, Vaz is unsurprised that the price of Bitcoin has dropped, asserting that…

Hodler’s Digest, April 6–April 12

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Bitcoin price drops to key level as 100% rally since crash looks shaky After spending most of the week in a tight corridor between $7,100 and $7,410, Bitcoin suddenly dropped into the $6,900s on Friday. It means the world’s biggest cryptocurrency was unable to reach…