Bitcoin Price Skyrockets to 8k Is this the Beginning of the Halving Bull Run?

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Bitcoin Price Skyrockets to $8k, Is this the Beginning of the Halving Bull Run?

By Lorenzo Stroe – April 29, 2020

Bitcoin is currently trading at around $8,140 after a huge break above $7,792 and eventually $8,000 with a lot of continuation. The bulls have managed to break through a crucial resistance level and if they manage to close the day above $8,000, they will remain gratified.


BTCUSD Chart Via TradingView

Surprisingly, there hasn’t been a spike in trading volume but the day has just started. The bulls are now looking at basically no resistance until $9,000. The daily RSI is on the verge of a cross to the overbought zone, however, considering the momentum of the bulls, it’s unlikely that this indicator will play an important role in the near future.

Is The Halving Bull Run Finally Here?

It’s clear at this point that Bitcoin and the entire crypto market have recovered far better than the traditional stock market which is still trading sideways. Bitcoin has decoupled from the S&P500 and it’s currently trading at levels seen before the crash.


BTCUSD Chart Via TradingView

Obviously, the daily chart is in a strong uptrend but what about the longer time frames? Let’s look at the weekly chart for a moment. Clearly, the bulls are in control but have not changed the weekly downtrend just yet. At this point, we have seen 7 weeks of positive gains for Bitcoin but the bulls still need to break above $10,500 to change the trend.

The alternative is to set a lower high followed by a higher low compared to the bottom at $3,700. In the weekly chart, it is very clear how the trading volume has decreased over the past 8 weeks.

A crucial indicator here is the MACD which is on the verge of a bullish cross, the last bull cross propelled Bitcoin up to $10,500. The RSI is only at around 50 points and the EMAs are starting to look for a bull cross within the next few weeks. Bitcoin is currently trading above both the 12 and 26-period EMAs.

The monthly chart is fairly similar and definitely in favor of the bulls right now even though it is still in a downtrend. The MACD here is not a very good indicator and seems to be lagging a lot. The RSI is currently at 53 points but it’s unlikely to play an important factor until months ahead.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Lorenzo Stroe and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

US Consumer Confidence Deteriorates Sharply In April But Expectations Improve

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U.S. Consumer Confidence Deteriorates Sharply In April But Expectations Improve

By RTTNews Staff Writer | Published: 4/28/2020 10:22 AM ET

Consumer confidence in the U.S. deteriorated significantly in the month of April, according to a report released by the Conference Board on Tuesday, although the report also showed an improvement in consumer expectations.

The Conference Board said its consumer confidence index plunged to 86.9 in April after tumbling to a downwardly revised 118.8 in March. Economists had expected the index to plummet to 90.0 from the 120.0 originally reported for the previous month.

The steep drop by the headline index came as the present situation index showed a record nosedive to 76.4 in April from 166.7 in March.

Consumers saying current business conditions are "good" slumped to 20.8 percent from 39.2 percent, while those climbing conditions are "bad" spiked to 45.2 percent from 11.7 percent.

The report noted consumers' assessment of the job market also eroded significantly, with those saying jobs are plentiful plunging to 20.0 percent from 43.3 percent and those saying jobs are "hard to get" surging up to 33.6 percent from 13.8 percent.

Meanwhile, the Conference Board said the expectations index climbed to 93.8 in April after falling sharply to 86.8 in March.

The rebound by the expectations index came as the percentage of consumers expecting business conditions will improve over the next six months jumped to 40.0 percent from 18.7 percent, although those expecting conditions will worsen also increased to 25.7 percent from 16.4 percent.

The outlook for the labor market was mixed, with the proportion expecting more jobs spiking to 41.0 percent from 16.9 percent, while those anticipating fewer jobs in the months ahead also increased to 20.8 percent from 17.6 percent.

"Consumers' short-term expectations for the economy and labor market improved, likely prompted by the possibility that stay-at-home restrictions will loosen soon, along with a re-opening of the economy," said Lynn Franco, Senior Director of Economic Indicators at The Conference Board.

"However, consumers were less optimistic about their financial prospects and this could have repercussions for spending as the recovery takes hold," she added. "The uncertainty of the economic effects of COVID-19 will likely cause expectations to fluctuate in the months ahead."

Last Friday, the University of Michigan released a separate report showing a modest upward revision to its reading on consumer sentiment in the month of April.

The consumer sentiment index for April was upwardly revised to 71.8 from the preliminary reading of 71.0 but remained down sharply from the final March reading of 89.1.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

IBM Blockchain To Address COVID-19 Medical Supply Chain Shortages

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IBM Blockchain To Address COVID-19 Medical Supply Chain Shortages

By RTTNews Staff Writer | Published: 4/27/2020 10:40 AM ET

IBM has rolled out "IBM Rapid Supplier Connect" to help in addressing the shortages in the COVID-19 Medical Supply Chain.

The IBM Blockchain-powered network solution can help healthcare organizations and government agencies in the U.S. and Canada to rapidly identify and onboard new, non-traditional, alternative vendors to address the shortage of equipment, devices and supplies needed for COVID-19 relief efforts.

IBM is offering the Rapid Supplier Connect solution at no cost until August 31, 2020 to qualified buyers and suppliers in the U.S. and Canada.

The suppliers and buyers currently joining the network include hospitals and other organizations such as Northwell Health, New York's largest healthcare provider, and The Worldwide Supply Chain Federation, which is adding more than 200 U.S. suppliers from its 3,000 global community members to the network.

Buyers can benefit from a broader range of suppliers outside of their traditional supply chain, a streamlined supplier onboarding process, validation checks and inventory information in near-real time.

Suppliers can benefit from a portable online identity, access to user feedback and the ability to post and manage inventory availability.

The impact of supply chain disruptions are mostly being felt by the healthcare workers and other first responders. To address this, many large and small businesses from outside the traditional healthcare procurement system are reconfiguring to mass produce as Personal Protection Equipments (PPE) such as masks, gowns and other essential supplies.

This new platform is expected to help in quickly adding them to the supply chain to quickly find each other, accelerate verification and onboarding processes, and gain near real-time insights into inventories of life-saving equipment.

It will then help identify existing supplies and excess inventory going unused, allowing hospitals to make it available to others and redirect supplies where they are needed most.

Rapid Supplier Connect complements existing supply chain networks and their payment systems. However buyers also have the option to use the services of a third-party paymaster for a fee, CDAX, which will secure funds on behalf of buyers in a custody and settlement account, until the buyer verifies acceptance of the order and releases funds to the seller.

Project N95, which is serving as a clearinghouse for information on COVID-related suppliers will also help with supplier vetting. Dun & Bradstreet is contributing its identity resolution, firmographic data, and supplier risk and viability scores.

RapidRatings provides financial health data on suppliers, and KYC SiteScan will provide "Know Your Business" due diligence report access. Thomson Reuters will provide access to its CLEAR customer due diligence tool, to provide buyers with access to real-time and comprehensive data to vet suppliers and identify potential fraud risks.

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

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Tyler Winklevoss: the Fed Has Set the Stage for Bitcoin BTC to Rise

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Tyler Winklevoss: the Fed Has Set the Stage for Bitcoin (BTC) to Rise

Recent US Fed Reserve policies to avoid a recession might drive investors to Bitcoin (BTC).

John P. Njui   •   Ethereum News   •   April 25, 2020   •   in Bitcoin News, Cryptocurrency

In brief:

  • In a tweet earlier this week, Tyler Winklevoss believes that the Federal Reserve’s recent actions have set the stage for the rise of Bitcoin (BTC).

  • Additionally, he cautioned that the COVID19 pandemic will increase surveillance by governments attempting to track the spread of the virus.

  • He also pointed out that US Interest Rates could go into negative territory just like US Crude Oil.

In order to cushion the US economy against the economic effects of the Coronavirus, the Federal Reserve has continued to institute monetary policies that have left many economists, analysts, and crypto enthusiasts predicting that investors will flock to Bitcoin (BTC) to avoid inflation with respect to the United States Dollar.

In a recent tweet, the Co-Founder and CEO of the Gemini exchange, Tyler Winklevoss, explained that the recent actions by the Federal Reserve bank to combat a Coronavirus induced recession have set the stage for the rise of Bitcoin (BTC). Additionally, he cautioned that the COVID19 pandemic will lead to more surveillance activities by governments on their citizens to monitor the spread of the disease. His tweet can be found below.

Negative Interest Rates Are On The Way

Earlier today, Mr. Winklevoss commented on the news by Bloomberg pointing at the possibility of the Fed taking US interest rates below zero. In the tweet, he compared the United States Dollar to the price of Oil that saw negative values last week. He stated:

First it was oil. Then it was…the U.S. dollar?

The Bloomberg article Mr. Winklevoss was commenting on predicts that the Fed will continue to cut interest rates to stimulate economic growth to slow down the pending recession. The Federal Reserve has already cut interest rates to a range of 0 – 0.25% and there is currently no more room to maneuver. The only option left on the table is to institute negative interest rates. According to Bloomberg, such a rate cut would not be as shocking given the current economic environment. The team at Bloomberg further elaborates on this as follows.

A decade ago, the answer would have been that it was impossible to go below zero: Banks would simply avoid the charges by withdrawing their reserve deposits and holding the funds in paper currency, which pays zero interest.

But economists now recognize that doesn’t happen, because it’s costly to store billions (or trillions) of dollars of paper currency safely. Several European central banks, as well as the Bank of Japan, have successfully taken interest rates below zero.

This stimulates consumer demand in the usual ways: by incentivizing banks to make loans at lower interest rates, to bid up the prices of financial assets, and to charge higher fees for deposits.

(Image courtesy of SpaceX on Unsplash.com)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

 

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

CoinMarketCap Partners Gilded To Autopilot Crypto Invoicing And Payments

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CoinMarketCap Partners Gilded To Autopilot Crypto Invoicing And Payments

By RTTNews Staff Writer | Published: 4/24/2020 10:50 AM ET

Cryptoasset data provider CoinMarketCap, recently acquired by Binance, partnered Gilded to automate their digital currency invoicing and payments as well as to offer its global customers faster payment options with cryptocurrencies such as Bitcoin.

Gilded's seamless blockchain-powered invoicing, payment and accounting solution will enable CoinMarketCap to get paid faster and more transparently, with lower fees to customers. The end-to-end solution includes invoicing to payments, bookkeeping, accounting, and tax reporting.

Gilded also integrates with popular CRMs and bookkeeping systems to create a seamless workflow from payments to accounting.

The deployment of Gilded's digital currency payment solution will help CoinMarketCap in integrating the sales process with receipt of payment easier, eliminating the need to manage the payment process manually.

Under autopilot mode, invoices are created automatically, and payments are automatically detected and reconciled on blockchain. The auto-managing of the payment process enables CoinMarketCap to focus on delivering value to customers, innovation and growth.

The Gilded-generated invoice offers international wire transfer, credit card and crypto payment options through Bitcoin or Ethereum wallet. Customers can take advantage of the benefits of crypto payments with easier global access, fast settlement, lower fees, etc.

Until now, most companies have had to use banks or money transfer services to make international payments. Compared to international wire transfers, crypto payments are ten times cheaper, faster, and more transparent.

Traditional payment solutions include multiple intermediaries, each introducing additional friction, delays and transaction fees. International payments made with wire transfers can take as long as five days to clear, with no transparency in between.

In early 2020, Gilded announced partnerships with TrustToken, Paxos and Stablecorp to offer B2B payment solution powered by stablecoins.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

Bitcoin Price Is Showing All 3 Crucial Signs of a Classic Bull Trap

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Bitcoin Price Is Showing All 3 Crucial Signs of a Classic Bull Trap

Bitcoin price surged by 10 percent in 24 hours, but three factors suggest that the rally itself may be a fakeout.


Image courtesy of CoinTelegraph

              APRIL 24, 2020

The Bitcoin price increased by more than 10% in a 24-hour span, rising from $7,020 to $7,770 on both spot and futures exchanges. But, BTC is showing all three signs that the upsurge was a bull trap.

Negative futures funding rate before the rally, altcoins failing to front-run Bitcoin, and the BTC price running into a multi-year resistance level all point toward the recent price spike being a fakeout.

Futures funding rate was negative before Bitcoin rally

On Binance Futures, the funding rate of Bitcoin dropped to as low as -0.03% prior to the abrupt increase in price.

Bitcoin funding rate chart across all futures exchanges. Source: Skew
Bitcoin funding rate chart across all futures exchanges. Source: Skew

Futures exchanges like BitMEX and Binance Futures use a system called funding to provide balance in the market for both long and short contract holders. If there are more short contracts in the market, then the funding rate turns negative and traders shorting BTC have to compensate long contract holders with a portion of their positions.

As an example, if a trader places a $50,000 short on Bitcoin and the funding rate is -0.03%, then the trader has to pay $15 every eight hours, so $45 in total per day to long contract holders.

When the Bitcoin price started to increase and the funding rate remained negative on April 23, it created an unfavorable environment for sellers, as they were paying a part of their positions while the value of their trades was swiftly declining.

That forced short holders to close or adjust their positions, adding to the already rising buying demand in a short period of time. It ultimately converted into a short squeeze, liquidating $79 million worth of shorts on BitMEX alone.

A short squeeze was expected due to the negative funding rate, but the momentum of the rally dwindled quickly, raising skepticism towards the strength of the upside move.

Altcoins are not rallying in tandem

Typically, in an extended and sustainable Bitcoin rally, major alternative cryptocurrencies in the likes of Ether (ETH) and XRP tend to rise in tandem with BTC, front running it at times.

During the time the Bitcoin price increased by seven percent, the price of Ether rallied by around seven percent, underperforming against BTC.

The lack of high volatility in the altcoin market amidst a Bitcoin uptrend indicates that there are not many buyers in the cryptocurrency market willing to take additional risks in the short-term.

BTC finds itself at a multi-year resistance area

The spike in the Bitcoin price came to a halt at $7,770, a level that has acted as a resistance level since early 2018.

BTCUSD weekly chart. Source: Tradingview
BTCUSD weekly chart. Source: Tradingview

The $7,700 to $8,300 range has served as one of the heaviest resistance areas alongside the $10,500 to $11,000 range since January of 2018.

With $7,900 and $8,000 being historically important simple moving average (SMA) resistance levels, it is highly improbable that BTC breaks both levels at once without any rejection, which may cause a steep downtrend following the halving in mid-May.

One variable, however, is that April through July have consistently been strong months for Bitcoin throughout the past several years and the upcoming halving falls into the three-month range.

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Original article posted on the CoinTelegraph.com site, by Joseph Young.

Article re-posted on Markethive by Jeffrey Sloe

Successful Attacks By Ransomware Slowing Down In 2020 Amid COVID-19: Study

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Successful Attacks By Ransomware Slowing Down In 2020 Amid COVID-19: Study

By RTTNews Staff Writer | Published: 4/22/2020 9:38 AM ET

Early indicators in 2020 show that ransomware attack numbers would be similar to or worse than 2019, but the number of successful attacks reduced considerably now amid the coronavirus (COVID-19) crisis, according to cybersecurity firm Emsisoft Malware Lab. It is now at a level not seen in several years.

Cybercriminals use software vulnerabilities to launch ransomware attacks on organizations and demand payments in cryptocurrencies such as Bitcoin to restore their systems back to normal. They are also distributing malware disguised as other products to steal personal information.

A total of 89 organizations were impacted by ransomware in the first quarter of 2020, with 38 on government entities, 26 on educational institutions and 25 on healthcare entities.

There were a total of 113 attacks on government entities in 2019 for an average of 28.25 per quarter and 89 attacks on educational establishments for an average of 22.25 per quarter, disrupting operations at up to 1,233 individual schools. In the first quarter of 2020, it disrupted operations at up to 422 individual schools.

There were also a total of 764 attacks on healthcare providers in 2019 for an average of 191 per quarter.

In 2019, a total of 966 government agencies, educational establishments and healthcare providers in the U.S. were impacted by ransomware for an average of 241.5 per quarter.

While the number of successful attacks on the public sector has decreased, attacks on the private sector have remained largely unchanged during the COVID-19 pandemic.

The downward trend is continuing into the second quarter with only a relatively small number of successful attacks having occurred between April 1 and 20, with 3 attacks on government entities, 2 on educational institutions and 2 on healthcare entities.

This marked decrease in attacks can be attributed to the suspension of non-essential services during the COVID-19 pandemic as they may have effectively reduced organizations' attack surfacing. The work-from-home aspect may also have created challenges for ransomware groups.

The decline in successful attacks, and especially attacks on healthcare providers, is obviously a positive, but the relief is likely only temporary. Once organizations resume normal operations, the number of attacks could return to their previous levels.

The reduction may also be due to the fact that many companies are financially distressed.

A recent report by Chainalysis stated that ransomware attacks or, at least, ransomware payments, have decreased significantly since the COVID-19 crisis intensified in the U.S. and Europe in early March.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

Coinbase: Global Market Uncertainty Drives Demand for Stablecoins

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Coinbase: Global Market Uncertainty Drives Demand for Stablecoins

By Jeff Fawkes – April 22, 2020

Coinbase claims that global market uncertainty creates the demand for stablecoins. The on-chain transfer activity and the market cap of stablecoins keep growing. The blog post defines two most important stablecoins use cases. The first one is to be a safe haven in the days of overall volatility. And the second one is to enable fast cross-exchange payments.

Analyst Mike Co from Coinbase says that stablecoins are on the grand rise. Global commerce may soon demand a stablecoin economy to step in. He points on the JPMorgan’s pilot project called ‘JPM Coin’. People developing JPM are sure that instant cross-border payments on a blockchain will improve institutions.

Daily Active Addresses Rise for Stablecoins and DeFi

Per the analyst, the increase in daily active addresses means stablecoins gain more adoption. The graphs show USDT is the leader. It has more than 50,000 average daily active addresses. While Sai, USDC, Dai and Pax USD have up to 3,000 of them each. TrueUSD has around 1,000 of such addresses. And Gemini Dollar, BUSD and HUSD share the last positions with less than 100 addresses per day.

The study features the new iteration of the crypto game called ‘DeFi’. The Decentralized Finance sector is making sure that you can lend, borrow, or use stablecoins as collateral. Such actions are possible via things like Compound, Nuo, dYdX, and Aave. Working via smart contracts, they offer an APY range of 0.44-2.36% for USDC:

USDC Daily Transferred Value, Market Cap Growing

Per the Coinbase Commerce Platform, the demand for USDC grows among the clients. USDC is one of the two stablecoins supported by Coinbase.

During the last three months, the economic activity and the use of USDC slowly gained more of the adoption. It had a usage increase of up to 20% in the days like January 14, 2020. The percentage shows USDC’s share of the total daily transaction volume on the platform.

Coinbase Commerce has a transaction volume worth over $200 million so far.

During the past two years, the value of stablecoin systems rose. Stablecoins are in use by more than 40% of all the cryptocurrency transactions:

The usage of Ethereum’s blockchain is diminishing. While Bitcoin looks like it keeps the lion’s share, it is not growing towards eating off the shares of Ethereum and most Stablecoins. But don’t forget that many of the stablecoins, including Tether, work on the ETH blockchain.

Since March 1, the market cap of USDC rose from $457 million to over $700 million. The daily on-chain transfer value of USDC is more than $400 million. After the stablecoin’s inception, it has transferred more than $26 billion. Interestingly, the daily transfer value grows for many other stablecoins too.

Markets demand a safe haven in the rough times of the world crisis. Investors sell off their stocks to buy gold, silver, food, and cryptocurrencies. If your local currency can lose 5-20% of value in a month, the dollar seems like a good alternative too.

Even developed parts of the world seek for dollars. In a piece ‘The World Desperate for Dollars‘ by The Wall Street Journal’s Chong Koh Ping and Serena Ng, authors write on how countries buy the dollar in 2020 as the hedging asset. The DXY index is measuring the U.S. dollar against the Euro, Pound, and Yen. It did a sharp increase at the end of March 2020:

Stablecoin: a Global Savior, Or a Crying Princess?

Stablecoins allow cross-border, instant, KYC-free transactions. When you create a crypto wallet, it takes minutes. When you create a bank account, it could take hours. Stablecoins could be one of the keys to global crypto adoption. However, the crypto market is not heavily regulated today. 

The piece by Coinbase analyst features a quote from the Bank of International Settlements (BIS). The Bank claims retail stablecoins could serve as a global business gateway:

“In principle, retail stablecoins could enable a wide range of payments and serve as a gateway to other financial services. In doing so, they could replicate the role of transaction accounts, which are a stepping stone to broader financial inclusion.”

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Jeff Fawkes and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

EMX Exchange Halts Trading of USOIL-Perp After Crude Oil Crash

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EMX Exchange Halts Trading of USOIL-Perp After Crude Oil Crash

The exchange had not been designed to handle negative values of global futures contracts.

John P. Njui   •   News Exchanges   •   April 21, 2020   •   2 Min read

In brief:

  • Everyone was shocked when US Oil prices hit zero and global futures contracts fell hard into negative territory.

  • Such an event had not been anticipated by the team at the EMX exchange.

  • The team halted trading of its USOIL-Perp contract.

  • Trading of the perpetual contract is yet to be reopened as the team decides on a way forward.

Yesterday's price movement of US Crude Oil shocked everyone. The majority of traders were confident that the price of the precious commodity would not break the various support zones that were last seen in the 1980s. However, the WTI Crude Oil chart went right through the decades' strong support zones at $15, $12 and $9. The price per barrel went to zero as futures contracts went into negative territory as low as $-40.

EMX Exchange Halts Trading of its USOIL-Perp

Such a scenario of negative prices of US Oil futures contracts had not been anticipated by the team at the EMX Exchange. As a result, the team decided to halt the trading of its USOIL-Perpetual contract. The screenshot below shows that trading was stopped at 18:00 (UTC) on the 20th of April. The last price of the USOIL-Perp contract was $3.48. This is after its value almost hit zero.


USOIL-Perp Chart courtesy of EMX.com (Click on Image for larger view)

Unexpected Sequence of Events

As earlier mentioned, very few traders and investors had anticipated that the price of US Crude Oil futures contracts would go into negative territory. The team at EMX has also explained that such a scenario had not been planned for. They have since issued the following statement via Twitter explaining the situation at hand.

We are currently investigating ways to move forward with USOIL-PERP due to negative underlying prices, an edge case that we had not built for.

Additionally, the team has halted withdrawals as they verify all transactions. They explained this in a follow up of the first announcement.

For those of people who concerned about withdrawal, we are manually verifying all transactions and everyone should get it back within 1-3 business days. We apologize for the inconvenience.

What's Next for USOIL-Perp Traders on EMX?

As the stoppage only affects the USOIL perpetual contract, trading of other contracts on EMX is still much active. However, traders who anticipated the Crude Oil meltdown and decided to go SHORT, might have to wait till the team at the exchange decides on a way forward.

More About EMX Exchange

Founded in 2017, the Evermarkets Exchange (EMX) has a vision of revolutionizing the global derivatives markets. The exchange does this by allowing users to trade contracts on equities, currencies, commodities as well as popular cryptocurrencies. The latter includes perpetual contracts on Bitcoin (BTC), Ethereum (ETH), EMX token, ChainLink (LINK) and Tezos (XTZ).

(Feature image courtesy of Erwan Hesry on Unsplash.com.)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

Socioscom To Launch COVID-19 Immunity Passes For Football Fans

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Socios.com To Launch COVID-19 Immunity Passes For Football Fans

By RTTNews Staff Writer | Published: 4/14/2020 10:30 AM ET

Fan engagement platform Socios.com plans to launch blockchain-powered COVID-19 immunity passes for global football fans to enable them to attend live games at stadiums in the aftermath of the coronavirus (COVID-19) pandemic.

The Socios Pass, an ID and immunity verification tool, will allow fans holding "Proof of Immunity" to return to the stadium and watch live games more safely and securely.

According to many leading health experts, immunity certificates or 'passports' issued by health authorities will be needed in order to allow individuals to fully return to 'normal life' for attendance at large scale public gatherings, such as football matches after the COVID-19 outbreak subsides.

When sporting action returns, the expectation is that it will initially be held behind closed doors and clubs will receive an initial boost from TV revenues only. However, sport will continue to bear the heavy financial consequences of lost revenues from ticket sales and sponsorship.

Socios Pass will use blockchain technology and QR codes.

Socios.com struck deals to be the 'Official Cryptocurrency Partner' with eight of the leading global football clubs over the past two years. They are Spain's Atlético de Madrid and FC Barcelona as well as European league clubs, France's Paris Saint-Germain, Italy's Juventus and AS Roma as well as UK's West Ham United, Turkey's Galatasaray Spor Kulübü and Argentina's Club Atlético Independiente.

Socios.com is working with partner football clubs to find more fan engagement solutions in the absence of live matches amid the ongoing COVID-19 outbreak. The Socios Pass is among the first solutions to be developed to aid the recovery from the financial impact caused by COVID-19.

The Pass is created after a fan presents a digital immunity certificate from their local health authority and identity proof. It is then verified by Socios.com KYC specialists and a secure one-time use QR code is issued through the fans' free Socios.com account on the app. The QR code serves as their ID & health status verification that is scanned at the stadiums.

The Socios Pass technology will be provided free of charge to the fans of all partner clubs.

The fan health data or information relating to immunity status will be retrieved and read by an independent blockchain only when users open their Socios Pass to be scanned, providing the needed privacy and security to the data.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe