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The cryptocurrency market has resumed its downtrend after last week’s sell-off that saw it lose half its value. The downtrend resumed shortly after the Federal Reserve cuts rates by an additional 100 bps.
Italy’s Red Cross has started a fundraising campaign accepting Bitcoin and other cryptocurrencies to buy equipment that will help the country fight the COVID-19 pandemic.
A Bitcoiner who mined BTC in 2010 and ended up forgetting about the funds has returned, a decade later, to claim the cryptocurrency he received from mining with a GPU. Blockchain data appears to show that he or she sold the funds on Coinbase.
Top stories in the Crypto Roundup today:
- Crypto Market Resumes Downtrend After Fed Cuts Rates to Near Zero
- Italy’s Red Cross Accepts Bitcoin Donations to Combat coronavirus
- 1,000 BTC Mined in 2010 Moved for the First Time Amidst Sell-Off
At the time of writing, bitcoin (BTC) is trading at $4,910.46 (-6.46%) with a daily Top Tier volume of $4.00. As for ether (ETH), it is trading at $110.52 (-9.63%) with a daily Top Tier volume of $1.09 billion. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 1,733.64 (-9.06%)
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Crypto Market Resumes Downtrend After Fed Cuts Rates to Near Zero
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After shedding half their value in a two-day plunge last week and slightly recovering over the weekend, cryptocurrency markets resumed their downtrend after the U.S. Federal Reserve announced an emergency rate cut in preparation for the economic threat the coronavirus poses.
The Fed’s rate cut brings interest rates down by 100 basis points, less than two weeks after it brought them down by 50 basis points, to a target range of 0% to 0.25%. In a statement, it said:
"The Federal Reserve is carefully monitoring credit markets and is prepared to use its full range of tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals.”
In response to the cut crypto prices initially started recovering, but the trend soon changed and at press time Bitcoin’s price dropped 6.5% to $4,900, while Ethereum dropped 9.6% to $110.5. Top cryptocurrencies like EOS, XRP, Litecoin, and BCH are all down between 5% and 10%. Chainlink, Dash, Cardano, NEO, and Zcash are down by more than 10%.
Along with the rate cut, the Federal Reserve also revealed it plans on deploying $700 billion to purchase Treasury securities and agency mortgage-backed securities to support the “flow of credit to households and businesses" over the “coming months.”
“The desk is going to go out and buy at a strong rate that we think will restore market function, liquidity, as quickly as it can be restored. That language is open ended."
Fed Chairman Jerome Powell clarified the central bank isn’t considering negative interest rates, but added it’s “carefully monitoring credit markets.”
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Italy’s Red Cross Accepts Bitcoin Donations to Combat coronavirus
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The Italian Red Cross has reportedly started accepting donations in Bitcoin and other cryptocurrencies to help fund the fight against the COVID-19 pandemic, with the goal of setting up a “Second Level Advanced Medical Post for pre-triage of COVID-19 cases.”
A blog post on the campaign details that it aims to raise €10,000 ($11,200) and that any surplus will be used to “provide medical staff with the personal protection they need.” The President of the IRC Colli Albani Committee, which is managing the fundraiser, Bruno Pietrosanti, was quoted as saying:
“We believe that an innovative fundraising tool like Bitcoin can help us find the necessary economic resources, that are very difficult to obtain in this historical moment.”
The campaign’s initial goal was to raise €10,000 ($11,200) via cryptocurrency donations, but available data shows over $14,100 have already been raised. The COVID-19 pandemic has, according to official data, infected over 170,000 throughout the world and claimed the lives of over 6,500. In Italy, it has infected over 24,700 people, and killed over 1,800.
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1,000 BTC Mined in 2010 Moved for the First Time Amidst Sell-Off
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Amid the crypto market sell-off, community members noted that 1,000 BTC mined back in 2010 had been moved in a series of transactions. The coins had been mined a decade ago, and stayed in their respective wallets since then.
The transactions were tied to a Bitcoiner using the popular Bitcointalk Forum, who published a post titled “newbie returning after long hiatus.” User ‘whoaisoon’ wrote:
- I mined some bitcoin for a little bit, a long time ago; back when it was still possible to mine with GPU. I haven't been active here for a long time. How do I move my BTC to sell?
After getting some help in the forum, blockchain data seems to show the user moved his Bitcoin and Bitcoin Cash to popular cryptocurrency exchange Coinbase, to sell the funds. The move added to the selling pressure, at a time in which the price of BTC has been dropping rapidly.
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BitStarz Relaunces Slot Wars with Huge €5,000 Prize Pool!
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BitStarz is well known the world over as the online casino that takes promotions to the next level, but you probably know that already.
Cranking up the heat like never before, our most popular weekly promotion has been revamped, rejuvenated, and relaunched. Introducing the brand new Slot Wars, with more cash rewards and free spins than ever before, as well as an expanded leaderboard to include payouts to more players.
It’s no wonder that BitStarz has become one of the favorite casinos of millions, as they will never stop serving pumped up, cash powered promotions!
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