Bitcoin 4 Hour Price Update
Updated March 26, 2020 03:17 AM GMT (11:17 PM EST)
Bitcoin entered the current 4 hour candle at 6693.22 in US dollars, down 0.01% ($0.99) from the previous 4 hours. Relative to other instruments in the Top Cryptos asset class, Bitcoin ranked 4th since the previous 4 hours in terms of percentage price change.
Bitcoin Daily Price Recap
Bitcoin is up 4.05% ($263.65) since yesterday, marking the 2nd day in a row it has gone up. As for how volume fared, yesterday’s volume was up 4.87% from the previous day (Tuesday), and up 13.21% from Wednesday of the week before. Relative to other instruments in the Top Cryptos asset class, Bitcoin ranked 2nd since yesterday in terms of percentage price change. Here is a daily price chart of Bitcoin.
Bitcoin Technical Analysis
First things first: Bitcoin crossed above its 20 day moving average yesterday. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to view things another way, note that out of the past 30 days Bitcoin’s price has gone up 15 them.
Overheard on Twitter
For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to Bitcoin for the past day were:
- From APompliano:
12 month performance of assets:S&P: – 14%
DJIA: – 21%
Gold: + 25%
Bitcoin: + 69%Educate yourself. Wall Street ain’t looking out for you!
- From danheld:
$6,000,000,000,000 stimulus package for just one country. And you don’t think Bitcoin can reach a $2T market cap? ($100k/coin)🤔
- From APompliano:
The Fed’s $6 trillion stimulus plan would be enough to buy the entire market cap of Bitcoin more than 48 times.
As for a news story related to Bitcoin getting some buzz:
Almost all of LocalBitcoins transactions in the country are trades of bitcoin for electronic bank transfers in the local currency, the bolivar….Try landscape mode** Next, we overlaid the actual number of the transactions that took place during the week of the blackout to show the difference between a normal week and the blackout week: And finally, we overlaid the number of active internet connections data provided by Netblocks, to showcase the vicissitudes of the blackout as they compare to the number of bitcoin trades: Upon fully digesting these three data layers, there shouldn’t be any surprises — if the power is out in the whole country, bank transfers and bitcoin trades in that country will stop working….In the Latin American markets of LocalBitcoins, our research indicates that it is primarily being used as an intermediate currency between fiat currencies for people transferring value in and out of Venezuela….When the lights go out in Venezuela, bitcoin trades across Latin America dive as well — because money transmitters outside of Venezuela are no longer able to communicate with their counterparties in the country to complete the cross-border value transfer….Both individuals and businesses in Venezuela want to sell their bolivars for bitcoin to acquire other fiat currencies, either to save or to pay for a range of goods and services, both digital and physical, purchased all around the world….In February 2020, volumes were only about 60% where they were at time of the blackout a year earlier: Additionally, if you visit UsefulTulips.org you can see that indeed most Latin American currencies have also followed the bolivar’s volume decline: There are a number of reasons which may have caused this volume decrease to happen⁵, but what we believe this trend reversal is telling us is that Bitcoin’s utility changes according to the environment that it exists in.