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🗞 Daily Crypto News, February, 27th 💰

76
5 years ago
in#bitcoin

  • Bitcoin Erases February’s Gains, BTC Price Sinks Below $8,700 ;
  • Bitcoin Drove Half of Square’s Cash App Revenue in the 4th Quarter ;
  • Over $190M in Bitcoin Liquidated on BitMEX Amid Crypto Market Sell-Off ;
  • Ethereum ProgPow Battle Not Over Yet as Opposition Rises ;
  • FCoin Working to Resume Operations, Promises to Return Lost Funds ;
  • 🗞 Daily Crypto Calendar, February, 27th 💰
  • STEEM Trading Update

Welcome to the Daily Crypto News: A complete Press Review, Coin Calendar and Trading Analysis. Enjoy!

🗞 Bitcoin Erases February’s Gains, BTC Price Sinks Below $8,700

The sharp correction that has rocked the crypto market since Feb. 23 continued through Feb. 27 as Bitcoin (BTC) price dropped nearly 8% to a daily low at $8,531.

Markets pricing in Coronavirus impact

At the opening bell, equities markets recovered some of the losses of the previous two days but at the time of writing Dow Jones futures, S&P 500 futures and Nasdaq futures all dropped 1.32%, 1.33% and 1.31%, respectively, with investors increasingly concerned about the economic impact of the Coronavirus, which is now present on every continent except Antarctica.

Tech giants Microsoft and Apple also announced that they anticipate missing key sales targets and it is likely that lent another blow to futures markets.

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Ether (ETH) dropped 10.15% to trade at $215, a stunning reversal considering that the altcoin traded at $286 less than two weeks ago. Litecoin (LTC) pulled back 13.21%, EOS 10.37% and Ethereum Classic (ETC) lost 13.47%. Surprisingly, Chainlink (LINK) rallied 6.82% and Tezos (XTZ) gained 3.71%.

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🗞 Bitcoin Drove Half of Square’s Cash App Revenue in the 4th Quarter

Jack Dorsey's payments company reported on bitcoin (BTC) profits as part of its fourth-quarter 2020 revenue results, in a shareholder letter released Wednesday. It reported bitcoin revenue of $178 million between Nov. 1 and Dec. 31, with profits of $3 million, up 50 percent over the prior two quarters.

Non-bitcoin revenue on Cash App in the fourth quarter was $183 million.

The company reported a year-end profit of $8 million on $516 million in yearly bitcoin revenue.

On Wednesday's investor call, Dorsey said a Cash App redesign made it easier for new users to discover other services.
"The peer-to-peer transfers network continues to be our best acquisition channel," Dorsey said. "Those new to the app then go on to discover bitcoin" and other in-app products, he said.

🗞 Over $190M in Bitcoin Liquidated on BitMEX Amid Crypto Market Sell-Off

The cryptocurrency markets were shaken yesterday amid a flurry of selling that saw more than $190 million worth of longs and shorts liquidated on well-known derivatives exchange BitMEX.

According to data analytics provider Skew, around $6.1 million buy and $190 million sell liquidations occurred, bringing it to a total of around $196 million worth of bitcoin (BTC) long and short positions.

Beginning at around 14:00 UTC on Feb. 26, the price of BTC began to fall below $9,000. An hour later BitMEX saw its largest amount of liquidations since the new year began, rising well above $100 million.

🗞Ethereum ProgPow Battle Not Over Yet as Opposition Rises

The Ethereum programmatic proof-of-work (ProgPoW) opposition is not settling down. If anything, it seems to be rising, with an open letter and a Twitter hashtag dedicated to it now.

"NoProgPow," say many developers and ETH supporters, adding: "I do not support the inclusion of ProgPoW." With this declaration, they're signing an open letter written by the anti-ProgPow camp against its activation.

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🗞FCoin Working to Resume Operations, Promises to Return Lost Funds

The FCoin exchange has officially announced that it will relaunch operations. A committee was formed after the exchange announced insolvency, promising to eventually return users’ funds.

The exchange’s existing team will resume the operation of the FCoin and FMex websites, handing them over to an “interim committee” led by community representatives. The announcement was made on Feb. 27 on FCoin’s support page.

The community will draft a compensation plan for the users affected by the insolvency. No details are available, with the announcement suggesting that it could be a mix of creditor’s rights or company equity.

🗞 Daily Crypto News, February, 27th💰

  • Pirate Chain (ARRR)

2nd halving will be happening on 27th of February 2020. Current block reward is 128 ARRR.

  • DYNAMITE Token (DYNMT)

"DYNMT was voted by 7,402 users with 37,740,902 HTB. Hotbit is scheduled to list DYNMT within one week."

  • Binance Coin (BNB), LTO Network (LTO), Odyssey (OCN), V-ID (VIDT)

"Blockchain Beyond the Hype" networking event in Amsterdam at 17:30.

  • Horizen (ZEN)

Team updates at 4:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.

  • aelf (ELF)

"Our CEO, Ma Haobo, is excited to guide & support the [‘Converging Chains’ online hackathon] as a judge."

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STEEM Trading Update by my friend @cryptopassion

Here is the chart of my last analysis :

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Here is the current chart :

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Yesterday, I was talking you about the 0.155$ level which was the real support. This support has been tested today during the strong correction the BTC. Hopefully, we can see a strong bounce from that level, meaning that buyers are not yet ready to see the price lower than this level. Not a bad news even during these hard times. A very nice sign would be to go back around 0.19$ in the coming hours but I think we are already too far so let's enjoy at least that bounce and see what the BTC will give us and how it will impact us.

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5 years ago
vlemon76
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