Bitcoin Price Plummets to $9,100 as Coronavirus Takes a Toll On It
Bitcoin price smashed the $9,500 support on February 25 after repeated tests and accelerated towards $9,100. That marked the second day of losses as global equities markets steeply corrected on the fears of the coronavirus spreading to more countries. The price is down over 3.5% for the past 24 hours as the Asian session on February 26 comes to a close. Despite the 7.25% drop in the past two days, it is still unclear whether the pullback in Bitcoin price is technical or primarily caused by corrections in the traditional markets arising from the coronavirus fears.
BLOCK GLOBAL BlOCKCHAIN 2020 online forum ends successfully
On February 21, 2020, the BLOCK GLOBAL BlOCKCHAIN 2020 blockchain industry online forum was officially held in the BLOCK GLOBAL online community. This forum was hosted by BLOCKGLOBAL, co-hosted by Block Tech, Coinin, blocktimes, Beecast, BLOCK ECO FUND, Huobi Indonesia, Blockchain No.1. More than 30 industry guests from BLOCK GLOBAL, Elastos, BTC38, Aspro, Heyuedi, Bybit, Biki, Gate, Huobi Indonesia, BHEX, BiBull, Jubi, ZB, MXC, OKEx Mining Pool, IPFS Star Continental, ViaBTC, Standard consensus, HashQuark, TokenInsight, Kucoin, HDFS and etc. attended the forum and shared their views on topics such as industrial blockchain, Bitcoin halving, Margin, IEO, Exchange, Platform currency, Derivatives & ETFs, Mining, Staking and Projects. This forum enables people to understand the latest developments in the industry and promoted further development of the industry.
Binance CEO Changpeng Zhao Says Bitcoin Halving Not Priced In Yet
Changpeng Zhao, the founder and CEO of major crypto exchange Binance, suggested that Bitcoin’s (BTC) price has not yet adapted to the upcoming block reward halving. Zhao suggested that Bitcoin’s price will see more upwards movement in the future during an interview on Feb. 20. Zhao noted that an asset’s price is determined by demand, not the cost of production, but expects that miners will not be willing to sell below the price of production. Demand is increasing while supply is decreasing
Chinese Exchange FCoin Closes Down, Still Owes Users $125 Million
Zhang Jian, founder of Chinese crypto exchange Fcoin, revealed in a post earlier today that FCoin may not be able to pay the 7,000-13,000 BTC (that’s $67 million to $125 million) that it owes users. According to Zhang, the exchange hasn’t been hacked and isn’t an exit scam. But evidence suggests it might be exactly that. The platform was suspended a few days ago by its own account for risk-control. This caused a great deal of speculation that the project was shutting down and its operators were using it as an excuse vanish.
Crypto Heavyweights Coinbase, Polychain And Paradigm Invest $28 Million In Hong Kong Crypto Trading
Now top U.S. crypto investors, including Pantera Capital, Paradigm, Polychain, Coinbase and Dragonfly are lunging at an opportunity for a piece of that market. They’re sinking $28 million into Hong Kong-based crypto trading firm Amber at a $100 million valuation. The firm profited by trading both its own capital and crypto startups’ money. In 2019, Amber made between $10 and $20 million in revenue, with net profit margins north of 50%, Kullander says. He aims to double revenue in 2020.