Another week, another round of Crypto Tidbits. Bitcoin has effectively been flat on the week, recently returning to around where it started the week after briefly interacting with the ever-important $7,400 resistance. Altcoins, interestingly, came into their own this week, with Ethereum, Link, Tezos, EOS, among other top altcoins posting double-digit percentage gains in the past seven days.
Bitcoin’s stagnation over the past week comes as the stock market has mounted a strong comeback, with the S&P 500 rallying 12% from last Friday’s close to Thursday’s close despite 6.6 million new unemployment claims in the U.S. and the ongoing coronavirus outbreak.
Despite the non-action, analysts are still bullish on BTC and the rest of the cryptocurrency market. In fact, as reported by NewsBTC previously, BitMEX CEO Arthur Hayes said that while he could see Bitcoin revisiting $3,000, his year-end price target “remains $20,000,” which is 180% above the current price.
As to why he thinks this is the case, he cited that the monetary and fiscal solutions that governments and central banks are enlisting to stave off precision:
“Everyone knows the shift is upon us, that is why central bankers and politicians will throw all of their tools at this problem. And I will reiterate, that is inflationary because more fiat money will chase a flat to declining supply of real goods and labour. There are only two things to own during the transition to whatever the new system is and that is gold and bitcoin.”
Related Reading: Crypto Tidbits: Bitcoin At $7,000, FATF Regulation, Coinbase Backs Ethereum DeFi
Bitcoin & Crypto Tidbits
- Crypto Industry Sees Layoffs: The Bitcoin community and broader crypto space have not been spared in the recent economic carnage. According to a “100% user-generated” list of companies on recruiting/job site Candor, Bitcoin.com, crypto mining firm Bitfarms, and mining hardware manufacturer Bitfury are among the firms in this industry that have begun to lay off staff over the past few weeks. Outside of this, one of the original crypto companies, Factom, has purportedly gone into liquidation, despite securing millions of dollars worth of funding over the past five years and garnering a grant from the U.S. Energy Department.
- Ethereum DeFi Has Seen Stellar Growth: In a report published April 9th, blockchain analytics site DappReview revealed that transaction volume across Ethereum-based DeFi projects has increased by nearly 800% when comparing Q1 2020’s metrics to that of Q1 2019. Much of this growth was attributed to projects like Maker and Compound — which offer decentralized loans and stablecoin solutions — and derivatives providers like Synthetix and Augur. This growth comes as crypto upstart Thesis and other partners are soon to release tBTC — a project that will act as a decentralized representation of Bitcoin on the Ethereum blockchain. Analysts expect for the launch
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