NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Crypto Tidbits: Bitcoin Surges to $7,000, COVID-19 Outbreak Brings Economy to Standstill, Ethereum DeFi Recovers

Nick Chong
Nick Chong
1 year ago
4 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Another week, another round of Crypto Tidbits. After last week’s brutal showing, Bitcoin mounted a strong recovery over the past few days, rallying as high as $7,100 yesterday, marking an 85% gain from the $3,800 capitulation bottom. Altcoins followed suit by trending higher, but slightly underperformed BTC as the market continues to centralize amid times of uncertainty about the future of crypto firms. 

Bitcoin’s strength came amid a bout of weakness for the stock market. In fact, during this week’s Wall Street trading sessions, the Dow Jones and S&P 500 indices saw their worst weekly performance since the Great Recession of 2018. Simultaneously, the U.S. dollar exploded, crushing almost all foreign currencies while also hurting the value of gold and silver, the latter of which saw a massive drawdown.

This latest leg lower comes as the outbreak of the novel coronavirus disease COVID-19 has spread across the world, resulting in an exponential explosion in cases in world economic hubs like the U.S., the U.K., Spain, and so on and so forth. Namely, millions have been locked at home, businesses have been forced to shut down, and consumer demand has dropped extremely low.

Considering this backdrop, it’s somewhat surprising that Bitcoin and the rest of the crypto industry saw such a relatively strong week, both in terms of price action and in terms of the fundamentals.

Related Reading: Crypto Tidbits: Bitcoin Plunges 50%, COVID-19 Cases at Ethereum Event, Central Banks Inject Billions

Bitcoin & Crypto Tidbits

  • Bitcoin Hash Rate Drops 40% From High: According to the latest data from Blockchain.com, the hash rate of the Bitcoin network — how much computational power is being allocated to securing the network — has dropped some 40% from the all-time high established near the end of February. More specifically, the hash rate dropped from the 136 terahashes per second high to 82 terahashes just the other day. The drop in hash rate was further corroborated by the below tweet from Digitalik, a Bitcoin data scientist, who noted on Thursday that he noticed that a mere 40 blocks were mined in a 12-hour period, which is almost 50% fewer blocks than a normal period.
  • Ethereum Used as a Mechanism to Bypass China’s “Great Firewall”: The purpose of Bitcoin, Ethereum, and other cryptocurrencies have long been questioned by its critics. Recently, this critique was answered in an interesting way: according to Sarah Zheng of the South China Morning Post, excerpts of an interview with a Wuhan doctor banned by the Chinese government were published on the Ethereum blockchain “in an apparent pushback against online censorship.” The transactions involving these excerpts were not given.

my WeChat timeline is still going strong with versions of Dr. Ai Fen’s interview, incl this version explaining how it was posted on Ethereum blockchain and another told in QR code excerpts https://t.co/uYFKpCtsgM pic.twitter.com/kP9kf6t5fV

— Sarah Zheng (@_szheng) March 11, 2020

  • Why Bitcoin & Crypto Matters: Cash Crunch In the U.S. As Coronavirus Fears Spread: As aforementioned, the spread of COVID-19 has begun to have a tangible impact on the Western world. In fact, according to a March 18th report from the Wall Street Journal,  banks are starting to run low on physical cash as consumers make large withdrawals of “tens of thousands of dollars [in cash] at a time.”  This has resulted in multiple social media reports online of banks restricting withdrawals, which has been corroborated by press statements from companies themselves. The issue has been further compounded by the fact that banks are closing their doors and/or changing their hours. JP Morgan, for instance, is shutting down 1,000 Chase branches (20% of the total) to help reduce the spread of coronavirus. Many have argued that Bitcoin and cryptocurrencies are a perfect solution to this matter, as digital assets allow one to become their own bank through the mechanism of private keys, which ensures that anyone can “be their own bank.”
  • Central Banks and Governments Go Wild With Money Printing: Due to the economic and financial crisis that is in the midst of forming, the White House and the Federal Reserve (along with the central banks and the governments of world) have been forced to react with extreme measures. At the end of the Federal Reserve, the central bank has pledged to complete $700 billion worth of quantitative easing of bonds and mortgage-backed securities, has abolished reserve requirements, and has cut its policy interest rate by 1%. The White House has announced plans to issue every American a check of at least $1,000 to ensure they can pay their bills while also bailing out companies, potentially even large corporations like Boeing. The consensus is that this stimulus will be bullish for Bitcoin. BitMEX Research, for instance, wrote:

In our view, in this changed economic regime, where the economy and financial markets are set loose, with no significant anchor at all, not even inflation targeting, it could be the biggest opportunity Bitcoin has seen, in its short lifetime.

  • Ethereum DeFi System Attempts to Restabalize: Last week, the decentralized finance system was dealt a major blow when Bitcoin, Ethereum, and other cryptocurrencies fell off a cliff, so to say. Their values tanked by dozens of percent within a day’s time, resulting in chaos in the DeFi market due to the simultaneous congestion of transactions on the Ethereum blockchain. This confluence resulted in MakerDAO, a decentralized system that allows users to collateralize ETH and some ERC-20 tokens for loans paid out in the DAI stablecoin, failing to liquidate loans properly. To account for this issue, MakerDAO has conducted auctions of its native token, MKR.
Featured Image from Shutterstock
Tweet123Share215ShareSend
Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

strategy-boosts-btc-holdings-top-100x-coin-picks-before-next-rally-tw

Strategy再升級擴大比特幣倉位 下波市場起漲前100倍幣入手清單

美國上市公司Strategy再次引起市場矚目。該公司於2025年8月26日至9月1日期間,追加收購了4,048枚比特幣,交易總金額達到4.493億美元,平均每枚比特幣價格約為110,981美元。這筆交...

markh 2 hours ago
hedera hbar

Hedera Bears Take Charge With 10% Weekly Drop, But Key Support Could Spark Recovery

Hedera Hashgraph’s native token, HBAR, has been under intense selling pressure, recording a 12% decline in the past 30 days...

James Halver 2 hours ago

20 Million New SUI Tokens Push Treasury To New High – Details

SUI Group Holdings moved again in the market, adding 20 million SUI to its holdings and lifting its total to...

Christian Encila 3 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin

Countdown To Crypto Chaos: Expert Warns Of Impending Collapse Post Bitcoin Peak

Ronaldo Marquez 52 minutes ago
Solana

Solana Futures Market Surges As Open Interest Hits Record Levels, A Rally Brewing?

Godspower Owie 1 hour ago
Bitcoin Price Gains Steam

Bitcoin Price Gains Steam – $112K Level Could Decide the Next Surge

Aayush Jindal 2 hours ago

Premium Sponsors

Press Releases

  • miner

    ALL4 Mining Upgrade Injects New Power into Cardano (ADA)...

    8 hours ago
  • Bitget and Bitget Wallet Support Trading of Over 100...

    11 hours ago
  • Анализатор прогнозира, че BTC ще достигне 125 000 USD този месец

    Анализатор прогнозира, че BTC ще...

    15 hours ago
  • Un analist prezice că BTC va atinge 125.000 USD luna aceasta – presale-ul HYPER se apropie de 14 milioane USD pentru modernizarea Bitcoin-ului

    Un analist prezice că BTC va atinge 125.000 USD luna...

    15 hours ago
  • Top Altcoins

    Presale tiền điện tử hot nhất tháng 9: Top 4...

    16 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.