Bitcoin shifted to bearish as price dumped more than 10% since yesterday's high. In the daily, resistance sits around $9,000 as price gets rejected just below the 50 MA and support around $8,600 - $8,500 was also broken. If price continues with this current bearish momentum, next target for support is around $7,500 - $7,600. Meanwhile, a break below $7,500 could push price further to $7,000 - $6,800. The weekly chart is also worth noting, as price just broke below the weekly 50 MA and is a possible validation for further downside. Invalidation of downside: if bulls hold ground and reclaims $8,600 - $9,200.
Global market cap is at $228B, while BTC's market is at $145B
Bitcoin began its sudden crash due to another giant sell-off from the PlusToken pyramid scheme, analysts are suggesting. According to various online commentators citing Blockchain data, participants in the $2.9 billion scheme are again attempting to rid themselves of their BTC. The stolen coins amounting to 13,000 BTC, or $210 million, have been tracked and observed to go into bitcoin mixing services to hide its origin. This is in contrast to the blame on the coronavirus panic that has caused global markets to drop sharply in the last 24 hours.
Estonian cryptocurrency exchange, Crex24, is accused of hiding the scale of hack from customers. According to Brazilian crypto press Livecoin on March 6, an anonymous user of Crex24 identified suspicious movements of Htmlcoin and claims that there's a foul play on the part of the exchange. The exchange suspended trade for several altcoin pairings and has frozen withdrawal and deposit services for many of the platform's coins. Crex24 hasn't released a statement with regard to the incident yet.
Boeing partnered with aerospace conglomerate Honeywell to track and sell $1 billion worth of excess airplane parts using blockchain via Honeywell's GoDirect platform. Honeywell's GoDirect platform aims to introduce the aviation parts industry to digital commerce. The partnership was announced at the Hyperledger Global Forum 2020 in Arizona and the parts were uploaded to the GoDirect platform last weekend.
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