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 is using blockchain to track and sell $1 billion in spare aerospace parts— Cointelegraph (@Cointelegraph) March 8, 2020

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.

This Daily Dose is brought to you by SCI News Channel.

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