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BitPay’s Response to COVID-19

Nothing is more important to BitPay than the health and well-being of our customers, employees, and the communities we serve.
That’s why we want to let you know what we’re doing to ensure that we can continue to assist our customers and maintain uninterrupted operations.

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BitPay's Response to COVID-19

Nothing is more important to BitPay than the health and well-being of our customers, employees, and the communities we serve.  That’s why we want to let you know what we’re doing to ensure that we can continue to assist our customers and maintain uninterrupted operations.  We will continue to update this notice as appropriate.

Our Responsibility to Our Employees and Community

At the end of February, BitPay advised our employees to self-quarantine and work from home if they had recently traveled to affected areas. We transitioned to a mandated work from home policy last week. We took these steps for the health of our employees, to help slow the spread of COVID-19, and to ensure that throughout this period of uncertainty, we maintain operational continuity.

Our Systems and Partners Are Up and Running

We are working to make sure that:

  • our infrastructure experiences no major disruptions of service
  • our banking partners can enable merchant processing and settlement on time, every time
  • our operational relationships continue without major disruption or delays
  • our card continues to enable crypto to fiat so that you can live life on crypto
  • our customers continue to receive fast customer support

Aside from some minor delays in customer sign-ups, our partners are operating as usual. Please be patient if your sign-up takes longer than expected; we would appreciate it if you wait at least one business day before contacting Customer Support with sign-up questions.

Moreover, the bitcoin network and exchanges continue to operate 24/7 without interruption.

We remain in contact with our various partners regarding any substantial changes in status or capabilities, and we will promptly communicate to you if any changes to our services become necessary.

Our Systems and Data Are Safe

During this period of uncertainty, criminal activities may increase. Thankfully, we are prepared. We continue to monitor transactions and cyber threats, and we will handle these risks and threats accordingly.  

Please be cautious about unsolicited emails, texts, phone calls and social media inquiries you may receive from someone claiming to represent BitPay or other legitimate companies.  Fraudsters and cyber attackers manipulate consumer anxiety and confusion to perpetrate their criminal schemes.  There are excellent online resources available from consumer protection agencies and government authorities to increase your cybersecurity awareness, learn how to employ best practices, and find out about trending cybersecurity scams.

Source: https://bitpay.com/blog/bitpays-response-to-covid-19/

Blockchain

Kraken Daily Market Report for September 20 2020

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Overview


  • Total trading at $125.5 million. Trading volume up slightly from the Sunday average as Ethereum and other coins had losses of few percentage points.
  • A little after 21:00 UTC, there was a system maintenance for a few minutes.
  • he only coin that had a positive day was Augur +4.0%. Otherwise, even the stable coins had minor losses. Kusama, Curve DAO, Balancer, and StorJ – four of the newer coins to the platform, had 5-10% losses.

September 20, 2020 
 $125.5M traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
XBT 
$10915. 
↓1.5% 
$58.0M
ETH 
$370.61 
↓3.7% 
$29.1M
USDT 
$0.9999 
↓0.01% 
$11.7M
LINK 
$9.7370 
↓3.8% 
$6.5M
DOT 
$4.6639 
↓5.2% 
$5.35M
XTZ 
$2.2170 
↓4.4% 
$3.18M
XRP 
$0.2464 
↓1.7% 
$1.93M
ADA 
$0.0893 
↓2.2% 
$1.84M
USDC 
$1.0001 
↑0.0% 
$1.57M
LTC 
$47.065 
↓2.9% 
$1.55M
BCH 
$225.90 
↓3.1% 
$1.53M
ALGO 
$0.3273 
↓4.2% 
$978K
ATOM 
$4.6586 
↓5.8% 
$818K
TRX 
$0.0269 
↓2.8% 
$801K
OXT 
$0.2749 
↓5.1% 
$800K
XMR 
$92.685 
↓1.9% 
$764K
CRV 
$1.3599 
↓8.4% 
$639K
OMG 
$2.8933 
↓5.6% 
$468K
XLM 
$0.0768 
↓2.1% 
$445K
ETC 
$6.0722 
↓1.6% 
$442K
DAI 
$1.0107 
↓0.04% 
$410K
KAVA 
$2.4526 
↓1.0% 
$401K
REP 
$15.741 
↑4.0% 
$387K
WAVES 
$2.4299 
↓4.3% 
$322K
BAT 
$0.2372 
↓2.2% 
$292K
DASH 
$70.701 
↓2.9% 
$292K
QTUM 
$2.5190 
↓4.3% 
$278K
ICX 
$0.4582 
↓1.6% 
$271K
KNC 
$1.0085 
↓4.7% 
$256K
PAXG 
$1958.8 
↓0.15% 
$226K
EOS 
$2.6700 
↓1.1% 
$214K
COMP 
$144.55 
↓4.8% 
$166K
MLN 
$32.999 
↓2.7% 
$157K
ZEC 
$57.529 
↓0.7% 
$140K
KSM 
$39.179 
↓9.0% 
$135K
SC 
$0.0029 
↓2.1% 
$129K
BAL 
$17.75 
↓4.9% 
$126K
NANO 
$0.7980 
↓5.1% 
$115K
SNX 
$4.1994 
↓4.4% 
$108K
GNO 
$53.950 
↓4.5% 
$74.9K
STORJ 
$0.4079 
↓6.4% 
$66.5K
XDG 
$0.0027 
↓0.6% 
$48.8K
LSK 
$1.3404 
↓4.5% 
$32.9K
REPV2 
$14.569 
↓3.5% 
$5.85K



#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset


The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (September 20 2020)



Figure 2: Mid-size trading assets: (measured in USD) (September 20 2020)



Figure 3: Smallest trading assets: (measured in USD) (September 20 2020)



#####################. Spread %. ##########################################

Spread %


Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.

Figure 4: Average spread % by pair (September 20 2020)



.


#########. Returns and Volume ############################################

Returns and Volume


Figure 5: Returns of the four highest volume pairs (September 20 2020)


Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (September 20 2020)



###########. Daily Returns. #################################################

Daily Returns %


Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (September 20 2020)



###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.

Source: https://blog.kraken.com/post/6386/kraken-daily-market-report-for-september-20-2020/

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Blockchain

Bitcoin Price Analysis: BTC Facing The Ultimate Make Or Break Level Of $11,000

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  • Bitcoin price is pivotal between the 50-day SMA and $11,000, suggesting possibilities of consolidation taking over.
  • The impact of an ascending wedge is kept at by the 50-day support, breakdown back to $10,000 is still in the picture.

Bitcoin has spent the last three weeks trying to recover from the dip at the beginning of September. There was a break above $11,000 last week, but BTC hit a wall at $11,200, allowing bears to take back control. Since then, support has been established above $10,700. Unfortunately, resistance at $11,000 has stayed put.

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Meanwhile, the flagship cryptocurrency is trading at $10,960 amid attempts to overcome the resistance at $11,000. BTC/USD is also trading at the tip of an ascending wedge pattern. If the hurdle at $11,000 is pushed into the rearview, there is a likelihood of Bitcoin soaring towards $12,000. However, if the rising wedge’s impact comes into play, BTC could embark on a gains-trimming exercise towards the support at $10,000.

Read more: Bitcoin Trading Volume on Bakkt Peaks Again as September Expiration Approaches

BTC/USD daily chart

BTC/USD price chart
BTC/USD price chart by Tradingview

The 50 Simple Moving Average (SMA) in the daily range is in line to offer initial support at $10,850. As long as Bitcoin holds above this level, the potential for gains above $11,000 will remain high in this week’s trading.

The Relative Strength Index (RSI) hints that the largest cryptocurrency is ready for consolidation by leveling marginally above 50. Moreover, the low trading volume means that BTC is less volatile at the moment. The reckoning level remains at $11,000, where Bitcoin can either kick start the journey to $12,000 or embark on a reversal to $10,000. Either way, it is essential to wait for a confirmed breakout before going all-in on BTC/USD.

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Bitcoin Intraday Key Levels

Spot rate: $10,655

Relative change: 41

Percentage change: 0.39%

Trend: In consolidation (short term)

Volatility: Low

Read more: Bitcoin Price Analysis: BTC Eyes $12,000 If 50-day MA Flips Into Support


To get the daily price analysis, Follow us on TradingView

Author: John Isige




John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Source: https://coingape.com/bitcoin-price-analysis-btc-facing-the-ultimate-make-or-break-level-of-11000/

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Blockchain

Profit taking Bitcoin miners won’t stop the next bull run: On-chain analyst

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Historical data shows that some miners began to sell Bitcoin (BTC) at the end of July, leading to increased selling pressure in the cryptocurrency market.

Eventually, the dominant cryptocurrency fell steeply from mid-August, recording a 13% fall and since then BTC has struggled to retake the $12K mark.

Bitcoin selling by miners from 2017-2020. Source: CryptoQuant

Bitcoin selling by miners from 2017-2020. Source: CryptoQuant

According to CryptoQuant CEO Ki Young Ju, continued selling by miners might not be enough to prevent a bull run. On-chain data analysis firms closely observe the movements of miners and whales because they hold significant amounts of BTC.

Willy Woo, an on-chain analyst, explained that miners represent one of the two external sources of selling pressure for Bitcoin. He previously said:

“There’s only two unmatched sell pressures on the market. (1) Miners who dilute the supply and sell onto the market, this is the hidden tax via monetary inflation. And (2) the exchanges who tax the traders and sell onto the market.”

When miners start selling their Bitcoin holdings, typically to cover expenses, it could trigger a correction in the cryptocurrency market.

For instance, From Aug. 17 to Sept. 5, the price of Bitcoin dropped from $12,486 to $9,813. During that time, several whales sold Bitcoin right at $12,000 and the same behaviour was observed amongst miners.

The selling pressure coming from miners and whales noticeably has been attributed to the current crypto market slump but in the longer term, Ki explained it is not enough to stop a prolonged bull run.

If miners abruptly sell a significant amount of BTC, it could cause a severe correction as a small price movement could trigger liquidations from heavily-leveraged traders. Hence, even a relatively small sell-off by miners could theoretically cause massive price swings.

Ki says the intensity of the sell-off from miners was not strong enough to halt future bull runs. He said:

“Miner Update: Some miners began selling at the end of July, but I think in the long-run, miners didn’t sell BTC large enough to stop the next bull-run.”

According to ByteTree, the net inventory of Bitcoin miners declined by 125 BTC per week in the last 12 weeks. The data indicates that miners sold approximately $1.362 million BTC per week week atop the BTC that they mined and sold.

Amount of BTC mined and sold in the last 12 weeks. Source: ByteTree​​​​​​​

Amount of BTC mined and sold in the last 12 weeks. Source: ByteTree

As Ki emphasized, the data shows that miners sold substantial amounts of BTC, but not in amounts that were irregular to normal behaviour.

Post-halving bull cycle remains a possibility

Bitcoin is still hovering above the critical $10,000 technical support level despite multiple attempts by bears to drop the price below the key level.

The resilience of Bitcoin amidst a heightened level of selling pressure suggests a cautiously bullish trend in the long term.

The Bitcoin short-term holder NUPL. Source: Glassnode

The Bitcoin short-term holder NUPL. Source: Glassnode

Several on-chain metrics also indicate that now is a healthy accumulation phase for Bitcoin. Rafael Schultze-Kraft, the CTO at Glassnode, said:

“Short-Term Holder Net Unrealized Profit/Loss (STH-NUPL) with a #bullish signal here imo. That bounce of the 0-line was important, is very characteristic for previous bull markets, and historically a good buying opportunity.”

Source: https://cointelegraph.com/news/profit-taking-bitcoin-miners-wont-stop-the-next-bull-run-on-chain-analyst

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