By now, you will very likely have been impacted by Coronavirus in one way shape…unless of course, you are one of the 14 people currently partaking in Big Brother in Germany.
According to the latest information from the World Health Organisation (WHO), the coronavirus, or COVID-19 as it’s known to its friends, has infected in the region of 200,000 worldwide, and this number has begun to significantly rise from the beginning of March across the UK with nearly 600 new cases announced this week already.
From being charged £20 for hand sanitiser to wider bans on travel and meetings, coronavirus is directly effecting both consumers and businesses. This quickening domino effect will soon reach the financial technology industry, if it hasn’t already. For example, stock markets have been highly volatile in the past few weeks. In fact, the FTSE 100 dropped 10.8% last Thursday afternoon, which brought it to its lowest point since 2012, and this is likely to make stock market investors, both individual and institutional, very nervous or hesitant in investing. Fintech firms in the payment sector will be hit hard as the impact of expected fall in transactions – at all levels of the economy – will mean less fees collected and, due to the virus curtailing global business and consequentially the need to send digital payments, we can expect transactions across all networks to fall. Moreover, according to Digital Commerce, 47% of retailers polled said they expect revenue to take a significant hit because of the virus.
One of the slightly more controversial products of COVID-19, which has come to light, is the new evolution of a Cryptocurrency named: CoronaCoin. This bitcoin-rival, bragged as “world’s first crypto backed by death” has been made from mostly European anonymous developers, all bar one, named Sunny Kemp. This coin allows traders to gamble on the current coronavirus pandemic. This works by the cryptocurrency’s supply being based on the world’s population, the tokens diminish every 48 hours and as such, the value is based on how many new cases have been reported, either people falling ill, or dying.
Largely, the response to this cryptocurrency seems to be that this is amoral, something straight out of an episode of Black Mirror, with a few people from Twitter branding this as ‘tasteless’, and as one particular Reddit user put it ‘this is why we can’t have nice things’.
However, when questioned whether Kemp thinks this particular token is morbid and/or tasteless he reverted to WHO where he stated that there are currently active pandemic bonds and asked ‘how is that any different?’ In addition, Kemp has also claimed that Red Cross will receive a monthly donation of around 20% of the supply, with the assistance of a cryptocurrency payment processor.
If, unlike Kemp and friends, you do not plan to spend your time in self-isolation on investing in a coin that is currently worth less than $0.01 then another way of enjoying quarantine is by making Quarantinis. To do so, all you need is: (1) Martini shaker, vodka (or gin), lemon, and honey. The alcohol kills the germs and the local honey and lemon boost your immunity.
So, remember to wash your hands, keep safe, distribute toilet paper, enjoy a delicious Quarantini and keep up with FinTech Connect for regular FinTech news.
Massive Bearish Divergence Hints At First Major Chainlink Corrective Phase
Chainlink was among the first cryptocurrency to set a new all-time high in 2020, but given its absence during the 2017 peak was facing different circumstances and no overhead resistance. The » Read more
” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin was nearly unaffected entirely by the » Read more
” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear market over the last couple of years, breaking record after record.
However, a massive bearish divergence has formed as the unstoppable cryptocurrency touches an ascending trendline for the third time. Could this be the start of the » Read more
” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin’s first extended » Read more
” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear phase? Or are bulls preparing a much stronger push to finally blast through the long-term trendline?
Chainlink At Risk Of First Major Corrective Phase, According To » Read more
” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>Bear Div
In 2017, Bitcoin’s meteoric rise and the explosion of ICOs built on Ethereum put the cryptocurrency asset class on the map. But after a storm of exuberance and parabolic price action, the bubble burst and these assets came crashing down by as much as 90% or more in many cases.
” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear market. During that time, however, Chainlink made its debut in the crypto space, and its been on an unstoppable uptrend ever since.
The » Read more
” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin rose from nearly worthless to over $25 recently at its 2021 peak. Chainlink went from being born during a » Read more
” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear market, to hitting all-time highs left and right even before a bull market was confirmed.
” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin remains near 2021 highs.
— 🌏The EW Guy (@TheEWGuy) January 25, 2021
Bearish Divergence, Or Are Bulls Baiting For The Next Move Up?
The recent push to $25 per token, has resulted in a massive bearish divergence on the weekly Relative Strength Index, spanning across the current peak and the 2020 high of $20, according to one crypto trader.
Coinciding with the bearish technical signal, is a more three-year long trendline that has acted as the top to every major rally. The chart below shows the long-term trendline on the LINKUSDT trading pair on Binance more clearly.
A massive bearish divergence spans across two years of LINKUSDT price action | Source: LINKUSDT on TradingView.com
Bearish divergences appear when price action sets a higher high, but a technical indicator on the same timeframe chart makes a lower low. It often suggests that although prices are reaching new highs, the underlying buying pressure is lower than during the first peak.
The weakness results in bears taking over, and forcing prices lower. Bearish divergences often appear at the top of a trend, but are difficult to act on.
Related Reading | Altcoin Expert: Buy Crypto That Holds Up During Bitcoin Breakdown
Bearish divergences are only confirmed once price action has turned down. The lack of a higher high on a technical indicator could merely be due to the fact the bullish move is only yet just beginning. Taking a position in a long up-trending » Read more
” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin due to a bearish divergence could lead to any missing out on any additional legs up that might follow.
Given Chainlink’s long-term momentum, the bearish divergence – if invalidated – could supply the momentum needed for a much stronger push higher.
Featured image from Deposit Photos, Charts from TradingView.com