Bitcoin has struggled to keep its position in place, moving between USD$6000 and USD$6400, twice showing a Doji candlestick showed. For a while, the price reached above USD$7000, eventually reaching a support level after days of slumping.
The Federal Reserve cut interest rates twice to restore market confidence. Bitcoin slightly recovered, but in the near term we expect continued volatility.
More and more western countries have announced lockdowns, with most incoming flights suspended, to slow down the Coronavirus outbreak. Financial markets have responded with silence and lack of liquidity.
Cryptocurrency in relation to other markets
We selected some alternative investment markets to determine to what extent they correlate with the crypto markets. As we can tell, there was no significant correlation between BTC and other alternative investments. Correlation between BTC and stock market volatility is moderate this week.
Cryptocurrency Market Panic Index
Instead of using social media panic factors that are difficult to quantify, we calculate the BTC market panic index completely based on volatility. Based on the CBOE calculation method for the S&P VIX index, we use the near- and next-term put and call BTC options to calculate the VIX trend chart (The lower the VIX, the lower the market panic).
Digital currency prices (2020-03-23 UTC 12:00)
News of the week
3 Debit Cards Nigerians Can Use to Spend Cryptocurrencies in Stores and Online
Options to acquire cryptocurrencies in Nigeria have been growing in number, along with increasing interest in Bitcoin. Nigerians are also starting to see more opportunities to spend their coins in brick and mortar stores and with online merchants. Three crypto debit cards are now available to the residents of the African nation which is also the continent’s largest economy.
Crypto Exchange App First Kudi Issues Debit Card in Partnership With Stanbic IBTC Bank
Nigerian company First Kudi offers users a currency exchange and payments app. The mobile software facilitates purchases and sales of cryptocurrencies with Nigeria’s national fiat, the Naira, and U.S. dollars. Users can link their bank account or credit card to the application which allows them to transact between Kudi wallets free of charge, deposit, withdraw funds from other crypto wallets and fiat accounts, and make payments at POS terminals.
Formerly known as Kudi Exchange, the fintech platform is owned by TLG Ventures in partnership with Ferrum Network and operates from Lagos. Besides the fiat options, which also include Ghanaian Cedi and Kenyan Shilling, its app supports Bitcoin core (BTC), Ethereum (ETH), the stablecoin Gemini dollar (GUSD), and the native Ferrum Network Token (FRM).
First Kudi now issues a debit Kudi Card in partnership with Nigeria’s Stanbic IBTC bank, member of Stanbic IBTC Holdings and Standard Bank Group, a South African financial services provider and Africa’s largest banking group. Holders can use the card to turn crypto into traditional money or buy goods and services with Bitcoin and Naira.