Bitcoin is gaining back force gradually. The latest pressure point USD$7,000 had just broken through, sending the price upwards.
Following the Bitcoin/USD exchange rate drop to USD$6,482, the price immediately picked back up to USD$6,800. If the price fails to keep climbing or to break through the USD$7,500 pressure point, it will adjust back lightly in a short amount of time, landing on USD$7,050 initially.
Any further damage will cause the price to slump back to USD$6,500 area.
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 low 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). As shown on both graphs, the correlation between BTC and ETH panic indexes is extremely low this week.
Digital currency prices (2020-04-20 UTC 12:00)
News of the week
After months of hard work, last week we launched our native exchange token AAB and we are very pleased to announce the coin offering has been a success for AAX.
Both pre-sale rounds were oversubscribed and saw 1 million AAB sold at a 50% discount to 1000 buyers. On the 16th of April, 9 million AAB (initially valued at 1 USDT), was offered to the market.
Exceeding even our hopes, the full batch was completely sold out in under 26 hours!
During the first few hours, the price of AAB climbed by 8%, and this weekend prices went up even higher to 1.108 USDT. Over the course of the last 24 hours, more than 3 million USD of trading volume has been generated on the spot market and AAB is currently valued at 1.0512 USDT per token.
This week, we will start executing daily buybacks and coin burns, funded by 100% of all the revenue we earn on our derivatives markets. We will continue to do so until 50% of the total supply of AAB has been destroyed.