Bitcoin Fails to Break Out as Fed Cuts Interest Rates to 0% – March 16

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $4,547

Bitcoin price consolidated in the low $5,000 range over the weekend, followed by a short-lived rally toward $6,000 resistance on the Federal Reserve news. Price has since fallen back down, now in the mid $4,000s.

Top-20 altcoins have had a poor 24-hour performance, as Ethereum falls almost 17%, XRP 12%, and Tezos tumbles 28%.

Top Stories for March 16, 2020 πŸ”₯

πŸ‘‰ Bitcoin Fails to Break Out as Fed Cuts Interest Rates to 0%

Bitcoin rallied briefly yesterday to $5,900, following the Federal Reserve’s announcement to cut interest rates to 0% and administer $700 billion of quantitative easing.

The upward reaction by Bitcoin was short-lived, however, now falling back below $5,000. The Fed’s stimulus is designed to dampen the impact of COVID-19 on the markets.

πŸ‘‰ Bitfinex Exchange Lists Crypto Hedge Fund

Major cryptocurrency exchange Bitfinex has listed a $280 million cryptocurrency hedge fund on its platform, which is based in the Bahamas.

The fund is reportedly aiming to increase their assets under management this year. Exposure to the hedge fund via Bitfinex will only be available to professional investors.

πŸ‘‰ Musician Akon Releases Sneak-Peek of Cryptocurrency Whitepaper

Famous musician Akon has shared his “Akoin” cryptocurrency whitepaper with Cointelegraph, a prominent crypto news outlet.

The whitepaper appears to describe the coin as a way to mobilize the growing workforce and entrepreneurship of Africa. Akoin will be based on the Stellar network and power swaps between fiat currencies, cryptocurrencies, and phone credits.