Bitcoin Attempts To Rebound As NYC Blockchain Week Cancels

Plus intriguing DeFi reactions to the crash

Happy Friday the 13th, Blockfolians

The Lede

The rollercoaster continues! After dipping briefly under $4000 last night, bitcoin has been floating all over the $5000s this evening and morning. Who knows what will happen after President Trump’s 3pm EST press conference where he is set to declare a state of emergency. Traditional markets seem to be mostly focused on the potential of further relief from the Fed.

In other news, New York Blockchain Week has been (effectively) cancelled, as Ethereal and CoinDesk Consensus switch to a virtual event and the Digital Asset Summit and The Block events are delaying to some point in the fall.

Highly Relevant Reading

🛠️MakerDAO to auction MKR tokens to cover $4m in bad debt | DeFi systems are being put to the test in a major way in the wake of the to the tremendous crash in crypto prices yesterday this week. The upside is, if they survive, they’ll likely be far more resilient.

🛒Bitcoin shopping gets a boost from quarantines | As the realities of Coronavirus set in, bitcoin-related shopping platforms like Lolli are seeing a boost in activity - particularly from categories such as grocery stores.

🦹Beware the scam man | The UK’s chief financial authority has warned people to be wary of coronoavirus-related crypto scams. Sad that such a challenging time is being exploited, but stay vigilant nonetheless.

Community Commentary

Validating what has seemed clear this week, the last 90 days have been Bitcoin’s highest correlation with stocks ever.
Interesting if highly speculative speculation around exchange outages last night from the CEO of FTX
Raoul Pal sees an “other side” to what lies ahead

A Really Big Number You Should Be Paying Attention To

Nearly $1 Billion

That’s the total amount of liquidations on BitMex yesterday

Final Thought

A thread of strong hands to get you through

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