Crypto Industry News:
Chainalysis organized a webinar to discuss the impact of COVID-19 on cryptographic crimes. During this meeting, the company revealed that criminals are selling coronavirus infected blood at Darknet.
According to Chainalysis, Darknet markets were not immune to the negative effects of a pandemic, with a 33% decrease in the number of cryptocurrencies sent to fraud addresses. Cybercriminals have reacted in various ways to the crisis. Some showed restraint by following the code of honor they imposed. Others have fallen to a new level of amorality.
In a particularly hideous form, the Darknet vendor claims he is offering for sale blood infected with coronavirus, which he claims he has injected into bats. The store owner claims that blood was taken from his hospitalized father. It counts 0.005 BTC per bat. It is unclear whether the seller actually sells infected blood or just wants to extort victims from their Bitcoins.
On the other hand, some Darknet operators show signs of dignity. Many sites banned the sale of "drugs" on COVID-19, and DoppelPaymer ransomware administrator said it would not launch attacks on hospitals during the crisis.
It is unclear whether the current crisis will have a profound impact on the world of cryptocurrency crimes. For now, the industry continues to monitor and fight illegal Blockchain transactions where possible.
Technical Market Outlook:
The BTC/USD pair has broken out of the descending channel recently and made a new local high at the level of $7,140. Nevertheless, this high has produced a Pin Bar candlestick pattern that indicated the bears are now trying to regain the control over the market. The next target for bulls is seen at the level of $7,212. The key technical resistance is still seen at the level of $7,386. The larger time frame trend remains down, but the short-term momentum is slowly increasing, so the odds for an upwards breakout might be high.
Weekly Pivot Points:
WR3 - $8,127
WR2 - $7,746
WR1 - $7,416
Weekly Pivot - $7,017
WS1 - $6,690
WS2 - $6,300
WS3 - $5,960
Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in Bitcoin and treat BTC as a digital gold. The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.
