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News Recap: What happened in Crypto last week?

Bitcoin Price and CME Futures Gaps

As seen on several news outlets, there was a big potential for correction according to the CME Futures Gap theory. This theory basically establishes that Bitcoin’s price action tends to move in favor of filling these gaps that happened due to the market closing and opening during the weekends.

Even though realistically there is no reason for these gaps to be filled, time and time again this has been the case. My theory is that this is purely psychological as more and more news and traders focus their attention on this. I would say this is what is called a self-fulfilled prophecy, where just the fact of people thinking this might happens makes it so it actually happens.

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Equity Markets Gain From Historically Oversold Levels

The equity markets gained last week from historically oversold levels. Although the impact to global economies has been devastating, we did see some positive developments from monetary and fiscal stimulus, which could set up a powerful eventual economic rebound or even a V-shape reversal in the markets. The next two weeks, will be an important one to defining whether this pandemic is a short term risk which could be mitigated by these stimulus packages or we could expect a long haul impact.

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Coronavirus Pandemic [Market Brief]

The Coronavirus pandemic has dominated the news with its surge worldwide as Central Bankers loosen monetary policies and Governments ramp up fiscal stimulus packages. The number of Coronavirus cases has more than doubled in a week to the region of 330,000 cases. The term of week had been ‘Social Distancing’ as world leaders enforce lockdown measures to mitigate the spread of the coronavirus.

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