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Italian Red Cross Builds COVID-19 Medical Post With Donated Bitcoins

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On April 5, Italy’s “blood donation day,” the Italian Red Cross constructed an advanced medical post using funds generated through a crypto fundraiser.

The Italian Red Cross has raised nearly $32,000 through cryptocurrency donations in less than one month. Roughly $22,000 has been used to finance the construction of the initiative’s first advanced medical post in the town of Castel Gandolfo near Rome. 

The funds were spent by the initiative to purchase a pneumatic tent that will house the medical post, in addition to other materials. The tent was erected during Italy’s “blood donation day” and used as a screening station for pre-donation medical examinations.

“With great pleasure, we reached the first main milestone of our fundraising, said Bruno Pietrosanti, the president of the Italian Red Cross. “We are happy to have turned the received donations into a tangible aid and we are excited to have received so much help from the Bitcoin community,” he added.

Medical post to host regular blood donation events

Cointelegraph spoke to Davide Menegaldo, COO of Helperbit — the firm that set up the Red Cross’s crypto campaign — who stated that the blood donation days will take place on at least a bi-weekly basis for the next four months, with the next event scheduled for April 19.

Menegaldo adds that the “Red Cross team plans to deploy further equipment bought with bitcoin donations” ahead of the next event.”

As of press time, the initiative has raised more than 4 Bitcoins (BTC) or 113% of its second funding target in total. Over $10,000 is still pending usage.

After smashing its first goal of $10,700 in just three days, it only took another two weeks for the campaign to exceed its second goal of nearly $26,000 — with the Red Cross continuing to receive donations.

Menegaldo states that the medical post with basic equipment costs roughly $13,000, while a facility with more advanced equipment can easily exceed $22,000.

While Helperbit’s COO states the firm has endeavored to find merchants in the aid sector that support Bitcoin, he concedes:

“It is clear that this purpose needs to be balanced with the situation in [the] current world, so we will try to find the tradeoff between a full bitcoin-only use case and the current emergency.”

Red Cross deploys 2.915 BTC, incurs only 0.55% in fees

The 2.195 BTC that the Red Cross has thus far spent incurred just 0.55% in total fees — highlighting the efficacy of cryptocurrencies for making donations:

“This initiative showed how it was possible to transform BTC coming from all over the world into a tangible asset, needed during an emergency situation, in just two weeks and with a total much lower than 1%.”

97% of donations were in the form of BTC, with 3% comprising alternative cryptocurrencies. 90% of contributions came from anonymous donors.





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Traders look for Bitcoin price daily close at $41K to confirm bullish reversal

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Bitcoin started the week with a strong breakout to $40,900, but today bulls are trying to hold Bitcoin price above the $40,000 level. 

As the price broke from the $31,000 to $39,000 range on June 14, traders speculated that setting a daily higher high and a close above $41,000 would set BTC up for a move to $47,000, but a lack of sustained buy volume and the much-discussed possibility of a death cross between the 50- and 200-day moving average are factors that could be keeping traders cautious.

BTC/USDT daily chart. Source: TradingView

According to Simon Peters, an analyst at eToro:

“Bitcoin is at its highest level since May, a notable recovery but the crypto asset has yet to convincingly break through – and most importantly, close above – the $41,000 mark.

While sentiment has improved and futures premiums have recovered after nearly entering backwardation last week, analysts are unable to confirm that the bull trend has resumed.

Peters said:

“We’ve seen the price face resistance earlier in the year at this level when it was trading around what was then an all-time high, and I would really need to see a stronger increase to feel optimistic about the price recovering and possibly pushing onto $50,000 and beyond.”

Sentiment has improved but the market is flat

Deribit Bitcoin options 25% delta skew. Source: laevitas.ch

Regarding the lack of follow-through from Bitcoin’s June 14 pump, Cointelegraph analyst Marcel Pechman shared the above chart and said that while the 25% delta skew is no longer signaling that extreme fear exists in the market. 

Pechman said:

“Arbitrage desks and market markers are currently uncomfortable with Bitcoin’s price as the neutral-to-bearish put options premium is higher. However, the current 7% positive skew is far from the 20% exaggerated fear seen in late May.”

Even though day traders are on the fence about the status of the trend, a number of on-chain metrics, including the Hodler Net Position Change, show that investors still view the recent dip to $30,000 and Bitcoin’s current price at $40,250 as excellent purchasing opportunities.