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Wall Street traders won’t be lonely in their short-term celebrations as the cryptocurrency market is also up a ton. It gained more than $9 billion collectively in the past 24 hours alone, once again breaking above the $200 billion mark.
Bitcoin continues to make strides as it’s currently trading around $7370. Among the most significant gainers in today’s trading session include Ethereum (16.6%), Chainlink (18%), and Tezos (18%).
At the time of writing this, the market seems to have slowed down. Ethereum is trading just above $160, XRP is above $0.20 while Bitcoin is above $7,200. All three are at crucial resistances that will set the short term trend. If the bulls can maintain the volume by continuing to gain, prices will continue upwards. If there are no buyers around this position, a correction will be imminent.
Despite the much-debated “safe-haven asset” asset narrative, Bitcoin and Gold have seen their correlation improve; this, despite the world’s largest cryptocurrency observing an aggressive sell-off, along with the equities market and gold. The sell-offs in question resulted in both Bitcoin and Gold shedding a lot of their value, following which, the two asset classes started to bounce back.
Bitcoin almost touched $7,500 earlier today, updating the highest level since March 12. On that day, the crypto market crashed, with Bitcoin breaking below $4,000 to the lowest level in a year. The largest cryptocurrency is about to double its value from March low, but it can go further than that.
Currently, we are not a daily green 9 w.r.t. TD sequential analysis. Hence, the probability of a reversal is strong as we head into Wednesday with more than 18 hours left.
If it continues to hold support above $6,900, the trend is likely to remain intact. The next area of resistance for bulls is around $7,800-$8,200.
Well-known trader @CryptoCapo_ made a comparison of the current BTC price movement and that of the Nasdaq Composite during the 2000 dot-com bubble, while also outlining the ”emotional phases of a market cycle.” According to him, it is possible that the March 13 bottom was the final low after the ”disbelief” high of June, and the price will continue to move upward afterward.
The bid-ask spread is a classic indicator of market liquidity. It measures the gap between the highest price a buyer is willing to pay and the lowest price a seller is willing to accept. The higher the spread, the harder it is to get a trade done, although those who manage to buy low and sell high make fatter profits.
The extreme dry spell in liquidity started on March 12, when prices plummeted across the crypto and traditional asset markets. The next day, bitcoin (BTC) dropped below $4,000, a 12-month low.
In a little over two days’ time, another Bitcoin fork will also complete its halving event. BSV’s block reward will cut in half, down to 6.25 BSV per block, in roughly two days and nine hours.
Over one year later, BCH forked amid further disputes, resulting in BCH and BSV, with Roger Ver and Craig Wright parting ways.
BCH rose from $213 on April 1, to a press time price of $257, while BSV went from $160 to $188 in the same time frame. Meanwhile, BTC surged from $6,180 to $7,290.
- Ethereum is correcting lower and trading below the $170 level against the US Dollar, similar to bitcoin.
- The price is holding the main $162 and $158 support levels.
- There is a key contracting triangle forming with resistance near $170 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rally again towards $180 as long as there is no close below the $158 support.
Notably, the Cred crypto lending platform supports a massive 29 blockchain-based virtual currencies including bitcoin (BTC), ether (ETH), Litecoin (LTC) and others. With the partnership with Cred (LBA), users of Huobi Wallet will start enjoying crypto-based lending and borrowing in the summer of 2020.
The team says in addition to earning monthly interest on their digital assets, lenders will also have the option to roll over their pledged assets for additional periods.
“[There are] two things where we can observe a dramatic shift. One is, we are seeing a big shift from paper, or touch-based, or physical, to digital. So if Rachel had the choice, then she would not like to go to a physical store if she can use an app to make the transfer possible. There is a shift in terms of our customers who have a very strong digital footprint who are digital first, banks or payment companies, and what we are seeing with their businesses going up, and clearly this shift to digital is definitely happening. And I think it has been accelerated by this crisis…
- Plaintiff’s attorney in historic class-action suit against a dozen ICO high fliers has 60 days to find claimants to join suit.
- Investors who bought EOS, TRX, BNT, CVC, KNC, QSP, SNT in 2017-18 ICOs are eligible to join.
- State “blue sky” laws could also be applied in federal case.
According to data from Google Trends, interest for the flagship cryptocurrency’s halving has been growing rapidly since mid-2018 and has already surpassed the search interest seen back in 2016, when Bitcoin underwent its second halving event. The trend was first spotted by Arcane Research, which pointed out interest is “approaching levels twice as high” as those seen in 2016.
Digital currency markets have been rising again as the entire market capitalization of all 5,000+ coins has jumped above the $200 billion mark. The increase in crypto trade volume and coin values has followed alongside the recovery traditional equity markets saw on Monday. On Tuesday, most of the digital assets in the top ten are up between 4-14% and crypto trade volumes have doubled in the last 24 hours.