The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of CURATION. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Though the fiat currencies have held up well during the current crisis, the incessant money printing, loss of trust in the central banks and fiat losing value could lead to a currency crisis in the future. We already see many investors piling up on gold to protect their purchasing power. In the future, as investors recognize the potential and advantages of crypto, huge money is likely to flow into the sector.
- Bitcoin is declining and trading below the $7,000 support zone against the US Dollar.
- It is testing a major support near the $6,750-$6,800 region.
- There was a break below a key bullish trend line with support near $7,110 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to find a strong buying interest if it corrects further towards the $6,555 support.
The breathtaking crash in oil prices was taken as a warning sign to U.S. stocks and bonds: a recovery, where demand for energy would put those stockpiled barrels to use, appears to be further in the distance than anticipated. The S&P 500 index slipped 1.7 percent while safe-haven U.S. Treasury bonds saw an influx of dollars that pushed two-year yields down to 5 percent. Bond yields fall as prices rise.
Gold also gained on the day. On Monday, the precious metal climbed 0.86 percent to $1,713.40 per troy ounce.
A set of aggregated technical indicators on TradingView are flashing sell signals as Bitcoin (BTC) once again drops below $7,000.
Both Bitcoin and XRP have “sell” ratings on the daily, weekly and monthly time frames, at time of publishing. TradingView rates Ethereum (ETH) a “buy” on its 1-day analysis, and a “sell” on its 1-week and 1-month windows.
The social trading network combines a number of methods for its analysis, including oscillators, moving averages and pivots, in order to predict where the crypto assets may be heading.
At the time of writing, Bitcoin is trading at $6,878 following a retreat from last week’s highs around $7,314 (on Coinbase). Although the buyers commenced this week above $7,000 as desired, they have failed to contain the gains above the same level and sustain recovery towards $8,000.
A trendline support is still intact and has been instrumental in stopping extended loses towards $6,700. An ongoing bullish action hints that a reversal is in the offing. Besides, the RSI is moving upwards from the oversold region to show that bullish interest is returning.
“When we talk about custody for crypto and digital assets, we’re talking about a technical capability and core function that’s required to engage in tokenized assets. It regardless of whether it’s hosted on a permissionless blockchain or if you’re looking at a stable coin or CBDC central bank digital currency.”
Less than a month ago, OPEC and Russia ended their oil war by agreeing to cut production by 9.7 million barrels per day on May 1 but at this point any confidence inspired by the deal has likely evaporated.
The precipitous drop shows that the global economy remains in fragile shape despite the strong rebound seen in the Dow and S&P 500 in the last 3 weeks. The price collapse in oil futures also highlights the impact the coronavirus pandemic has had on global demand for oil as everything from the airline industry, shipping, and construction projects have essentially come to a standstill.
Over the past few weeks, stablecoins, crypto-assets tied backed by a “stable” reserve asset, have become increasingly important to the cryptocurrency market. First, just assets used by the fringe, this subset of altcoins now accounts for a growing percentage of the crypto market’s value.
In fact, according to April 20th data from blockchain analytics firm Coin Metrics, the value of all stablecoins in circulation just passed over $9 billion for the first time ever. What’s especially interesting about this stat is six weeks ago, the aggregate value of all stablecoins was $6 billion.
This support exists between roughly $0.177 and $0.182, and has held strong on multiple occasions throughout the month of April.
One popular pseudonymous trader on Twitter spoke about this level in a recent tweet, explaining that he doesn’t believe it will be able to hold strong for too much longer, offering a chart showing downside targets at $0.162 and $0.142 respectively.
The fanfare around the Ethereum 2.0 testnet launch is driven by its game-changing capabilities on the second-largest cryptocurrency in terms of market capitalization. The new development officially known as Ethereum Topaz testnet is created by Prysmatic Labs, an engineering team focused on creating a new blockchain architecture for Ethereum. The Topaz infrastructure will replace the existing Sapphire test network.
Binance has recently focused on its DEX as one of the main core use cases of its Binance chain. The DEX currently boasts a trading volume of $400,730 over the past 24 hours. Binance could be taking a page out of Ethereum’s playbook, which sees DEX’s as among the blockchain’s top five use cases with Uniswap and Kyber having $10M of ETH in daily volume combined with a 4K+ combined user base.
As governments are making efforts to revive their economic condition meanwhile Anthony Pompliano, the co-founder and managing partner at Morgan Creek Digital, says that this factor could prove very advantageous for the leading digital asset Bitcoin.
- The CFTC has approved Bitnomial’s application for a bitcoin derivatives exchange.
- Initial products will be Bitcoin futures, mini Bitcoin futures, and Bitcoin options.
- All contracts will be physically settled in Bitcoin.
Google has been battling scammers and hackers targetting people via email and app exploits for years.
Earlier last week Google had to remove 49 malicious Chrome extensions that contained cryptocurrency-data stealing malware.
The Gmail security team has also stepped up its game to fight off an even more far-reaching threat of bad actors using the platform to scam victims while leveraging the COVID-19 pandemic.