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The strong upside move allowed the digital asset to secure a higher high at $7,738, a price not seen since before March 13 when the Bitcoin price crashed to $3,750.
With just 18 days to go before the Bitcoin halving event, traders and hodlers will both be wondering whether this is the long awaited pre-halving pump or just another short squeeze that moved the price up a step before attempting to tackle $8,000.
Bitcoin price has extended the price action above $7,500 a day after re-entering the $7,000 zone. This bullish action brought back the volatility in the market with the majority of the digital assets breaking some barriers. Ethereum, for instance, rose above $185 and is struggling to clear resistance at $190 while Ripple stepped above $0.19 and now focused on bringing down the resistance at $0.20.
- Bitcoin is gaining bullish momentum above $7,000 and $7,200 against the US Dollar.
- The price is likely to face a strong resistance near $8,000 and the 100-day simple moving average.
- There was a break above a crucial bearish trend line with resistance near $7,040 on the daily chart of the BTC/USD pair (data feed from Kraken).
- The pair could either extend its rally above $8,000 to $9,000 or it might face rejection.
According to comments shared with CoinDesk, bitcoin traders view Friday’s expiry as a primary catalyst for Thursday’s rally. There’s a “general expectation for a pickup in volatility” around CME expiry, said Kevin Kelly, former equities strategist at Bloomberg and co-founder of Delphi Digital. But bitcoin was “primed for a move given the recent consolidation,” said Kelly.
Over $68 million worth of contracts were liquidated on BitMEX Thursday morning, according to data from Skew, as futures open interest is still recovering from a 50 percent plunge at the end of Q1 2020.
There isn’t a single narrative Bitcoin is not attached to at the moment.
From its correlation to traditional stocks to its status as a safe-haven asset, each of these narratives has been dissected and analyzed for a better understanding of Bitcoin’s future.
A recent report did the same, with the report analyzing Bitcoin’s maturity in the current market before arguing that Bitcoin could be on its way to replicate the bull run of 2017. However, various fundamentals were overlooked in the said analysis; a crucial misstep since their impact could potentially play a major role in the future.
As it can be seen on the chart, Bitcoin traded around $7,100 for the majority of the time today, but it started moving up and reached a daily high of about $7,738 on Binance. Even though the price was rejected there, it’s still trading at a nice 5% increase on the day. With this latest increase, Bitcoin has almost fully recovered from the crash that took place on March 12th-13th.
- CNBC host Scott Wapner invited venture capitalist Chamath Palihapitiya back onto his show after a heated discussion about hedge funds.
- Palihapitiya once again put the CNBC host in his place, railing against companies that were wasteful with cash during the good times.
- IBM has been a big offender, while Apple has been responsible with its profits.
There is always ample controversy when it comes to Tether’s USDT stablecoin. This month, $600 million in USDT has been injected already, and it seems that number will keep rising in the coming week and a half.
Tether generates headlines anytime lifts a finger.
“DCEP” has become one of the buzzwords in the blockchain space recently as the trial interface of the digital yuan, offered by the Agricultural Bank of China (ABC), has grabbed a lot of headlines at home and abroad in recent weeks.
While the Facebook-backed Libra project has been downsizing from its original plan as it tries to woo global regulators, China has been scaling up its digital currency project and reportedly released its first DCEP application in Suzhou.
Crypto’s fundamental value has long been questioned by its cynics. They cite Bitcoin’s “slow” transaction speeds, the Ethereum DAO hack, and other “shortcomings” in the industry as reasons to claim that this asset class has no future.
But, the macroeconomic landscape is developing to a point where crypto, especially Bitcoin, is making so much sense in today’s tumultuous world.
Since the start of the coronavirus outbreak, the U.S. Federal Reserve has created trillions of dollars in order to keep the central bank’s private partners’ liquidity strong during the economic downturn. These moves have caused a number of sound money advocates and economists to explain that the Fed’s monetary policies will lead to hyperinflation in the U.S. Now that the petro-dollar is on its last leg, market analysts are concerned about other countries that depend on the USD. Just recently the U.S. central bank has opened 14 swap lines in order to send billions of dollars to countries who need them.
Bitcoin will mature into a gold-like store of value this year, according to the latest projections by Bloomberg. The financial magazine’s report, “Bitcoin Maturation Leap,” notes that the cryptocurrency is poised for a bull run, after being temporarily dragged by the coronavirus-induced stock market tailspin.
- South Korean travel unicorn Yanolja is integrating with MiL.k, a blockchain rewards platform.
- Customers will be able to trade Yanolja Coin for Milk Coin, a cryptocurrency that can be traded on exchanges or redeemed for rewards.
- Transactions are encrypted on a blockchain, so companies participating in the reward program don’t have to worry about data leakage.
Starbucks, Subway, and McDonald’s are among the 19 retail businesses that will be trialing China’s digital yuan in one of the country’s pilot program cities. Per reports, China has already started testing its digital currency in a real-world setting in order to improve the currency’s functionality.
According to a Chinese-based news outlet, one of the cities that will be hosting the digital yuan pilot tests, Xiong’an New District, held a pilot promotion meeting on Wednesday (April 22, 2020) afternoon.