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.
Correlation between Bitcoin and gold. Source: CoinMetrics | The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
The International Monetary Fund (IMF) has published a stark prediction that the unprecedented global economic slowdown triggered by ‘the great lockdown’ will get much worse before it gets better.
With Bitcoin (BTC) experiencing a record correlation with the traditional markets, the cryptocurrency needs to break away from the S&P 500 if it has any chance of producing the highly anticipated post-halving bull run.
BTC/USD price chart by Tradingview
Bitcoin price is trading at $6,898 after failing to sustain gains above $6,900. BTC/USD is also battling resistance at the descending trendline (dotted line). Also adding pressure to the bulls is the 50 SMA currently at $7,042. Looking back, Bitcoin climbed several barriers last week to top highs at $7,500. However, it sharply retreated, breaking tentative support areas at $7,200, $6,800 and $6,600. A low was, however, reached at $6,575 which allowed the buyers to slightly take back control and push a for a reversal.
- Bitcoin’s Bulls and Bears Engaged in Intense Battle for Control
- BTC Could “Nuke” Lower if This Resistance Holds Strong
“$6900 still an important daily level IMO. If this is going to nuke, it has to hold as resistance. Any intraday (certainly daily) acceptance above $6900 I think shorts get fried and we teleport to the top of the range at $7500-$7600. Candid thoughts annotated on chart,” he noted.
Bitcoin put/call ratioSource: skew
The ratio rose to 0.61 on Monday, the highest level since Feb. 27, after bottoming out at 0.42 on March 24, according to data provided by the crypto derivatives research firm Skew.
“The put-call open interest ratio measures the number of put options open relative to calls,” said Skew CEO Emmanuel Goh. A put option gives the holder the right but not the obligation to sell the underlying asset at a predetermined price on or before a specific date. A call option gives the right to buy.
Open interest is the total number of options contracts active at a given point in time and is different from trading volume, which refers to the number of contracts traded in a given period.
Although there are countless perspectives in the industry, the bottom line is that Bitcoin is a Safe-Haven Asset. It all comes down to its behavioral nature over the past 11 years and here is where the concept of hyper-deflation comes in.
Now, there isn’t a drastic difference between hyper-deflation and deflation, but hyper-deflation is an extremely fast and comparatively quick form of deflation, one where the purchasing power of a currency meteorically rises within a short duration of time.
- Bitcoin is currently correcting higher and trading above $6,800 against the US Dollar.
- The bulls are showing a lot of resilience above $6,600, but the price is still facing many hurdles.
- This week’s key bearish trend line is active with resistance near $7,040 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must gain strength above $7,000 and $7,040 to continue higher in the near term.
Bitcoin halving searches in Google have surged in the last few weeks. We have now less than 30 days before the halving event takes place and the entire crypto market seems to be very interested in the effects that the halving event could have on Bitcoin (BTC).
- Ripple price is slowly rising and currently testing the $0.1900 resistance against the US dollar.
- There price is struggling to gain momentum above $0.1900, $0.1920, and the 100 hourly simple moving average.
- There is a major contracting triangle forming with resistance near $0.1890 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to start a strong rally if it surpasses the $0.1900 and $0.1920 resistance levels.
The fees that the Ethereum users pay for using the robustness of the network are now bigger than what the network spends to keep the pace. The Tokenanalyst data published by Ankit Chipluncar claims in March 2020 the miners of uncle blocks received 20.4K in Ethereum. In the same month, the total sum of money users and smart contracts sent as fees equals 26.1K.
Reuters reported earlier today the FSB’s intentions to “proportionately” regulate stablecoins. The agency has developed a paper, which it will deliver to G20 finance ministers and central bank governors during a virtual meeting tomorrow – April 15th. The FSB will call for the application of the “same business – same risks – same rules” principle.
Chart by Arshevelev (Tradingview).
Digital currency markets have had a few lackluster days, as the entire crypto market valuation has dropped below the $200 billion mark on Monday. The following day on April 14, a number of cryptocurrencies have seen some slight gains between 2-9%. Meanwhile, global markets are reacting positively as many are starting to feel like the covid-19 pandemic is dwindling down in numbers.
As the below tweet by Hedgeye reveals, Wall Street banks including Goldman Sachs, Morgan Stanley, JPMorgan and Piper Sandler have turned “bullish,” with some analysts predicting that it’s onward and upward from here for the stock market. Any way you slice it, these equity calls — which come on the heels of a stronger health outlook — are bucking the downward trend in the global economy, which for all intents and purposes remains mired in a recession.
A relatively new crypto asset just surpassed Ethereum and XRP in daily volume, according to Messari’s Real 10 crypto volume index.
Messari created the index in March of last year in an effort to reveal legitimate crypto volume by tracking 10 exchanges: Binance, Bitfinex, Bitflyer, Bitstamp, Bittrex, Coinbase Pro, Gemini, itBit, Kraken and Poloniex.
Screenshots of an internal mobile application developed by the ABC, initially seen circulating on WeChat on Tuesday and later verified by CoinDesk, shows the banking giant has already developed a front-end interface of how users could potentially interact with China's CBDC – also known as DE/CP.
The move hints at the acceleration of the development and deployment work of rolling out the DE/CP. CoinDesk exclusively reported last year that the People's Bank of China had been developing the system with the involvement of the country's four big state-owned banks as well as payments giants Ant Financial and Tencent.