Crypto Today: The market is deep in red as Bitcoin and major altcoins reverse the gains
|Here's what you need to know on
Markets:
BTC/USD is currently trading at $8,500 (+2.28% on a day-to-day basis). The coin has been moving within a strong bearish trend amid expanding volatility. The intraday low is registered at $8,461.
The ETH/USD pair is currently trading at $163.5 (+3.2% on a day-to-day basis). The Ethereum recovered from the intraday low of $162.25; now, it is moving within a short-term bearish trend amid low volatility.
XRP/USD settled at $0.2295, having lost 3% in recent 24 hours. The coin has been moving within a bearish trend in sync with the market.
Among the 100 most important cryptocurrencies, the best of the day are Swipe (SXP) $1.79 (+17.5%), Nervos Network (CKB) $0.0060 (+10.87%) and NEM (XEM) $0.0416 (+7.6%), The day's losers are, Komodo (KMD) $0.6805 (-11.92%), Bitcoin SV (BSV) $282 (-11.2%), Quant (QNT) $3.26 (-9.42%).
Chart of the day:
ETC/USD, 4-hour chart
Market:
The transaction volume on non-custodial decentralized exchanges (DEX) increased by 50% in recent seven days, according to the statistical data provided by Dune Analytics. The total trading volume exceeded $52 million while a trading platform Uniswap has become the biggest DEX in terms of trading volumes. The platform processed over 40% of the reported volume.
The vast majority of Bitcoin addresses are currently "in the money", which means that their holders have some unrealized gains. According to the recent report provided by Coinmetrics, about 72% of all Bitcoin are in a green zone, while a month ago this figure was just 50%. Apart from that, the researchers found out that an overwhelming majority of the addresses have an estimated cost basis less than $12,000, thus even "a small increase in price is needed to dramatically improve investor sentiment.
Industry:
Grayscale Investments promised to finance the development of Ethereum Classic for another two years. Notably, the asset management company has donated to ETC Cooperative one-third of the revenues generated by management fees from Grayscale Ethereum Classic Trust since 2017. The donation amounted to $1.1 million. Notably, Grayscale Investments controls about 14% of the total ETC supply. The coins are needed to back its Ethereum Classic investment vehicle.
Bitcoin Cash miners will direct 12.5% of BCH coinbase rewards to a Hong-Kong-based fund that will support Bitcoin Cash infrastructure. The feature will be activated during regular upgrade scheduled on May. Notably, it will be obligatory for all miners to activate it as otherwise they will be orphaned from the ecosystem. The funding will last for 6 months.
To ensure participation and include subsidization from the whole pool of SHA-256 mining, miners will orphan BCH blocks that do not follow the plan. This is needed to avoid a tragedy of the commons.
Regulation:
The central banks of Hong Kong and Thailand consider creating a joint Central Bank Digital Currency (CBDC) that will be used to facilitate payments between the countries. The regulators confirmed that the project known as Project Inthanon-LionRock will be based on blockchain technology to ensure transparency of cross-border settlements and risk reduction.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.