The Bitcoin felt indecision since the collapse at the end of last week. The scandal around Bitfinex and Tether again nullified the positive momentum in the market. In moments of cryptocurrency decisive growth, unflattering stories reminiscent of rather controversial methods of doing business in this sector. The echoes of the “Wild West 2017" still make themselves felt. Over the past 24 hours, Bitcoin loses a little more than 1% and trades around $5,250
As for technical analysis, quotes are currently around the 200-day moving average. Maintaining positions higher is often perceived by investors as a signal of a potential mood for growth. However, it is also worth noting that last week the support for the April uptrend was broken, and the RSI on the daily charts dived into the neutral zone from overbought, giving a correction signal.
The downward trend may increase on the news that the fifth largest Bitcoin wallet, which belongs to Bitfinex, has “lost” more than 30,000 BTC in the past few days. In this case, we can talk about escape from a sinking ship. In addition, the list of the largest wallets during the last week shows an increase of almost 52,000 BTC.
Behind a veil of negative news, there are reasons for optimism. For example, the browser extension Moon allows users to pay with Bitcoin on Amazon. So far, we are talking only about Amazon, but such opportunities open up quite good prospects for cryptocurrency, in principle, since over time there will be more such extensions.
On Monday, the Bitcoin futures platform Bakkt announced the purchase of Digital Asset Custody Company (DACC) to develop an integrated solution for the secure storage of cryptocurrencies. Apparently, Bakkt seriously intends to enter this market and get approval from regulators, since it is security issues that prevent the industry from moving forward.
The IOTA (Internet of Things) project yesterday defied gravity, and at the background of general market decline, the token managed to show an increase of 20%. Behind the growth is the news of the partnership Jaguar Land Rover and IOTA. The largest automaker in Britain tests a smart wallet built into cars that will reward drivers for the information provided, including traffic jams, problems with the road surface. Earned tokens can be spent on parking, road tolls.
FxPro UK Limited is authorised and regulated by the Financial Services Authority, registration number 509956. CFDs are leveraged products that incur a high level of risk and it is possible to lose all your capital invested. Please ensure that you understand the risks involved and seek independent advice if necessary.
Disclaimer: This material is considered a marketing communication and does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Past performance is not a guarantee of or prediction of future performance. FxPro does not take into account your personal investment objectives or financial situation. FxPro makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied by any employee of FxPro, a third party or otherwise. This material has not been prepared in accordance with legal requirements promoting the independence of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of investment research. All expressions of opinion are subject to change without notice. Any opinions made may be personal to the author and may not reflect the opinions of FxPro. This communication must not be reproduced or further distributed without the prior permission of FxPro. Risk Warning: CFDs, which are leveraged products, incur a high level of risk and can result in the loss of all your invested capital. Therefore, CFDs may not be suitable for all investors. You should not risk more than you are prepared to lose. Before deciding to trade, please ensure you understand the risks involved and take into account your level of experience. Seek independent advice if necessary. FxPro Financial Services Ltd is authorised and regulated by the CySEC (licence no. 078/07) and FxPro UK Limited is authorised and regulated by the Financial Services Authority, Number 509956.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?