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There is no stopping the markets from fluctuation. Every time bulls get hold of the action, they can only take the prices in the range of $7100 for a day or two. Soon, the prices start to tumble again only to find support psychological level of $6,500.
At the time of writing, Bitcoin is trading at $6759 representing a market cap of $114 billion. Today, NEO experienced the biggest growth over the past 24 hours, up more than 6% and trading at $50. In crypto-speak, NEO didn’t move at all.
ETH, on the other hand, suffered a 50% decline in March. However, at the time, ETH was extremely oversold, with the 14-day relative strength index (RSI) at record lows. So, a corrective rally was overdue and, accordingly, ETH has created a minor double-bottom bullish reversal pattern.
This slight positive turnaround is being associated with reports that Wall Street bigwigs or “real whales” are set to enter the crypto waters. Notably, George Soros, the billionaire investor who broke Bank of England in 1992, has given his Soros Fund Management macro investment manager Adam Fisher the go-ahead to trade cryptocurrencies.
Reports are also doing the rounds that Venrock, the venture capital arm of the financial empire began by John D. Rockefeller, is all set to bet on Bitcoin.
That said, for short-term recovery, the $7,700 to $7,800 range still remains as an important level for bitcoin that could allow the most dominant cryptocurrency in the market to potentially eye a move towards the $8,000 region.
At the moment, the cryptocurrency market in general still lacks volumes across the board, on both major and minor cryptocurrencies. During the recent 70% correction, the vast majority of weak hands and speculators left the market, and new capital or money has to come into the market to increase the liquidity of major cryptocurrencies.
First off, the trading volumes need to increase, and the transaction volume of bitcoin will increase, and then as user activity surges, the bitcoin price will follow. Or that’s what the textbook says at least. No one really predict with certainty how this market works.
Top Stories from the Crypto World
1. We’re entering a “Bitcoin, not Blockchain’ world, says Lightning Labs Chief
Elizabeth Stark, co-founder of Lightning Labs, said that cryptocurrencies have begun to steal the show again away from blockchain. It’s a far cry from the San Francisco startup’s earlier days when Lightning decided to remove “Bitcoin” from its marketing resources because at the time blockchain was king.
“Now, I feel like we’ve entered into a ‘Bitcoin, not blockchain’ world, where people understand the value of cryptocurrency technology and what these can bring,” said Stark to Yahoo, pointing to proof-of-work and public/private key cryptography that “make Bitcoin special.” she added.
Stark reflected on the rise of blockchain before seemingly at the cost of Bitcoin, the latter of which had become taboo in financial services. Lightning at the time was developing Bitcoin software, and Stark and other developers knew that the banking industry’s decision to shun Bitcoin was misinformed.
2. Bitfinex denies fraud allegations tied to confiscated funds
After Polish prosecutors reportedly seized €400 mln from two accounts at a little-known Polish bank, one of which was allegedly linked to Bitfinex, suspicions were raised in Polish media that the confiscated funds were involved in an international fraud and money-laundering scheme, in which criminals had been converting laundered fiat into crypto via the exchange and its affiliated accounts.
An admin on Bitfinex’s subreddit thread first spoke out against the claims April 8:
“This is not true and Bitfinex aren’t affected by whatever has happened. We’ll be releasing an official statement on this later today.”
Later Bitfinex came out with an official statement:
“Bitfinex can confirm that it is aware of the current allegations that have been reported by Polish media over the past several hours. Bitfinex believes that these allegations are untrue and Bitfinex customers and operations are unaffected by false rumors. Bitfinex is proud to be the world’s leading crypto exchange, and in this capacity works tirelessly to remain in strict compliance with authorities and regulators worldwide.”
3. Singapore to further push Blockchain to boost financial inclusion
In opening remarks for a meeting with finance ministers from Southeast Asian countries on Friday, Heng Swee Keat, Singapore’s minister for finance, highlighted the government’s plans to foster innovations such as blockchain to improve access to finance in the region.
“In particular, we will support digital innovations like fintech. For example, the underlying distributed ledger technology presents us with many opportunities for cheap and secure transactions. This can promote financial inclusion for underserved and underbanked segments in ASEAN,” the minister said.
Although Heng did not disclose precise details on any blockchain initiatives, his comments come at a time when governments in Southeast Asia have been stepping up efforts to develop and adopt blockchain tech in the financial sector.