In this one of the latest crypto news digital magazine, you will get to know all the weekly updates regarding the market. Bitcoin hit a new all-time high in the last week as it soared above $60,000. This could have attracted aggressive short-term traders who may have expected the next leg of the uptrend to begin.
In anticipation of a rally, many retail traders seem to have used derivatives to build positions, which led to the funding rates on bitcoin perpetual futures rising to 200% on an annualized basis, which is unsustainable, according to Singapore-based quant firm QCP Capital.
OUR BLOG ARTICLES FOR THIS SPECIAL ISSUE ARE
TOP REASONS FOR CHOOSING QOINIQ FOR DIGITAL
INTRODUCING AUBIT FREEWAY — THE WORLD’S NEXT GREAT
ASSET MANAGEMENT PLATFORM
CRYPTOCURRENCY MILLIONAIRES IN 2021
We had mentioned in our previous analysis that we were bullish and that is how Bitcoin played out last week. The largest cryptocurrency surged above £41,795 on March 13 and hit a new all-time high at £44,238. Also, check out past crypto news magazines here.
However, the bulls could not hold on to the higher levels as the price turned down and broke below the breakout level at £41,795. This is a negative sign as it suggests traders are booking profits on rallies.
The BTC/GBP pair has dipped back to the 20-day EMA, which is an important support to watch out for. If the price rebounds off this support, it will suggest traders are buying on dips. The bulls will then again try to resume the uptrend by pushing the price above the £41,795 to £44,238 overhead resistance zone. Check out more crypto news here.
Contrary to this assumption, if the bears sink the price below the 20-day EMA, the pair could drop to the 50-day SMA. This is an important support because the bears have not been able to break it since October 9 of last year. Therefore, a break below it will suggest a possible change in trend. The bearish divergence on the RSI is pointing to a possible deeper correction. We will wait for the price to form a bottom before proposing a trade in it. Checkout our crypto news digital magazine for the latest updates about profit and loss in cryptocurrency.
Lastly please check out the advancement’s happening in the cryptocurrency world.
FEATURING IN THIS WEEKS EDITION
– Zeta Hedged Coin
CRYPTO TRADE OPPORTUNITIES
BITCOIN – BTC/GBP
We had mentioned in our previous analysis that we were bullish and that is how Bitcoin played out last week. The largest cryptocurrency surged above £41,795 on March 13 and hit a new all-time high at £44,238. However, the bulls could not hold on to the higher levels as the price turned down and broke below the breakout level at £41,795. This is a negative sign as it suggests traders are booking profits on rallies. Read more
ETHEREUM – ETH/GBP
We were expecting Ether to reach its all-time high at £1,456.18, but the bears had other plans. They stalled the rally at £1,391.98 on March 13. The price has again dipped back to the moving averages. The bulls will now try to defend the moving averages and if they succeed, the ETH/GBP pair may make one more attempt to rise above the all-time high. If they manage to do that, the pair could rally
to £1,767.7 and then £1,968.87. Read more
RIPPLE – XRP/GBP
XRP turned down from the overhead resistance on March 10 and slipped below the 20-day EMA. The selling continued and dragged the price below the 50-day SMA on March 12. This suggests bears are aggressively defending the higher levels. The price could now remain
range-bound between £0.27916 to £0.355 for a few more days. The flat moving averages and the RSI near the midpoint also point to a possible consolidation. Read more
CARDANO – LTC/GBP
We had highlighted in the previous analysis that the failure to achieve a strong rebound off the 20-day EMA suggests a lack of buying support. Cardano broke below the 20-day EMA on March 12. Although the bulls tried to push the price back above the 20-day EMA on March 13, they could not hold on to the higher levels. This shows traders are booking profits on rallies. Read more
BINANCE – BNB/GBP
Binance Coin broke above the symmetrical triangle and soared above the £200 overhead resistance on March 9. The bulls attempted to resume the uptrend on March 11 but they could not sustain the higher levels, as seen from the long wick on the day’s candlestick. Read more
THE FOUR-LARGEST NFT DAPPS ARE DRIVING $10M IN DAILY VOLUME
According to DappRadar, the top four decentralized NFT apps now drive $10 million in volume each day. The excitement surrounding NFTs is showing no signs of slowing down, with the top four decentralized NFT apps driving more than $10 million in daily volume. According to decentralized application data aggregator DappRadar, NBA Top Shot, CryptoPunks, Mooncats, and Sorare represented more than $10.57 million worth of secondary NFT sales over the past 24 hours. However, overall Read more
GAS TOKENS GAIN 300% AS THE QUEST FOR ETHEREUM NETWORK ALTERNATIVES EXPANDS
Gas tokens quietly move higher as the cost of transacting on the Ethereum network highlights the benefits of dual-token models with stable fees. Network congestion and high transaction costs on the Ethereum (ETH) network have been a persistent issue for investors and developers for the past year and this has shone a spotlight on blockchain projects that offer a solution to these issues. Read more
RIPPLE ASKS COURT TO FORCE SEC TO PRODUCE DOCUMENTS REGARDING BITCOIN AND ETHEREUM
The lawyers who represent Ripple Labs, CEO Brad Garlinghouse, and co-founder Chris Larsen are asking Federal Judge Analisa Torres to compel the U.S. Securities and Exchange Commission to produce documents relevant to its lawsuit against the blockchain company. In a motion filed on March 15, they claim that the SEC has failed to produce any documents apart from the ones that were selected by the regulator.
BULLISH UPTREND INTACT AS BITCOIN FUTURES OPEN INTEREST HITS $22.5B
Bitcoin may be en route to retest underlying support levels but the record $22.5 billion open interest on BTC futures shows bulls expect the uptrend to continue. Bitcoin (BTC) price has rallied 22.5% in March, but as the price moved up, some buyers began to use excessive leverage, according to derivatives data. Meanwhile, futures open interest reached a $22.5 billion record-high, causing investors to question how sustainable the current rally is. Read more
TOP REASONS FOR CHOOSING QOINIQ FOR DIGITAL CURRENCY TRADING
Cryptocurrency investing has become a norm today. With thousands of cryptocurrencies and over 500 crypto exchanges available in the online marketplace, more and more people are looking to maximize their gains through digital currency trading. This is where companies like QoinIQ is providing an easy-to-use crypto trading platform called QoinSuit to traders globally. In this article, find the top reasons for choosing QoinIQ’s QoinSuit platform for digital currency trading. Read more
INTRODUCING AUBIT FREEWAY — THE WORLD’S NEXT GREAT ASSET MANAGEMENT PLATFORM
With more than 100,000 people on the pre-launch waiting list and independently-verified simulations showing as much as 75% additional annual returns, AuBit Freeway could be the next big thing in finance.
Most investors today seem to lean towards one of two camps: crypto investing or traditional investing. Crypto investors have seen or made wild gains and know they’re real, whereas traditional investors feel far more comfortable with their 8% benchmark returns per year. One company, however, is using blockchain technology to combine the best of both worlds and maximise investor returns with no additional risk by reducing and redistributing revenues for the benefit of all investors. Read more
CRYPTOCURRENCY MILLIONAIRES IN 2021
The Cryptocurrency market is highly volatile, and estimating the actual amount owned by cryptocurrency investors can get quite tricky. However, there are a few crypto owners who have earned a fortune through cryptocurrency investing. Here, we present the list of cryptocurrency millionaires for 2021. Read more