In the 180th Edition of the latest cryptocurrency news magazine, you will get to know all the weekly updates regarding the market. At the start of the year, Bitcoin’s dominance was above 70% as institutional money was chasing prices higher. Though Bitcoin continued to rally, traders also began diversifying into altcoins. This started the altseason and several altcoins have rallied sharply in this year. This has pulled Bitcoin’s dominance down to below 47%, according to coinmarketcap.
As Bitcoin loses ground, Ether seems to be making strong headway, indicating a huge divergence in the performance of the top two cryptocurrencies. Bitcoin closed the month of April with a minor loss of 1.72% but Ether skyrocketed 44% during the same period. This shows that investors have been rotating their money out of Bitcoin and into altcoins. Read our latest cryptocurrency news magazine also to stay up to date in the crypto world.
OUR BLOG ARTICLES FOR THIS SPECIAL ISSUE ARE
EVERYTHING YOU NEED TO KNOW ABOUT THE JUNCA PLATFORM,
HOW IS DEFIBIDS A ROBUST SOLUTION FOR AUCTIONING CRYPTOS AND DEFI?
We did not suggest any trade in Bitcoin last week as we believed that every higher level will bring additional supply and that is what seems to be happening. The BTC/GBP pair surged above the moving averages on April 30 but the bulls could not sustain the rally.
The bulls again tried to extend the relief rally on May 3 but met with stiff resistance above the £42,000 level as seen from the long wick on the day’s candlestick. Today, the bears have dragged the price back below the moving averages. Also, check out latest cryptocurrency news magazine here.
If the bears sustain the price below the 20-day EMA, the pair could again drop to £37,617. The bulls may try to defend this level aggressively but every rise is likely to hit a wall near the moving averages. A break below £37,617 could pull the price down to £32,500.
This negative view will invalidate if the price turns up from the current level and rises above the downtrend line of the falling wedge pattern. That could clear the path for a rally to the all-time high at £47,240.05. However, such a move looks unlikely at the moment. We do not find any strong conviction trades at the current levels. Subscribe to latest cryptocurrency news 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
– Gala Games
– Junca Global
– DeFi Bids
CRYPTO TRADE OPPORTUNITIES
BITCOIN – BTC/GBP
We had mentioned that shorting opportunities may open up for professional traders and that is what happened. Bitcoin broke below the £38,000 support on May 12, which triggered panic selling. The BTC/GBP pair continued to move lower and reached the £31,005 support on May 17. The bulls are currently attempting to defend the £31,005 support. Read more
ETHEREUM – ETH/GBP
We had pointed out in our previous analysis that Ether may be topping out and our assumption was proven right. Although the biggest altcoin rose above £3,000 on May 12, aggressive profit-booking dragged the price lower, forming a bearish engulfing pattern. The bulls again tried to resume the uptrend on May 14 but the up-move fizzled out at £2,965.68. The selling resumed on May 15 and pulled the ETH/GBP pair below the 20-day EMA on May 17. Read more
BITCOIN – BTC/GBP
We did not suggest any trade in Bitcoin last week as we believed that every higher level will bring additional supply and that is what seems to be happening. The BTC/GBP pair surged above the moving averages on April 30 but the bulls could not sustain the rally. The bulls again tried to extend the relief rally on May 3 but met with stiff resistance above the £42,000 level as seen from the long wick on the day’s candlestick. Today, the bears have dragged the price back below the moving averages. Read more
ETHEREUM – ETH/GBP
Ether surprised us with its sharp up-move in the past few days. Momentum traders who had bought on our recommendation in the previous analysis could be sitting on huge profits within a short time. However, vertical rallies rarely sustain and they are usually followed by waterfall declines. Therefore, without getting too greedy, traders may book profits at the current levels or tighten the stops to lock in a large part of their paper gains. Read more
RIPPLE – XRP/GBP
We had said in our previous analysis that the relief rally in XRP may face stiff resistance at the 61.8% Fibonacci retracement level at £1.11603 and that is what happened. The bulls pushed the price above £1.11603 on April 30 but they could not sustain the higher levels. Profit-booking has dragged the price down to the 20-day EMA. If the bears sink the price below the 20-day EMA, the XRP/GBP pair could drop to £0.90 and then to the 50-day SMA. Such a move will suggest the bullish momentum has weakened and that may keep the pair range-bound for a few days. Read more
CARDANO – LTC/GBP
Cardano is stuck between £0.71001 and £1.07197 for the past many weeks. In a well-defined range, traders generally buy the dips to the support and sell near the resistance of the range and the price action in between is random and volatile. The buyers had been sustaining the ADA/GBP pair above the 20-day EMA for the past week but they could not push the price to £1.07197. This shows a lack of buyers at higher levels. The bears will now try to sink the price below the moving averages. If they succeed, the pair could gradually drop to £0.78 and then to the critical support at £0.71001. The bulls are likely to buy the dip to this support. Read more
BINANCE – BNB/GBP
The bulls are buying Binance Coin at the 20-day EMA but the bears are offering a stiff resistance above £425. The price is currently sandwiched between the downtrend line and the 20-day EMA. Both moving averages are sloping up and the RSI is above 58, suggesting the bulls have the upper hand. If the buyers can push and sustain the price above the downtrend line, the BNB/GBP pair could retest the all-time high at £465.76. Read more
CBERRY, CRYPTOS FIRST CONTENT PLATFORM ON THE BINANCE SMART CHAIN
Content creation and consumption is a vital part of the human ecosystem. For most people, they utilize their social media accounts even without getting rewarded. “Contents are everywhere, we see them on TV, blog posts, our social media etc. What isn’t common is monetization of contents for the makers and the consumers” Read more
GALA GAMES SIGNS WITH FRANK MILLER CONCEPT ART HOUSE TO INAUGURATE THE LAUNCH OF GALA.ART
Today, legendary creator Frank Miller is embarking into the NFT space, bringing his masterpieces to Gala Games. The upcoming release of a series of limited-edition Frank Miller NFTs, in partnership with Concept Art House, is part of the unveiling of the Gala.Art initiative, which seeks to redefine the space by bringing NFTs that last to the collectors market. There are few people more well known and beloved in the comic illustration universe than Frank Miller. For decades, audiences and readers have enjoyed his epic tales such as Sin City, Daredevil, 300, The Dark Knight Returns, and many others. He is hands down one of the most prolific and culturally relevant content creators of the last four decades. Read more
EVERYTHING YOU NEED TO KNOW ABOUT THE JUNCA PLATFORM
Cryptocurrencies have gained worldwide prominence simply because they are easy to use, access and store. However, another benefit of cryptos is that these currencies make an international money transfer both quick and efficient. People looking to transfer cryptos between banks know that it is a cumbersome task. The process often gets delayed and also involves many inefficiencies. This is precisely platforms like Junca Cash become prominent. The Junca platform has been crafted to facilitate cross-border remittances. It simplifies the cross-border remittance of cryptocurrencies.
ETHEREUM BREAKS $3,000—IT’S NOW VALUED MORE THAN BANK OF AMERICA
Ethereum, the world’s most-used blockchain by daily transactions and the second-largest by market cap, broke the $3,000 price level in the early hours Monday, data from multiple sources shows. Its native token, ETH, powers the network and facilitates millions of other decentralized applications (dApps) and protocols that run atop. With the rise of decentralized finance (DeFi)—over $70 billion is now locked in such apps—and other ground-breaking innovations in the past year, demand for ETH continues to grow. Read More
CME GROUP INTRODUCES MICRO BITCOIN FUTURES
The Chicago Mercantile Exchange, or CME, has officially launched its newest Bitcoin (BTC) derivatives product, setting the stage for wider mainstream adoption of digital assets. TIm McCourt, CME Group’s global head of equity index and alternative investment products, said the new product will provide “an efficient, cost-effective way for a broad array of market participants — from institutions to sophisticated, active traders — to fine-tune their bitcoin exposure and enhance their trading strategies.” Read more
DIGITAL CURRENCY GROUP BUYING $750 MILLION IN GBTC SHARES
Digital Currency Group, a major crypto investment firm led by CEO Barry Silbert, plans to buy an additional $557 million of shares of the Grayscale Bitcoin Trust, the giant Bitcoin investment vehicle run by Grayscale, one of DCG’s many subsidiaries.
ETHEREUM CO-FOUNDER VITALIK BUTERIN IS NOW A BILLIONAIRE, HOLDING OVER 333,520 ETH
Ether price rallies above $3,290 but still only 131% above last bull market ATH, unlike Bitcoin’s 225% uptrend.
Ethereum co-founder Vitalik Buterin has become a billionaire as the price of Ether surged past $3,000 to hit an all-time high at $3,292. Read more