Cryptocurrencies are going down... What may signal a recovery?
David Tawil, the president of a crypto hedge fund ProChain Capital: “We continue to expect another leg downward. It’s nice to see a positive move as opposed to a negative move, certainly. But at the same time, for investor purposes, it’s not a particularly comforting move. Certainly, an investor would much rather see a gradual rise with constant floors in terms of downside being established, as opposed to a very, very quick run-up. It could be easy come, easy go.”
The overheated market has started to calm down since the beginning of the week. On the daily chart, Bitcoin could not stick above the resistance at $5,300 and started to fall to the support at $4,830. However, on Friday, the digital currency has got a positive momentum and moved up a little bit higher. Bulls need to break the resistance at $5,300 to explore fresh highs. The next resistance will lie at $5,636. If bears are strong, Bitcoin will fall to the support at $4,830. If this level is broken, the next support will lie at $4,255. If we look at indicators, parabolic SAR shows the upward movement for the oldest crypto and ADX demonstrates the overheated market conditions.
- Chinese Reform and Development Commission suggested banning mining. The future of this industry in China will be determined on May 7.
- The US Congress will review the project of the law, which suggests removing cryptocurrencies from the equities law.
- Facebook wants to attract $1 billion of investments in its stablecoin. Did Zuckerberg run out of money?
- Telegram started to test its new TON blockchain platform.
- Digital Asset Holdings will create programmed instruments for trading derivatives.
- Lichtenstein’s Bank Frick and Bitcoin Suisse launched new exchange product BTC-ETH-tracker for professional and institutional investors.
- Leading Japanese bank MUFG will release stablecoin backed by Japanese yen until the end of the year.
Current prices (last update 17:13 MT time)
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Welcome to Tuesday, people! Here’s your markets update ahead of the European trading session.