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Ethereum [ETH] Targets $3K; Strong Bullish Sentiment Detected

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The altcoin market continued to boom as cryptocurrencies like Ethereum [ETH], XRP and Binance Coin [BNB] recorded new highs. Bitcoin [BTC] was no less as it sprung up to a high of $64K. However, it retraced back to $62,721, during press time. The market cap of the asset was on a roll as it surged to $1.18 trillion. The over all market cap also rose to $2.22 trillion. While some assets were seen riding the bull, a few others were dwelling in the bearish arena.

Earlier today, ETH went on to record an all-time high of $2,489. however, at the time of writing the altcoin was noted at $2,445 as the altcoin underwent correction. Furthermore the asset was recording a rise of 4.61% in its price over the last 24-hours. Just as Bitcoin’s dominance subsided, Ethereum’s supremacy over the market rose to 12.7%.

Additionally, the market cap of the cryptocurrency was recorded at $283.51 billion which helped the coin retain itself as the second largest cryptocurrency.

Ethereum [ETH] One-Day Price Chart On Coinbase

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The one-day price chart of ETH delivered positive signs. All the indicators used in its chart was seen showcasing the presence of the bulls. The Parabolic SAR indicator revealed that ETH was all set to hit a new all-time high soon. A series of dots were placed below the candlesticks acting as a support against a downtrend. The MACD line retained itself over the signal line and was in a bullish crossover. The Awesome Oscillator indicator laid out green closing bars further announcing the presence of the bulls.

Ethereum [ETH] Records Buyers’ Sentiment

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The one-day price chart of ETH not only revealed that it was hoarding the bulls, but it also pointed out that it was a buyers’ market. The Relative Strength Index indicator was noted at 72 median, further affirming that the altcoin was being overbought. The Money Flow Index indicator followed suit and exhibited a similar trend.

Dogecoin [DOGE] Bulls Take A Breather After Hitting Peak At $0.14

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Tech mogul Elon Musk has been the biggest driver for Dogecoin [DOGE] rush. The cryptocurrency noted gains of more than 112.24% over the past week. The memecoin has noted an impressive jump to the 11th spot on the cryptocurrency ladder from less than a cent at the beginning of this year to the press time price of a fresh new peak.

After the Coinbase debut on Nasdaq, several cryptocurrencies saw minor pullbacks. Dogecoin [DOGE] was done by 2.16% over the last 24-hours which drove its price to $0.129. At the time of writing, the digital asset registered a market cap of $16.62 billion and a 24-hour trading volume of $14.15 billion.

Dogecoin [DOGE] Daily Price Chart:

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After weeks of consolidating, Dogecoin [DOGE] finally noted three straight days of green candles that prompted a fresh parabolic rise to a new ATH as volatility made a comeback. The 50 DMA [Pink] did manage to move above the DOGE candles during the last week of March. However, this trend was short-lived as the crypto-asset held on to the bulls.

After a brief trend of convergence, the gauge between the two moving averages, 50 DMA and 100 DMA [Blue] rose yet again while settling below the price candles and forming crucial support points.

Continuation of Uptrend

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DOGE technicals appear to be strongly favoring bulls. The MACD indicated a massive volume in the coin market as demand remained quite high. The long green bars of Awesome Oscillator depicted a phase of bullish momentum in the DOGE market.

In tandem with the rising price action, the RSI also rose to the overbought zone depicting a sentiment of buying pressure among the investors of the coin as the volatility in the market continued to rise.

The above charts point at a bullish phase for Dogecoin that could take it to climb new highs. However, in an unlikely case of a bearish reversal, the digital asset could test support at levels $0.0698, $0.059, and $0.047 respectively.

Binance Postpones Coinbase’s COIN Stock Token Listing Citing ‘Volatility’ Concerns

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Cryptocurrency exchange Binance has announced that it has postponed the listing of Coinbase Stock Token [COIN] due to market volatility issues. The official press release stated that investors will be notified once the COIN/BUSD pair is available for trading on the platform.

This came just hours after the exchange announced adding support for tokenized version of Coinbase stock for trading. This was the second stock token listing after TSLA which were zero-commission digital tokens that are fully backed by a depository portfolio of underlying securities representing the outstanding tokens.

Events that unfolded after the high-profile Coinbase’s debut on Nasdaq

The Coinbase listing occurred without the IPO route. The cryptocurrency exchange, instead, went ahead with the Direct Listing route under the ticker symbol ‘COIN’. 

COIN’s reference price was set at $250 by Nasdaq. However, the shares made a debut of more than 50% higher at $381 before making a climb to $424. It was no less than a landmark event for the cryptocurrency market with Coinbase’s valuation briefly rising to above whopping $112 billion.

Failing to retain this level following the excessive market frenzy, COIN dropped to $313 subsequently closing at $328.28 per share on Wednesday, with the valuation of the exchange at $85.8 billion on a fully diluted basis.

In the wee hours of 15th April, however, the shares of the platform rose to $361 in premarket trading. This could have been triggered due to the three funds at Cathie Wood’s Ark Investment Management buying the shares. According to reports, the flagship Ark Innovation ETF, Ark Fintech Innovation ETF as well as Ark Next Generation Internet ETF made a massive purchase of a combined 749,205 shares of Coinbase.

Despite the high-profile launch, concerns regarding volatility in the realm of digital assets and regulatory uncertainty continued to linger in the Brian Armstrong-led company’s share price. However, several experts weighed in that Coinbase’s growth has been quite impressive and despite its competitors creeping in closer, it still has an upper hand.

In the latest edition of CNBC’s “Squawk Box Europe”, Carol Alexander, a professor at the University of Sussex Business School, opined that risk management from a regulatory and the operational point of view is “much better on Coinbase” as opposed to its rivals.

Alexander also went on to add,

“They’ve got this solid revenue stream from the fees and the custodial services as well. There’s no real competitor to them on the centralized exchanges because Kraken, Gemini — I don’t think they’re the next ones to go.

Bitcoin [BTC] From 2016 Bitfinex Hack On The Move

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The crypto industry is no stranger to hacks or scams. While some go on to lose a large number of Bitcoins, a few others have lost personal data. Bitfinex, a prominent cryptocurrency exchange, went on to experience the largest hack to date. Back in 2016, the exchange was subjected to a massive attack, which resulted in the loss of nearly 119,756 BTC.

More recently, the hacker behind these stolen funds decided to move some of the loot. While the hacker has moved some of the BTC in the past, this time it seemed to have caused a drop in the price of the king coin.

Bitcoin Worth More Than $740 Million Moved

Prominent analytics platform, Whale Alerts went on Twitter to alert the community of the massive transaction that took place. In an array of tweets, the portal revealed that over 11,799 BTC was moved in over 30 transactions. Most of the transactions were for about 1 or 1.5 BTC, the largest transaction entailed over 1,000 BTC. The tweet below sheds light to the largest transaction that was worth about $78 million.

Furthermore, the community speculated that this could have caused the recent drop in the price of BTC. Just yesterday, Bitcoin surged up to a high of $64K. However, in no time the asset collapsed to $62K with a 2.79% dip in the last 24-hours.

However, some investors like Alistair Milne tweeted,

“No, the Bitfinex hacker can’t sell the #Bitcoin (not in any volume). But he/she/they can move it to try to manipulate the market while they short it elsewhere …”

Additionally, Santiment, a prominent on-chain analytics platform pointed out that the whales would look for opportunities to “make big moves.” Turns out Bitcoin wasn’t the only asset experiencing $100+ transactions, ETH, reportedly followed suit. The tweet further read,

While this did cause quite a stir in the crypto-verse, the hacker or hackers behind the attack are still on the run. The exchange did not garner any luck, despite offering an award of $400 million.

ECB Garners Over 8,000 Responses To Its Public Digital Euro Consultation

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The central bank digital currency [CBDC] wave seems not to spare anyone. A few months ago, the European Central Bank aka ECB, taken an interest in CBDCs and decided to move forward with its research.The bank, however, chose to involve the public as it intended to garner the public’s expectation on the development of the digital euro.

Just as China and Japan have been announcing the swift development of their CBDC, Europe seemed to be taking it slow. Christine Lagarde, President of the ECB, even revealed that developing the digital euro could take up to four years. Even so, the bank’s latest announcement seemed to be promising.

ECB’s Digital Euro Must Entail Privacy

The central bank had allowed the public to list out their priorities and expectations with the digital euro, under the public digital euro consultation initiative. The bank managed to amass over 8,200 responses out of which 47% of the responses were from Germany. Italy and France recorded a total of 15% and 11% respectively. This consultation was rolled out back in October 2020 and went on till 12 January 2021.

Furthermore, with 94% of these respondents being private citizens, over 43% sought privacy from the digital euro. About 18% of them expected security from the CBDC. The ECB further wrote,

“Privacy is the most important feature of a digital euro for both the public and professionals, especially merchants and other companies. Both groups support requirements to avoid illicit activities, with fewer than one in ten responses from members of the public showing support for full anonymity.”

Interoperability is a must now. The ability to pay across different areas of Europe was demanded by 11% of the participants. While 9% did not want additional costs the remaining 8% asked for offline usability.

The ECB further reported that the aforementioned numbers were a record for the bank with regard to the participation of the public. Hearing out the needs of the public, the Executive Board member of the bank, Fabio Panetta suggested that the digital euro would be successful only if it complied with the demands of the public. Panetta added,

“We will do our best to ensure that a digital euro meets the expectations of citizens highlighted in the public consultation.”

Grayscale Total Assets Under Management Reaches $50 Billion

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Investment giant, Grayscale has reached a new milestone of $50.6 billion in cryptocurrency assets under management [AUM] on the 14th of April. The AUM figure has been quite impressive, increasing by an incredible 2,400% from a mere $2 billion at the beginning of 2020.

The Grayscale Bitcoin Trust [GBTC] continued to dominate the charts and accounted for a whopping $41.44 billion, while the Ethereum Trust [ETHE] trailed behind with $7.42 billion followed by the remaining trusts, including Litecoin trust [LTCN], Ethereum Classic Trust [ETCG], and Bitcoin Cash [BCHG], with $405.5 million, $267.4 million and $234.3 million respectively.

Grayscale has witnessed a rise in its total AUM figure by over $3 billion right after its plan to further diversify its crypto-trust offerings that involved the addition of five new tokens for their eligible accredited investors.

Grayscale Bitcoin Fund [GBTC] Vs GLD fund 

With the latest surge, the asset manager is inching closer to the largest Commodities ETF, the SPDR Gold Trust GLD which has $57.70 billion in assets. And there are certain industry experts that speculated this could happen soon. Senior Commodity Strategist, Mike McGlone, for one, believes that the firm’s Bitcoin Trust would eventually overtake the most popular gold-pegged ETF SPDR Gold Trust [GLD] in the coming days. His tweet read,

“Bitcoin Trust on Track to Surpass World’s Largest Commodity ETF – In a world going digital, we believe gold symbolizes the diminishing potential for sustained commodity-price advances, notably vs. Bitcoin. The crypto is a prime example of how advancing innovation suppresses.”

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Grayscale had announced its plans of converting its main product GBTC into an ETF. Hence, if approved, this would make the platform accessible to an even wider section of investors at a much lower cost. While the SEC is yet to give a green light to such an investment offering, but if approved Grayscale would easily become the second-largest commodity ETF just behind the SPDR Gold Shares.

The world’s largest cryptocurrency has surfaced as the growing choice of market participants around the world. This, in turn, prompted North American regulators to approve a few Bitcoin ETFs. As opposed to the Bitcoin’s bull season, Gold, on the other hand, has continued its downtrend starting after the first quarter of 2020.

XRP’s Retracement Seems Likely Before Knocking Off $2-mark

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XRP has increased to levels not seen in the past three years. Owing to the ongoing bull run, the cryptocurrency market amassed a $2.2 trillion market cap in total as top cryptocurrencies continued to tread uncharted territories. XRP, alone was up by almost 100% over the past seven days.

With the rapid increase in its price, it further strengthened its position as the fourth-largest cryptocurrency in the leaderboard. The crypto-asset was priced at $1.77 after surging by almost 5% over the past 24-hours. At the time of writing, it registered a market cap of $80.67 billion and a 24-hour trading volume of $30.55 billion.

It appears as if SEC’s lawsuit against Ripple has failed to deter the market participants this bull season. Where is XRP’s price headed in the near-term?

XRP Daily Price Chart:

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With the parabolic rise, XRP’s price has continued to surge at a massive pace as it doubled its price in a matter of just a week. Along with the volatility in the coin market, the trading volume also remained surprisingly high. This was indicative of the fact that the current momentum is strong which could aid in a leg up in the near term.

The upsloping moving averages continued to support the crypto-asset from an event of market downturn.

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The dotted markers of the Parabolic SAR continued to hover below the XRP price candles for almost a month now, depicting that the bulls are here to stay.

The rising volume along with the protracted bullish crossover by the MACD was also indicative of the strength in the coin market as buying demand spiked.

The RSI was also in the well into the overbought zone depicting a sentiment of buying pressure among the investors. It was also an over-leveraged indicator which could further signal a retracement in the coming days.

XRP’s resistances were found to be at $1.92, $2.01, and $2.17 respectively. The 50 DMA [Pink] and the 100 DMA [Blue] acted as crucial support points for the coin at $0.6 and $0.5.

Fed Chairman Powell Needs To Dig Deeper Into Crypto, Suggests Republican Leader

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The crypto industry has been booming with regard to popularity. Just as the world has been embracing the industry, certain lawmakers like the Fed Chairman, Jerome Powell as well as Treasury Secretary Janet Yellen were urged by Kevin McCarthy, the leader of the United States House of Representatives’ Republican party to reconsider their stance on crypto.

Appearing in a recent interview with CNBC’s Squawk Box, McCarthy addressed the ongoing interest in crypto. However, he suggested that the Fed Chairman was ignoring the entire situation hoping for it to go away,

Fed Chair And Treasury Secretary “Tried To Ignore It To Make It Go Away”

When the Republican leader was asked if the aforementioned lawmakers had a good understanding of the crypto industry, particularly Bitcoin, McCarthy was quick to suggest otherwise. He went on to suggest that these lawmakers were reportedly turning a blind eye towards Bitcoin hoping it would go away.

Both Yellen and Fed’s Powell have exerted their hate towards the king coin. While suggested that it was a “growing concern” the other went on to point out that its volatile nature. McCarthy further suggested that the US government should focus on the prospects of the crypto industry.

He added,

“This is moving towards the future. They should not ignore it. They should not only learn more about it, but the basis is going to continue to grow.

Furthermore, China and several other countries have been seen moving ahead in the digital currency space. The Asian country has time and again revealed its inclination towards crypto. While the country is already ahead with the development of its Central Bank Digital Currency [CBDC], the digital yuan, several governments have expressed fear over China’s global financial takeover. Speaking about garnering a setback in this race, McCarthy asserted,

This is something that those who regulate, those who are in government that make policy, better start understanding what it means for the future because other countries are moving forward, especially China.”

Bitcoin Goes To The Nightclub; Miami’s E11even Announces Support For BTC

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The popularity and the price of Bitcoin [BTC] were noted making its way to the moon. The institutional interest in the king coin seemed to be going through the roof. Just as several platforms across many industries have started to take a keen interest in the asset, a nightclub in Miami decided to be a part of this movement.

In a recent press release, E11even, a prominent luxury nightclub in Miami revealed that it would soon allow its customers to pay in Bitcoin as well as a few other currencies. While digital payments have recorded explosive growth following the COVID-19 pandemic, the cryptocurrency industry seemed to be making the most out of this.

Bitcoin, XRP, Dogecoin, Bitcoin Cash To Be Accepted For Payments

The lack of human touch during the pandemic gave rise to the emergence of digital payments. Even though the pandemic is still on, the vaccination against the deadly virus came out as a ray of hope to several across the globe. Complying with the situation an array of platforms shut doors to their businesses and E11even was one among them. The nightclub shut its doors to the public back in March 2020 and is all set to make a re-entry on 23 April 2021.

Alongside the announcement of their reopening, the nightclub pointed out that they would start accepting prominent cryptocurrencies like Bitcoin, XRP, Dogecoin [DOGE] as well as Bitcoin Cash [BCH]. The club reportedly intends to carry this out with its latest partner, a prominent cryptocurrency payments processer, whose name was not disclosed.

Not too long ago, the Mayor of Miami, Francis Suarez was seen trying to induce crypto into the city’s system. While the Mayor encouraged digitalization with the use of crypto, E11even seemed to be aiding this strive. Elaborating on the same, the founder and CEO of E11even, Dennis DeGori said,

“With the tremendous growth and relevancy of cryptocurrency coupled with Mayor Francis Suarez leading the charge for Miami’s tech boom, we felt it made sense to introduce Cryptocurrency as an option to our guests to pay for their night out. E11even is dedicated to always staying ahead of the curve, and we believe cryptocurrency is here to stay.”

Ripple’s CTO Says Holders With ‘Life-changing’ Amounts Of Coins Should Consider Selling

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The chief technology officer of the blockchain platform Ripple, David Schwartz says that it is now time to “seriously consider”offloading coins from the bag.

The cryptocurrency market has been roaring yet again. The collective market cap was currently towering at $2.22 trillion while Bitcoin’s price drove well above $64K for the first time ever as Coinbase awaits its debut on Nasdaq.

While some might argue that this is not a time to sell, and rather side with the ongoing accumulation trend despite the high prices on the charts, Ripple exec, on the other hand, asserted that buying is not “morally superior” to selling and that selling is not selfish. His tweet read,

“This is probably going to be my least popular tweet ever, but: If you have life-changing amounts of cryptocurrency, please take some time to seriously consider selling some to reduce your risk and exposure. This is not any kind of prediction about what the market will do.”

Schwartz went on to acknowledge that he has been consistent in “de-risking” for many years now. While he wishes that it had not been the case, the exec poined that Bitcoin, Ethereum, XRP, Stellar, and probably many more are currently at prices that mean people might have “life-changing amounts at risk”.

Having said that, the Ripple CTP did clarify that he was not making any kind of predictions regarding the cryptocurrency market.

“I definitely was not making any kind of future prediction there. I have no particular sense of what the market is going to do. I wish I did.”

Ripple-SEC Tussle

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XRP has been performing exceptionally well in the market and even established a three-year high. The crypto-asset was currently priced at $1.81 after amassing gains of more the 93% over the past week. It has remained fairly unfazed by developments with respect to Ripple and the Securities and Exchange Commission [SEC].

Just yesterday, Judge Sarah Netburn had reportedly granted a motion to dismiss SEC’s request that sought years’ worth of financial records belonging to the executives of the blockchain company.