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Cryptocurrencies To Veer Into WeWork’s Balance Sheet

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Cryptocurrencies have landed a prominent spot on several platforms across the globe. Tesla made news after it included Bitcoin [BTC] in its balance sheet. This not only spruced up the price of the king coin but also paved the way for an array of companies following the footsteps of Tesla. Now, WeWork seemed to have jumped onto the bandwagon.

Prominent co-working space, WeWork, in a recent announcement revealed that it would soon have cryptocurrencies on its balance sheet.

Cryptocurrencies Continue To Emerge

WeWork progressed as a significant platform across the globe. Now the platform seemed to take things up a notch by including crypto into their system. The firm pointed out that its customers would reportedly be able to pay in crypto. Cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Paxos (PAX), along with a few others would be used for payments. WeWork will be employing the services of BitPay to carry out payments in crypto.

Sandeep Mathrani, the CEO of WeWork suggested that the platform was upholding evolution while meeting the “diverse needs” of WeWork’s customers across the world. He added,

“As our member base continues to grow in the fintech sector, so will our ability to adapt to their needs and service a new economy. WeWork has always been at the forefront of innovative technologies, finding new ways to support our members. It only makes sense for us to expand on the optionality we provide by adding cryptocurrency as an accepted form of payment for our members.”

Furthermore, the announcement also disclosed that the prominent cryptocurrency exchange, Coinbase would be the first platform to pay in crypto for the WeWork membership. Highlighting the importance of the inclusion of crypto in WeWork, Chairman, Marcelo Claure said,

“Cryptocurrency helps build a stronger global economy and WeWork’s announcement demonstrates the company’s commitment not only to innovation but also to being a globally-focused business. WeWork’s ability to provide members with an additional convenient means of payment is hugely exciting.”

Crypto is growing without a stop and prominent platforms like WeWork was seen aiding this growth.

Dogecoin [DOGE] Becomes 5th-largest Crypto As It Defies Market-Wide Pullback

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Dogecoin [DOGE] is now the fifth-largest cryptocurrency by market cap after stealing the spot from the stablecoin Tether [USDT] on the 20th of April. As the collective cryptocurrency market suffered yet another pullback, the meme coin was the only asset to have posted gains after forming a constructive base. It raked in weekly gains of 460%.

The crypto-asset has reached unprecedented heights in recent weeks which brought about bubble concerns. DOGE has found massive fan following, and celebrity backing off late and then there is Elon Musk who continued to hail the joke currency’s enduring success.

Dogecoin [DOGE] was being traded at $0.408 after a surge of 9.44% over the past 24-hours. The coin registered a market cap of $53.12 billion and a 24-hour trading volume of $33.21 billion, at the time of writing.

Dogecoin [DOGE] 24-hours Price Chart:

DOGE 1

DOGE hit yet another ATH amidst a market downturn. This, in turn, pushed the volatility after hints of convergence by Bollinger Bands depicting more room for growth.

The upsloping moving averages, the 50 DMA [Pink] and 100 DMA [Purple] had settled well below the DOGE price candles and depicted a bullish phase for the coin while forming key support levels.

DOGE2 1

The long green closing bars of Awesome Oscillator depicted a strong bullish momentum in DOGE’s market that could potentially aid in the coin’s climb to unchartered levels.

Following the bullish crossover, the MACD has climbed significantly which depicted that the buying demand has intensified for the digital asset.

The RSI, as well, noted a similar sentiment of rising buying pressure among the investors in the market as it continued to strengthen its stay above the overbought conditions.

The nearest resistance level lies at $0.445, upon breaching which, Dogecoin can establish new highs. On the other hand, the support levels were found to be at $0.28, $0.091 and $0.065 respectively.

Cardano, Polkadot Tops Staked Cap Dominance; Tron Slides To 11th Spot

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Cardano and Polkadot have just added a new feather to their respective caps.

Over the past couple of years, a large number of ETH ‘killers’ and rivals have emerged whose popularity has exploded in Q1 of 2021. One such is Charles Hoskinson’s brainchild with a highly ambitious roadmap – Cardano blockchain, whose staking metrics demonstrated strong fundamentals.

So much so that Cardano is now dominating the charts in terms of the staked capitalization rankings according to the latest stats published by Staking Rewards.

Cardano Dominates, Polkadot Trails Behind

Staking Rewards

The blockchain is currently leading the pack and users reportedly staking $27.12 billion worth of ADA on it. In short, out of the total market cap of $38.28 billion, 73.27% of circulating ADA are being staked by the users. Staking Rewards site also estimated that the ADA stakers of the network receive an annual reward of 7.23%

Trailing just behind Cardano is Polkadot with a staked amount of $22.941 billion worth of DOT being devoted to securing the network, at the time of writing. Of the total $33,07 billion market cap, 64.16% are being staked by the DOT users, The annual reward received by the DOT stakers was estimated to be around 13.15%.

The Proof-of-Stake [PoS] consensus mechanism has become rapidly prominent among several notable cryptocurrency projects, especially with the launch of Ethereum 2.0. PoS model and its variants do not need validators to use their computational power through mining rigs to secure the network as in the case of PoW models.

Here, validators instead lock up a certain amount of their native tokens to authorize transactions and subsequently add new blocks to the blockchain. This process is known as staking.

Ethereum 2.0, on the other hand, is now the fourth spot by staked value with $8.24 billion. with a minuscule 3.31% of the total $249.5 billion market cap being staked by users. In addition, ETH stakers are generating a 7.57% in terms of annual reward. Eth 2.0, however, fell from the third spot for staked capitalization recently after Solana intensified its race and recorded a total staked value of $9.36 billion.

Tron Exits Top 10

Over the past several months, TRX has been extensively used for the purpose of staking. The native token of the highly scalable, DPoS-based [Delegated Proof-of-Stake] Tron blockchain has been widely popular among stakeholders. Despite this, Tron has slid way down to the 11th position as it amassed a staked value of $3.62 billion.

XRP’s Hot Streak Towards $2 Goes For A Toss As Bears Intervene

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A crypto carnage was noted in the market. XRP was seen spearheading this downtrend. The price of Bitcoin [BTC] had recorded a massive slump from a high of $64K to $55K over the month. The king coin’s market cap had also taken a hit as it had reduced down to $1.02 trillion. This further posed to have an impact on the overall market cap of the crypto-verse as it was at $1.97 trillion, during the time of writing.

XRP bewildered the crypto market after its impeccable price rise. The SEC’s claims of XRP being a security did not seem to stop the asset from bagging gains. However, the altcoin, after a notable surge in the last couple of days, went on to plummet by over 11% over 24-hours. The altcoin, during the time of writing, was trading at $1.28. The cryptocurrency garnered some momentum and rose towards the fourth position as its market cap fared to $57.02 billion.

XRP One-Hour Price Chart On Binance

XRP

The bulls as well as the bears had put up a fight in XRP’s short-term price chart. The Parabolic SAR indicator was inclining towards the bears as it had formed a line of resistance over the candlesticks. While this line restricted any outbreaks towards the upside, the community was assured that the bears were trying to make an entry into the XRP market. The Awesome Oscillator indicator, however, formed green closing bars affirming the presence of the bulls.

No major buying activity was detected in the XRP one-hour price chart, suggested the Relative Strength Index indicator.

XRP One-Day Price Chart On Binance

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Even though the Bollinger Bands were wide apart, however, they were trying to converge, further indicating limited volatility. The MACD line was seen crawling below the signal line further insinuating a bearish crossover. The Money Flow Index indicator was exerting a buyers’ sentiment amidst the ongoing bearish trend on the one-day price chart of the coin.

This trend could further pose as a hurdle to the altcoin’s journey towards $2.

Dogecoin [DOGE] Lands A Spot On America’s Prominent Online Retail Store

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The crypto industry witnessed multiple rallies over the last couple of months. Bitcoin [BTC] and Dogecoin [DOGE] were undoubtedly the stars of these rallies. Both the assets managed to bag in notable gains further enticing several investors into the industry. Just as prominent platforms across the globe have started viewing the aforementioned cryptocurrencies as promising assets, a prominent retail platform revealed its inclination towards Dogecoin.

In a recent press release, Newegg, North America’s tech-focused online retailer announced its support for Dogecoin as a payment method.

Dogecoin [DOGE] Veers Into Newegg

In the announcement, the e-retailer revealed that it wasn’t new to the crypto industry as it has been embracing crypto, particularly Bitcoin since 2014. Newegg was reportedly one of the first platforms to accept BTC for purchases. Once again, the platform was aiming to be the first few platforms that allow users to pay with DOGE.

Newegg, users who intend to pay with DOGE have to merely select the “Edit” option while making the payment. The users are required to then click on BitPay where they can carry out their payments in DOGE.

The Senior Brand Manager of Newegg, Andrew Choi pointed out that the “excitement and momentum around cryptocurrency are undeniable.” This has been the reason for several platforms to jump onto the crypto bandwagon. More recently, DOGE jumped up in terms of price as well as market cap. The altcoin, during the time of writing, had amassed a total of 422% gains in the last 24-hours. Even though the asset is currently trading for, $0.394, the brand manager suggested,

“[..] the recent surge in Dogecoin value underscores the need to make it easier for customers to make purchases with this popular cryptocurrency. We’re committed to making it easy for our customers to shop however works best for them, and that means letting them complete transactions with the payment method that suits them best. To that end, we’re happy to give Dogecoin fans an easy way to shop online for tech.”

China’s Digital Yuan Ranks Third in World; Second In Asia In CBDC Race: Report

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China has made significant progress in the development of central bank digital currency [CBDC], becoming the world’s first major economy to pilot a digital currency. Even so, as per a new report, the digital yuan is not the topmost CBDC in the world or in Asia.

According to the latest report by PricewaterhouseCoopers [PwC], China is third when it comes to project maturity, behind the Bahamas with the Sand Dollar and Cambodia, with project Bakong.

The report also mentioned that the digital version of the Bahamian Dollar as well as Cambodia’s DLT-based interbank payment system is either accessible to all the residents via the mobile application, physical payment card, or already is tied up with domestic commercial banks and payment processors. But China is still at the advanced level of trial.

China’s Digital Yuan Might Not Be Able to Tip Dollar’s Supremacy Just Yet

Despite popular notions about Digital Yuan, there are other CBDCs at the global level that require attention. Many market commentators have previously speculated China’s digital yuan to be a huge threat to the dollar. The digitization of China’s yuan has been a thing of global fascination especially in the backdrop of a flourishing cryptocurrency market. With regards to political implications and as well as the new economic levers that digital yuan might generate for the government domestically as well internationally, were also given adequate food for thought.

However, a senior Bank of Japan official recently downplayed the potential for China’s digital yuan to threaten the dollar’s position as the world’s main reserve currency. Kazushige Kamiyama, who happens to be head of the BOJ’s payment systems department and the individual who is tasked with looking into a virtual Japanese currency stated,

“The dollar’s status as the key global currency won’t change so easily. In fact, the dollar’s advantage may strengthen further if the U.S. goes with digitalization.”

Martin Chorzempa, a senior fellow at the Peterson Institute for International Economics, also noted that despite China’s massively-hyped digital currency advances, the digitized yuan is yet to prove to be cheaper, more efficient, more private, or more convenient than the existing domestic and international payment systems. While addressing the “threat” to the USD, Chorzempa added,

“[It is] unlikely to represent any more a threat to the dollar’s international dominance than the current forms of RMB, at least over the short and medium-term”

Coinbase Global Now Has Options Trading, Affirms Nasdaq

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Prominent cryptocurrency exchange, Coinbase, raised eyebrows when it announced that it was going public. The exchange ditched the IPO path and decided to Direct List the exchange under the ticker symbol, ‘COIN’. Nasdaq and Coinbase, both witnessed a massive plunge as the asset surged from $381 to $424. While this debut proved to be successful, the exchange has reportedly decided to roll out options trading on Nasdaq.

Reuters, in its latest report, revealed that Coinbase Global would enable COIN.O options further allowing its trading on Nasdaq.

Coinbase Expands Its Features On Nasdaq

Coinbase is touted as the largest crypto exchange in the United States. Despite its popularity, the exchange faced widespread criticism for its untimely downtime. Nonetheless, the exchange bounced back with its direct Nasdaq listing. Regardless of the fact that the first day appeared to be extremely beneficial for the exchange, users expressed concern about volatility. This did not stop the crypto platform from expanding.

Users will now be able to make a bet on the fortunes of the crypto platform with the latest equity options feature. Furthermore, it was revealed that the exchange would allow its users to trade options under, COIN,O starting from 20 April 2021.

Additionally, volatility seemed to be a grave problem for the exchange’s latest venture. The world’s largest cryptocurrency exchange, Binance was quick enough to announce the listing of the Coinbase Stock Token [COIN], however, the exchange went on to later assert that the listing would be postponed citing volatility concerns.

At the time of writing, COIN was trading for $333 and continued to emerge as a promising asset. The exchange decided to lure in several indiviuals with a Bitcoin giveaway. The exchange tweeted,

“To celebrate $COIN, we’re giving away $1.5M in bitcoin. Sign up for a new Coinbase account before April 22 for a chance to win. Contest rules and details are at https://bit.ly/2QwFGdm Void where prohibited. No purchase necessary. Restrictions apply.”

Bitcoin Tanked Due To Power Outage In China Says Willy Woo

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Bitcoin’s hash rate dropped by significantly last week. This was the single largest one-day drop in mining hash rate since November 2017 that was enough to trigger mayhem in the cryptocurrency market as the week ended.

This was due to the Xinjiang power outage, which caused an electrical grid blackout, causing Bitcoin’s hash rate to decline. It is worth noting that this territory in northwest China powers a substantial amount of the Bitcoin mining network.

Over the weekend Bitcoin’s price also crashed prompting million in liquidation. However, the price dropped on the 16th of April and preceding the drop of the network’s hash rate. Moreover, reports emerged that speculated that mining farms in Xinjiang were closed on the same day due to a coal mine accident earlier in the week

Contrary to popular notion, many experts in the community believe that Bitcoin’s hash rate was not slashed by half, rather they opined that the figure declined by only 20% and that this was not the reason for the downsizing of the crypto-asset. One such is the Co-founder and the CEO of Blockstream, Adam Back who clarified,

“hash rate has never been above 168 EH, and last week’s low from power station failure is 124 EH. people are misreading/relying on graphs which are wrongly extrapolating too short sample periods from high variance block-interval.”

But not everyone was reached the same consensus.

Willy Woo’s Remark On Bitcoin Hash Rate Affair

Willy Woo, the popular on-chain data analyst is of the opinion that the crypto-asset’s price and hash rate have always been correlated. Woo went on to explain that 9000 BTC was sent into Binance, on the same day as of the price crash.

While acknowledging that Binance more serves volume from Asia than the West, he speculated that the amount was sent in from a whale with “closer knowledge to happenings in China”. Delving more into details, Woo also said that the market-wide meltdown was compounded by the sell-off of quarterly futures on derivative markets which was already underway as early as 13th April.

“The two combined sell pressures were sufficient to tip the price below liquidation levels ($59k). This triggered a cascade of automatic sell-offs in a chain reaction.”

Taking into account the latest hash rate stats on a 6h moving average, Woo stated that the metric has mostly been fully recovered and also asserted that this event could potentially be a huge buying opportunity for market participants that are seeking to enter the space.

Tron’s [TRX] Bullish Momentum Takes A Hit As It Hovers Near $0.14

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Tron [TRX] gained significant momentum in late March and early April. After weeks of switching to the bullish mode, the crypto-asset’s momentum had been neutralized. It tumbled to the 18th spot by market cap in the leaderboard.

Following the downside price action, the volatility in the Tron [TRX] market has taken a hit suggesting that the bulls are tired of pushing the price to breach multi-year highs for the token.

It made a quick recovery in tandem with the wider cryptocurrency market and was up by 4.43% over the past 24-hours even as its volume was low. At the time of writing, the crypto-asset was being traded at $0.141 while holding a market cap of $10 billion and a 24-hour trading volume of $6.82 billion.

Tron [TRX] Daily Price Chart:

TRX2 1

Tron’s [TRX] downward price movement was accompanied by low volatility in the market as it tested its nearest support level near $0.140 briefly.

However, the upsloping moving averages -50 DMA [Pink] and 100 DMA [Blue], remained unfazed by the increasing bearish pressure and continued to form crucial support points for the crypto-asset.

TRX 1

The dotted markers of the Parabolic SAR switched sides after more than a fortnight and were now hovering above the TRX price candles prompted by the bears’ return to the market. These markers resisted upward momentum depicting a bearish phase for the coin.

The Chaikin Money Flow [CMF], on the other hand, continued to tread in the higher zone depicting a steady flow of capital into the coin market which could drive Tron’s price in the coming days.

The RSI left the overbought conditions but was still well above the 50-median line depicting that the buying sentiment among the investors are still intact.

If the bulls manage to defend the current level, Tron could then target resistance level of $0.163, $0.201, and $224. Should this area be claimed by bears, the support levels to watch out for was found to be at $0.110, $0.083 and $0.061 respectively.

Bitcoin Future Traders Are Not Bullish Despite Recovery Above $56K

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After an impressive run, Bitcoin fell close to $50K as the cryptocurrency industry saw one of the most damaging corrections this bull season. Despite the fact that the crypto-asset recovered quickly and was trading at $56,859 at the time of writing, derivative traders are not optimistic about its price action.

This was because the funding rate of Bitcoin slid to a 7-month low which, in turn, triggered massive uproar in the market. The figure was in the negative zone, a level last seen in September 2020 when the crypto-asset was priced around $10K.

Revealing the same, Lex Moskovski, the CIO of Moskovski Capital tweeted,

“Wow, it’s been a long time since we’ve seen funding this negative. Fear.”

Twitter

What Does Negative Bitcoin Funding Rate Mean?

Funding rate essentially demonstrates the premium that futures traders have to pay [or receive] to order for them to keep a position open.

A negative funding rate, on the other hand, implied that a majority of investors are shorting or selling, which was further indicative of a rising sentiment of fear in the BTC market. In short, more contracts were found to be betting against Bitcoin’s price rising than contracts betting in favor of it.

On the contrary, a funding rate on the positive in Bitcoin derivatives markets signifies that investors with long positions pay those with short positions. The funding rate spikes have historically coincided with a strong optimism and high leverage from short-term trader.

For instance, the funding rates had previously regained some upward momentum in the last week March similar to the final weeks of January and February.

The market sentiment has flipped rapidly. This was observed from the fact that ahead of the much-awaited Coinbase’s listing on Nasdaq, Bitcoin’s funding rate was neutral at 0.1%-0.15% in larger derivative platforms such as Binance. The world’s largest crypto-asset soared to an ATH as many traders continued to long or buy it Bitcoin, thus overheating the futures market.

Soon after Coinbase went public, Bitcoin noted a double-digit crash from above $60K to a little over $50K which was enough to send panic among investors that use high leverage across major exchanges. The cascading liquidations during this pullback even eclipsed that of the Black Thursday crash of March 12, 2020.