CryptoPotato https://cryptopotato.com Crypto Blog Wed, 24 Feb 2021 17:58:07 +0000 en-US hourly 1 https://wordpress.org/?v=5.5.3 https://cryptopotato.com/wp-content/uploads/2020/07/cropped-potato-fav2-32x32.jpg CryptoPotato https://cryptopotato.com 32 32 Crypto Visa Card and App Represent the Newest Components of Gleec’s Ecosystem https://cryptopotato.com/crypto-visa-card-and-card-app-represent-the-newest-components-of-gleecs-expanding-ecosystem/ Wed, 24 Feb 2021 17:56:44 +0000 https://cryptopotato.com/?p=105967 [Featured Content]

The Gleec team recently announced the launch of a new top-up Visa cryptocurrency card and accompanying beta version of the Gleec card app.

Both products allow users to request virtual and physical Visa crypto cards, load digital assets and transact with a cryptocurrency of choice in more than 170 countries along with over 40 million retailers.

Physical Gleec Visa cards feature a modern, high-end design and stand apart from other offerings in the space by functioning completely free of charge, excluding delivery of the actual item (express shipping currently stands at €14.99).

All Gleec Visa card transactions are denominated in fiat currency. Crypto to fiat exchanges take place before users can load their cards for use on the Visa payments network.

The Gleec team indicates their new crypto card is designed to lower the barriers for virtual currency holders and “bring freedom into your wallet.” They say launching a card is a “natural next step” in accordance with a project mission to “promote technology solutions that improve and simplify daily lives, with focus on crypto usability.”

The integrated Gleec ecosystem hinges on Gleec Coin, a Bitcoin fork launched in 2019 and the utility coin of the blockchain-based platform.

Gleec announced the launch of its Gleec BTC digital asset exchange earlier in February, relying on Scalable Solution’s white-label software to present a platform with deep liquidity, battle-tested security, and a modular technological approach.

gleec

Payment Processors Jump On Board

Crypto cards like Gleec’s newest offering have surged in popularity over the last few months as payment industry giants like Visa and Mastercard signal openness to virtual currency and blockchain.

In mid-February, MasterCard, Island Pay, and the Central Bank of the Bahamas announced a collaboration to launch the Bahamas Sand Dollar prepaid card.

Users can convert crypto to the fiat Bahamian dollar and transact wherever Mastercard is accepted with the new card. The Sand Dollar, piloted in 2019 and deployed in October 2020, is the island’s virtual version of its fiat currency.

Mastercard executive Raj Dhamodharan says the partnership “is an example of how the private and public sector can rethink what’s possible while delivering the strongest levels of consumer protection and regulatory compliance.”

Around the same time, TTM Bank announced the release of a prepaid crypto card supporting popular virtual currencies like Bitcoin and Ethereum, among others. A press release dated February 15th indicates more than 40,000 users have already ordered the card.

Gleec’s Visa card features many benefits seen with other offerings, which include low monthly fees, the ability to withdraw from ATMs, a lack of foreign transaction fees, high spending limits (up to €10,000 per month), and compatibility with contactless technology like ApplePay.

The Gleec team indicates they are one of the few crypto top-up providers with a small list of country restrictions, claiming their card has an addressable market of close to one billion people.

Gleec’s New Card Wallet: Allowing Users To Manage Their Money

Those interested in a Gleec Visa can log onto the newly-launched beta version of the Gleec card app to onboard, verify their identity, and officially request a physical and virtual card. The app also functions as a secure wallet, permitting cardholders to buy, sell, store, and send a range of cryptocurrencies while swapping virtual currency for fiat with the push of a button.

Gleec continues to plan new product launches to further integrate the Gleec Visa, card app, and other elements of their ecosystem closer together, building on the foundation of a successful crypto market entry with Gleec Coin.

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Ripple Price Analysis: Bears Show Their Face as XRP Loses $0.5 Support https://cryptopotato.com/ripple-price-analysis-bears-show-their-face-as-xrp-loses-0-5-support/ Wed, 24 Feb 2021 16:41:01 +0000 https://cryptopotato.com/?p=105949 XRP/USD – Bears Starting To Retake Control

Key Support Levels: $0.45, $0.4, $0.36.
Key Resistance Levels: $0.5, $0.556, $0.6.

XRP had seen an interesting few days this week as it surged as high as $0.685 (1.272 Fib Extension) on Monday when the rest of the market was tumbling. By the end of the day, XRP had dropped back into the $0.56 level to close the daily candle.

Yesterday, XRP saw a steep downturn as it dropped beneath $0.5 to reach as low as $0.36. The bulls quickly regrouped and allowed the daily candle to close sound $0.47. Today, it seems that XRP is trending lower as it battles to remain above support around $0.45 (.5 Fib).

xrpusd-feb24
XRP/USD Daily Chart. Source: TradingView

XRP-USD Short Term Price Prediction

Looking ahead, the first support lies at $0.45. This is followed by $0.4 (.618 Fib & 100-days EMA), $0.36, $0.35 (200-days EMA & Feb 2020 Highs), and $0.372 (.786 Fib).

On the other side, the first resistance lies at $0.5. This is followed by $0.556, $0.6, and $0.65 (bearish .786 Fib). Added resistance lies at $0.685 and $0.718.

The RSI has recently stumbled beneath the midline, indicating the bears have regained control of the market momentum. If it continues to head lower, XRP can be expected to head back toward $0.4 (100-days EMA).

XRP/BTC – Bears Push XRP Beneath 1000 SAT

Key Support Levels: 867 SAT, 800 SAT, 700 SAT.
Key Resistance Levels: 1000 SAT, 1200 SAT, 1300 SAT.

Against Bitcoin, XRP has dropped back beneath 1000 SAT today as it trades around 950 SAT. The coin had been holding above 1000 SAT for most of February but slipped below the support over the weekend as it toward 867 SAT.

It rebounded from there on Monday to reach as high as 1200 SAT (Dec 2017 lows) but was unable to maintain these highs. As a result, XRP fell beneath the support at 1000 SAT yesterday and continued beneath 980 SAT (.786 Fib) today.

xrpbtc-feb24
XRP/BTC Daily Chart. Source: TradingView

XRP-BTC Short Term Price Prediction

Moving forward, the first support lies at 867 SAT (upper boundary of January price range). This is followed by 800 SAT, 700 SAT, and 670 SAT (lower boundary of January price range).

On the other side, the first resistance lies at 1000 SAT. This is followed by 1200 SAT (Dec 2018 lows), 1300 SAT, and 1400 SAT (100-days EMA).

The RSI attempting to break the midline on Monday but failed to overcome it. It has turned lower again today as the bearish momentum starts to gather steam.

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Student Coin Tokensale Now Live Till April 30 https://cryptopotato.com/student-coin-tokensale-now-live-till-april-30/ Wed, 24 Feb 2021 14:16:14 +0000 https://cryptopotato.com/?p=105929 [PRESS RELEASE – Please Read Disclaimer]

After 12 years of existence, it was about time for crypto to be recognized as it deserves. Step by step, blockchain technology made its way to public institutions after it conquered vendors and business enthusiasts.

With all the issues that came with bank services, no wonder people are so hyped over the idea of crypto payments – which provide users with data and financial security.

Tokenization got its spotlight due to all the solutions they offer in terms of fair payments, loans, and votes.

And to bring the crypto area one step forward, a dedicated team developed one of the most intriguing utility tokens that will forever change the way we see crypto – the STC token, available on its dedicated ICO since February 1st.

What is an STC token?

STC is the core utility token of the Student Coin blockchain project – that makes possible the creation of personalized tokens without strong technical knowledge.

Having an account on the platform allows you to create:

  • Personal tokens – unique assets tied to a single account;
  • Startup tokens – assets that help you take a step forward to your dreams;
  • Corporate tokens – unique assets dedicated to a single company;
  • DeFi tokens – assets that allow you to perform various bank activities without the intervention of third parties;
  • NFT Tokens – transferable tokens that make possible the switch between platforms.

All these tokens are valued based on the STC Token, and they can be used for exchanges, trades, even crowdfunds.

Why is the STC token special?

The thing that makes the STC token superior to other tokens is its focus on the most important people in the world’s economy – students.

They are the next generation of employees, which will mark the success of current and future companies. To give people the chance to better education, there’s a need to make university programs more accessible.

But it’s not that easy. Reducing tuition fees will lead to a lower budget to afford qualitative researchers, teachers, programs, international collaborations, and so on.

Until now, the solution was bank loans. However, with our unpredictable economy, people lost trust in bank services. And who can blame them?

Therefore, Student Coin’s team came with a solution that decentralizes student loans – crowdfunding with personal tokens.

How does it work?

The future student creates its personal token. This token is put on the Student Coin market. The STC holders purchase the tokens until the student receives the money needed for tuition. After the student graduates and finds a job, a part of his salary will be locked to pay the loan. The STC holders receive a cyclical profit payment for their involvement.

This project is sustained by over 500 top universities worldwide, including Harvard University, the University of Manchester, and the University of Copenhagen.

A simple way for students to get the funds they need to achieve their dreams. At least, that’s the main focus, but this process can also be done for visionary entrepreneurs.

And that’s not the only reason why Student Coin studs out. Holding STC tokens give users the chance to vote in the project’s development and even sign petitions if they’re needed. It’s an entire ecosystem created to give people what they need and raise the utility of cryptocurrencies.

How can you buy STC tokens?

To get your STC tokens as soon as possible, make sure you don’t miss the Student Coin Launchpad ICO, available until April 30th.

Although it started just 23 days ago, the team already raised $2 million worth of STC tokens and completed 35 phases.

Every phase finished till now had a hard cap of 100K USD, and the price increased by 0.0002 USD with every reloads.

Joining the ICO doesn’t just give you access to these tokens in advance, but it also gives you additional assets.

If you recommend the ICO to your friends and send them a unique referral link, you can earn 20% of ETH invested by every friend of yours, alongside 30% of their STC purchases.

Your friends also get an additional 5% of STC purchased.

Who is behind Student Coin?

Student coin is backed by a dedicated team of 44 people from 12 different countries, ready to expand crypto usability and create solutions for the world’s needs. Among them, you can find the former CTO of IBM for Europe, for example, or the president of the Harvard University Club of Poland.

By the end of 2021, the team plans to develop and implement STC Exchange, STC Terminal, and even an STC App, alongside listing the token on major crypto exchanges.

So, if their innovative ideas caught your attention, join the ICO and make sure to follow them on social media to be up to date with their features.

Instagram: https://www.instagram.com/student.coin.world/

LinkedIn: https://www.linkedin.com/company/student-coin-worldwide/

Twitter: https://twitter.com/studentcoinorg

Facebook: https://www.facebook.com/studentcoin.org

Telegram: https://t.me/studentcoin

Reddit: https://www.reddit.com/r/Studentcoin/

Discord: https://discord.gg/Nx65dMZcMt

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Simplex Partners With Opera to Bring In-Browser Crypto Purchases https://cryptopotato.com/simplex-partners-with-opera-to-bring-in-browser-crypto-purchases/ Wed, 24 Feb 2021 14:00:57 +0000 https://cryptopotato.com/?p=105882 Users of the popular browser Opera will have the option to purchase cryptocurrencies directly from it following a partnership with the crypto-fiat processor Simplex. The integration will also enable users to set up personal cryptocurrency wallets to store the newly-purchased digital assets.

Opera Users To Buy Crypto From The Browser

Founded in 2014, Simplex describes itself as a company that has “been changing the status quo of crypto on/off ramps.” In a press release shared with CryptoPotato, the Israel-based firm announced its latest endeavor to bring cryptocurrencies to the masses.

Simplex has partnered with the multi-platform web browser Opera. As a result, Opera users will “be able to buy and sell cryptocurrency instantly within the privacy-centric browser.”

The statement reads that this strategic partnership comes amid times when the retail investors are looking for an easy way to enter the cryptocurrency space as the bull run has garnered their attention once more.

As such, being able to create their own digital asset wallets without having to leave the browser that enables them to buy, sell, or simply HODL their coins would enhance mass adoption, the firm said.

“Now Opera users can access Simplex’s extensive range of supported cryptocurrencies from within the browser wallet itself, and move between fiat and cryptocurrency with ease, enjoying competitive rates.” – reads the announcement.

Back in late 2018, Opera became the first web3 and blockchain-ready browser upon launching web3 support, dApp explorer, and its native crypto wallet for Android. Shortly after, Opera made the same upgrades for its desktop and iOS versions. The cryptocurrency wallet currently supports Bitcoin (BTC), Ethereum (ETH), and Tron (TRX).

A Member of the Visa Network

As recently reported, Simplex reached another milestone as it became a principal member of Visa in Europe. Consequently, the EU-licensed financial institution can now offer fiat to crypto solutions to users wishing to utilize digital assets for regular payments.

Following the partnership with Opera, the firm touched upon its relationship with Visa as both collaborations could help with its core mission to “democratize cryptocurrencies and pioneer new and innovative capabilities for the entire fiat to the crypto ecosystem.”

It’s also worth noting that Opera has now joined another browser in providing instant cryptocurrency purchases. Binance partnered with the Brave Browser last year, but it enabled only users of the popular exchange to interact with digital assets.

 

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MicroStrategy Completes Another $1 Billion Bitcoin Buy https://cryptopotato.com/microstrategy-completes-another-1-billion-bitcoin-buy/ Wed, 24 Feb 2021 13:18:14 +0000 https://cryptopotato.com/?p=105903 MicroStrategy, the company, spearheaded by one of Bitcoin’s biggest proponents, MicroStrategy, has just confirmed the purchase of another 19,452 BTC.

  • In an announcement published today, February 24th, MicroStrategy, the largest independent publicly-traded business intelligence company, has revealed the purchase of 19,452 bitcoins.
  • The company paid approximately $1,026 billion in cash for the BTC.
  • The average price at which MicroStrategy executed the trades is approximately $52,765 per coin, which includes the expenses and fees.
  • With this, the company now sits on approximately 90,531 bitcoins, currently worth just shy of $4.6 billion.
  • This equates to 0.43% of the total supply of Bitcoin that will ever be in circulation.

Speaking on the matter, Saylor said:

The Company remains focused on our two corporate strategies of growing our enterprise analytics software business and acquiring and holding bitcoin. […] The company now holds over 90,000 bitcoins, reaffirming our belief that bitcoin, as the world’s most widely-adopted cryptocurrency, can serve as a dependable store of value. We will continue to pursue our strategy of acquiring bitcoin with excess cash and we may from time to time, subject to market conditions, issue debt or equity securities in capital raising transactions with the objective of using the proceeds to purchase additional bitcoin.

  • The move was somewhat expected. As CryptoPotato reported earlier in February, the company revealed its price to offer convertible senior notes to raise money and buy Bitcoin.
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Cryptocurrencies Are a Major Concern Says RBI Governor as India Contemplates Crypto Ban https://cryptopotato.com/cryptocurrencies-are-a-major-concern-says-rbi-governor-as-india-contemplates-crypto-ban/ Wed, 24 Feb 2021 13:08:30 +0000 https://cryptopotato.com/?p=105848 The Reserve Bank of India’s issues with the cryptocurrency space continue as the nation’s central bank has expressed “major concerns” about its development and potential impact on the country’s economy.

Simultaneously, though, bank representatives have confirmed that the world’s second most populated country is looking into launching a digital rupee.

Crypto is a Major Concern, RBI Says

It’s no secret that India’s central bank has had issues with the cryptocurrency industry for years. The RBI prohibited its clients from working with any digital asset representatives in 2018, which was regarded as an all-out ban.

Although India’s Supreme Court ultimately lifted this decision in 2020, the RBI has taken every opportunity to highlight potential problems coming from bitcoin or other crypto assets. The latest set of such issues came from the current governor of the bank – Shaktikanta Das.

Cited by Bloomberg, the 63-year-old said that the RBI had sent all these “major concerns” to the Indian government. Although he failed to disclose their precise nature, he has previously indicated that the alleged usage of cryptocurrencies in illegal activities and money laundering have raised many red flags.

Governor Shaktikanta Das. Source: FinancialExpress
Governor Shaktikanta Das. Source: FinancialExpress

Das’s comments come amid discussions within the Indian government to institute a ban on private cryptocurrencies. If accepted, the proposed legislation will essentially make the entire industry illegal within the nation’s borders.

Going for a Digital Rupee

While the RBI and the government explore a way to ban private cryptocurrencies, both parties are heading down the road of launching a central bank digital currency (CBDC).

Das confirmed the speculations saying that the bank is “very much in the game” in developing and launching the digital form of the rupee. The bank hasn’t set a date for releasing it, but Das said that the project is “receiving our full attention.”

With its plans to roll out a digital currency, the RBI has joined other nations with similar intentions. Perhaps no other central bank is more advanced on this matter than the People’s Bank of China.

The world’s most populated country has taken its CBDC testing to the people with several trials in different regions. The latest and largest one, reported by CNBC, will occur in the southwestern Chinese city of Chengdu.

Citizens can join through a lottery for one of 200,000 vouchers, each worth between $27 and $37. Consequently, the total handout will be 40.2 million yuan ($6.2 million).

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Binance Futures Daily Volume Hits ATH Above $100 Billion Amid Tumultuous Crypto Market https://cryptopotato.com/binance-futures-daily-volume-hits-ath-above-100-billion-amid-tumultuous-crypto-market/ Wed, 24 Feb 2021 11:49:44 +0000 https://cryptopotato.com/?p=105789 As the crypto market goes through a roller-coaster week, Binance saw a spike in trading activities on its derivatives platform, pushing the daily volume to a new all-time high (ATH). 

Binance Futures Daily Volume Surpasses $100B

In an email shared with CryptoPotato, the leading exchange noted that Binance Futures’ 24-hour volume exceeded $100 billion yesterday, with data from Coingecko and CoinMarketCap confirming the milestone. 

Launched in 2019, Binance Futures quickly became the largest derivatives platform in the crypto market by trade volume in September 2020. 

Aaron Gong, the Vice President of Binance Futures, talking to CryptoPotato, noted that while it is exciting for the exchange to witness this remarkable growth, it also presents a challenge.

He acknowledged that the adoption of Bitcoin and cryptocurrencies in general by large institutional investors had increased the public awareness of these virtual assets. 

Gong also said that with this new surge in interest, the exchange would have to keep up with the needs of its rapidly growing client base.

“Whilst exciting, the significant increase in user activity and trading volume also provides a challenge in our industry. Users naturally desire a smooth and fast trading experience, so this is as important a time as any to focus on ensuring we continue to provide a level of experience users would expect from a leading exchange.”

Improved User Experience And New Products

Gong added that Binance Futures is continuously improving its user experience to enable seamless transactions, in addition to introducing new investment products to its clients.

He mentioned Binance Futures’ latest investment product, the USDT-margined quarterly futures, which was released earlier this month. It offers “users the ability to choose according to two trading parameters (USDT-margined vs. coin-margined; quarterlies vs. perpetuals).”

When large traditional institutional investors are coming into the industry, the option of quarterly trading futures will enable them to engage in the crypto market in the same manner as they have been working in traditional finance.

$5.38 Billion Liquidated

While Binance Futures has recorded a new milestone in its daily volumes, investors were left counting losses as the crypto market suffered a big blow over the last 24 hours.

With Bitcoin dropping from $55,000 to a low $45,000 in hours, data revealed that a total of $5.38 billion was liquidated from the market across exchanges. 

liquidations
Total 24-Hour Liquidations Feb 23rd, 2021.
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The ‘Indian Warren Buffett’ Urges Regulators to Ban Bitcoin https://cryptopotato.com/the-indian-warren-buffett-urges-regulators-to-ban-bitcoin/ Wed, 24 Feb 2021 09:55:30 +0000 https://cryptopotato.com/?p=105785 Amid the clamor for nuanced crypto regulations in India, one billionaire investor appears not to be sold on the value proposition for cryptocurrencies and has advocated for a Bitcoin (BTC) ban.

Bitcoin Hangover will be ‘Much Worse’

Speaking to CNBC on Tuesday (Feb. 23, 2021), Rakesh Jhunjhunwala, dubbed the “Indian Warren Buffett,” slammed Bitcoin, calling the largest cryptocurrency by market capitalization “speculation of the highest order.”

According to Jhunjhunwala, the cryptocurrency market hangover will be much worse than the euphoria from the gains posted by tokens. The negative comments are keeping in with similar sentiments espoused by Warren Buffett, who once called Bitcoin “rat poison squared.”

The billionaire investor also advocated for a ban on cryptos, stating:

I think regulators should step in and ban bitcoin.

The Indian billionaire sentiments are at odds with the growing crypto community in India that has routinely expressed frustration at the lack of clear-cut regulations in the country. Also, they differ from the growing acceptance of BTC among the institutional investment class in the United States.

Indeed, some U.S. companies like MicroStrategy and Tesla have added BTC to their balance sheets. Before the current price correction, Tesla had reportedly seen its Bitcoin outlay print about $1 billion in profits in barely a fortnight since the investment became public.

To Ban or Not to Ban?

Jhunjhunwala’s comments are coming at a time when speculation is rife that the Indian government will soon issue a blanket ban on cryptocurrencies. Earlier in February, reports emerged that the total crypto prohibition will see holders given a grace period to liquidate their virtual currency holdings.

India’s crypto community has been forced to grapple with negative cryptocurrency policies from the government. Back in March 2020, the Supreme Court overturned a ban by the central bank prohibiting commercial banks from servicing crypto exchanges.

Even after the reversal of the ban, some exchanges still reported facing difficulties in opening bank accounts with commercial banks in the country.

For Jhunjhunwala, India’s government should focus on creating a digital rupee. Indeed, the subject of central bank digital currencies (CBDCs) is increasingly becoming more popular in several countries, with pilot tests being carried on sovereign digital currencies.

The Indian government’s crypto aversion has not, however, spread to blockchain. Several state agencies have announced plans to adopt the novel technology as part of their operations.

Featured image courtesy of Bloomberg Quint

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European Central Bank Petition EU Lawmakers for Stablecoin Veto Power https://cryptopotato.com/european-central-bank-petition-eu-lawmakers-for-stablecoin-veto-power/ Wed, 24 Feb 2021 09:27:34 +0000 https://cryptopotato.com/?p=105745 The European Central Bank (ECB) has asked the parliament for veto powers in matters concerning Facebook’s Diem and other stablecoin projects.

  • According to a Reuters report on Tuesday (Feb. 23, 2021), the ECB has asked European Union (EU) lawmakers for veto powers on stablecoin regulations in the Eurozone.
  • An excerpt from the ECB’s formal opinion on crypto regulation reads:

“Where an asset-reference arrangement is tantamount to a payment system or scheme, the assessment of the potential threat to the conduct of monetary policy, and to the smooth operation of payment systems, should fall within the exclusive competence of the ECB.”

  • Detailing its plans for stablecoin regulations, the ECB’s document included a provision for issuers to adhere to strict liquidity and reserve laws similar to those demanded of commercial banks.
  • Justifying this provision, the ECB maintained that such robust reserve compliance will protect the holdings of stablecoin owners and prevent a “bank run” in times of payment stress.
  • In addition to wanting the final say on stablecoin regulations, the ECB has asked EU lawmakers for a complementary rule change that will make the central bank’s decision binding on all national authorities in the EU.
  • The ECB also reiterated its commitment to creating a digital euro within the next four years. According to the document, the ECB wants the digital euro to be exempted from the laws being prescribed for private stablecoin.
  • Meanwhile, the ECB’s proposition is in line with the bank’s stance on stablecoins. As previously reported by CryptoPotato back in September, the ECB argued that the name “stablecoins” was inappropriate, while stating that it has the tools to regulate stablecoins.
  • Also, the ECB president Christine Lagarde is a notable crypto critic. Earlier in February, Lagarde said it was unlikely that central banks would adopt bitcoin.
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The Calm After the Storm: Bitcoin Price Reclaims $50K Following the Sharp Correction (Market Watch) https://cryptopotato.com/the-calm-after-the-storm-bitcoin-price-reclaims-50k-following-the-sharp-correction-market-watch/ Wed, 24 Feb 2021 08:16:57 +0000 https://cryptopotato.com/?p=105834 Following another day of enhanced volatility, BTC has reclaimed some of its recently lost value and currently trades around the $50,000 mark. Most alternative coins have also taken a breather, and the market cap has recovered more than $130 billion since yesterday’s low.

Bitcoin Eyes $50K Again

It’s safe to say that BTC has seen better days than its past 96 hours. The cryptocurrency had just painted a fresh ATH record at $58,400, but the bears didn’t allow any further increases and plummeted its price. In the following day or so, bitcoin lost more than $13,000 of value to a low beneath $45,000.

Yesterday seemed like a less violent day for the primary cryptocurrency at first as it briefly reclaimed the $50,000 price tag. However, the adverse price developments hadn’t ended yet, and the asset headed south again to about $47,000.

Since then, though, BTC has reclaimed some ground. It even spiked to $51,500 but has declined slightly and is currently sitting around $50,400.

According to the technical indicators, $50,000 is actually the first resistance line in BTC’s way up. If successfully conquered, the following ones are at $51,500 and $52,000.

Alternatively, the support lines at $48,000, $47,000, and $44,750 could assist in case of another sharp retracement.

btcusd_chart
BTC/USD. Source: TradingView

Altcoins Attempt Recovery

Most alternative coins plummeted even worse than BTC during the latest correction. Ethereum went from its ATH at $2,040 to below $1,400. However, ETH has bounced off since its low and currently stands at $1,650.

Binance Coin also dipped hard to about $200 but has increased to $250 since then. Polkadot (1.5%) and Chainlink (2%) are also slightly in the green in the past 24 hours.

In contrast, Ripple (-7%), Litecoin (-5%), and Bitcoin Cash (-5%) have continued losing value.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

More 24-hour gains are evident from Stacks (31%), THORChain (25%), Fantom (25%), UNUS SED LEO (22%), Solana (-17%), Compound (15%), Terra (12%), THETA (11%), and Aave (10%).

Consequently, the cumulative market capitalization of all cryptocurrency assets has also bounced off from yesterday’s low and has added about $130 billion to $1.51 trillion.

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