Asian Stocks Hit One-Month Highs, Bitcoin Climbs

By Swati Pandey

Indicators were positive for Europe as well with futures for Eurostoxx 50 up 0.2% and Germany’s DAX adding 0.1% though those for London’s FTSE were barely changed.

MSCI’s broadest index of Asia-Pacific shares outside Japan went as high as 699.70, a level not seen since March 18. It was last up 0.1% at 696.46.

The index jumped 1.2% last week and is up 5.1% so far this year, on track for its third straight yearly gain.

“The extremely supportive monetary and fiscal policy setting continues to provide a fertile environment for risk assets,” said Rodrigo Catril, senior forex strategist at National Australia Bank.

Australian shares finished unchanged from Friday’s close while New Zealand’s benchmark index gained 0.6% and South Korea’s KOSPI added 0.1%. Japan’s Nikkei turned around its losses to end flat.

Chinese shares, which started in negative territory, recouped losses with the blue-chip index up 2.2%. Hong Kong’s Hang Seng index rose 0.6%.

On Friday, the S&P 500 gained 0.4% to close at a new record high while clocking its sixth straight weekly gain. The Dow finished 0.5%, also at a record high while the Nasdaq climbed 0.1%.

The gains are unlikely to extend further with e-mini futures for the S&P 500 down 0.2%.

This week is off to a quiet start with no major data releases slated on Monday.

Investors will keep their eyes peeled for earnings from IBM and Coca-Cola later in the day. Netflix reports on Tuesday while later in the week American Airlines and Southwest will be the first major post-COVID cyclicals to post results.

The European Central Bank (ECB) meets on Thursday with no changes to rates or guidance expected while preliminary data on factory activity around the globe for April is due on Friday.

Elsewhere, Bitcoin, the world’s biggest cryptocurrency, reversed its losses after plunging as much as 14% on Sunday following speculation the U.S. Treasury may be looking at cracking down on money-laundering activity within digital assets, NAB’s Catril said.

Data website CoinMarketCap cited a blackout in China’s Xinjiang region, which reportedly powers a lot of bitcoin mining, for the selloff.

The retreat in Bitcoin also comes after Turkey’s central bank banned the use of cryptocurrencies for purchases on Friday.

Bitcoin was last up 1%. It has risen more than 90% year to date, driven by its mainstream acceptance as an investment and a means of payment, accompanied by the rush of retail cash into stocks, exchange-traded funds and other risky assets.

In currencies, the U.S. dollar loitered near a four-week low against a basket of currencies as investors increasingly bought into the Federal Reserve’s insistence it would keep an accommodative policy stance for a while longer.

The dollar index measuring the greenback against a basket of six currencies was unchanged at 91.567, not far from its lowest since March 18 touched on Friday.

Against the Japanese yen, the greenback was off 0.2% at 108.52. The euro was a tad lower at $1.1964 while the British pound gained 0.2% to $1.3854. [FRX/]

The risk-sensitive Aussie dollar climbed to $0.7740.

In commodities, oil prices were down with the Brent slipping 22 cents to $66.55 a barrel and U.S. crude falling 19 cents to $62.94.

Gold was up a tad at $1,776.7 an ounce.

(Editing by Michael Perry and Sam Holmes)

Dollar Pinned Near One-Month Low, Bitcoin Steadies Near $57k After Weekend Drop

By Ritvik Carvalho

The dollar was also held down by improved risk sentiment amid a rally in global stocks to record highs.

Bitcoin stabilized after losses from Sunday, when it plunged as much as 14% to $51,541, which a report attributed to news of a power outage in China.

The dollar index, which tracks it against six other currencies, was at 91.552, not far from last week’s low of 91.484, a level not seen since March 18.

The dollar bought 108.40 yen, its lowest against the Japanese currency since March 24.

“Following the decline since end-March, the dollar index has stabilized since mid-last week,” said Jussi Hiljanen, chief strategist, USD and EUR rates at SEB.

“The dollar is likely to remain counter cyclical until the dollar rates in the 2-5y sector take another leg higher. As we expect the dollar rates to move more or less sideways during Q2, EUR/USD has room to gain in the coming months, especially if vaccination speeds up in the euro area and the earnings season pushes the stock market even higher.”

The euro changed hands at $1.1985, flat on the day and near its highest against the dollar since March 4. The European Central Bank meets on Thursday with internal divisions over the pace of bond buying, extended COVID-19 lockdowns and potential delays to the EU recovery fund form the backdrop.

The 10-year Treasury yield sank as low as 1.5280% last week from 1.7760% at the end of last month, its highest in more than a year.

The S&P 500 closed at a record high on Friday, extending a rally in global stocks.

Fed Governor Christopher Waller said on CNBC on Friday that the U.S. economy “is ready to rip” as vaccinations continue and activity picks up, but a rise in inflation is likely to be transitory, echoing comments from other Fed officials, including Chair Jerome Powell, over the past week.

“With liquidity still abundant, we are going to hear more about the FX carry trade – which thrives in a low volatility environment,” said Chris Turner, global head of markets and regional head of research for UK and CEE at ING.

“This especially being the case if the Fed manages to make the April 28th meeting a non-event. With the SOFR overnight USD interest rate now at 0.01%, the dollar clearly doesn’t score highly on the carry front. And indeed a little more confidence in the European and global recovery stories may well see flows start to resume to EM – having been derailed by the Treasury sell-off in February and March.”

MSCI’s emerging market currency index traded 0.1% higher on the day, and is up 0.8% from the start of last week.

Bitcoin stabilized around $57,471 after a weekend plunge.

Data website CoinMarketCap cited a blackout in China’s Xinjiang region, which reportedly powers a lot of bitcoin mining, for the selloff.

Analysts at National Australia Bank cited “speculation in several online reports” that the U.S. Treasury may crack down on money laundering within digital currencies for the sharp move lower.

The bitcoin rout also followed a decision on Friday by Turkey’s central bank to ban the use of cryptocurrencies for purchases.

Despite recent weakness, the world’s most popular cryptocurrency remains up 97% in 2021, after more than quadrupling last year.

“We suspect the 15% weekend correction in Bitcoin will not have broader market ramifications,” ING’s Turner said.

(Reporting by Ritvik Carvalho; additional reporting by Kevin Buckland in Tokyo; editing by Larry King)

The ‘Metaverse’ Bet: Crypto-Rich Investors Snap up Virtual Real Estate

By Elizabeth Howcroft

That’s the question faced by the Singapore-based investor calling himself Metakovan, who made headlines last month when he bought the digital artwork “Everydays: The First 5000 Days” by the American artist Beeple at Christie’s.

The work is a non-fungible token (NFT) – a new type of virtual asset that has its ownership status and authenticity verified by blockchain. NFTs have exploded in popularity in 2021, with prices skyrocketing.

Metakovan, real name Vignesh Sundaresan, plans to put the artwork on display in four virtual world environments. He is working with architects to design gallery complexes that the public can enter via web browsers or virtual reality technology.

But art is just one part of a new economy of blockchain-based virtual worlds where land, buildings, avatars and even names can be bought and sold as NFTs, often fetching hundreds of thousands of dollars. In these environments, referred to as the metaverse, people can wander around with friends, visit virtual buildings and attend virtual events.

Metakovan’s plans are an ambitious undertaking, but he says he is the world’s biggest NFT investor. His collection of NFTs and other crypto assets, the Metapurse fund, is valued at $189 million, according to NonFungible.com, a site that aggregates sales history data from NFT marketplaces.

“The current Cambrian explosion of NFTs that you see is all about acquisition – people want to buy up NFTs, gobble as many of them as they can,” said Anand Venkateswaran, aka Twobadour, who runs the Metapurse fund with Metakovan.

“But it’s just the tip of the iceberg. The real explosion will happen when they’re able to … experience these NFTs as they were intended. If it’s a plot of virtual land, you ought to move around in it, have an immersive experience in it.”

In what will be one of the biggest names to join the party, videogame maker Atari told Reuters it planned to launch its own blockchain-based virtual world and would soon announce details.

Online environments are going to be “very very big”, regardless of fluctuations in the price of bitcoin, said Frederic Chesnais, head of Atari’s blockchain division and the company’s former CEO. NFT real estate could one day fetch millions of dollars, he added.

Investors caution, however, that while big money is flowing into NFTs, the market could represent a price bubble, with the risk of major losses if the hype dies down. There could also be prime opportunities for fraudsters in a market where many participants operate under pseudonyms.

chart

A PLOT OF VIRTUAL LAND: $500K+

The NFT frenzy has heightened interest in blockchain-based online environments. The best known are Decentraland, Cryptovoxels, Somnium Space and The Sandbox, where virtual real estate prices are hitting new highs.

Decentraland has seen more than $50 million in total sales, including land, avatars, usernames and wearables like virtual outfits. A patch of land measuring 41,216 virtual square metres sold for $572,000 on April 11, which the platform said was a record.

Another Decentraland plot sold for $283,567 on March 21, according to NonFungible.com, while Somnium Space said an estate on its platform fetched more than $500,000 on March 16.

Metaverse enthusiasts compare the rush to buy virtual land to the scramble for domain names in the early days of the internet. There are currently a few thousand unique landowners on each of the main blockchain-based platforms.

Their theory is that as more people congregate in these environments, plots of land in central locations will be highly sought-after because of the amount of visitor traffic.

“All of virtual land and these virtual spaces are basically real estate on which experiences will start to centre, on which attention will start to focus,” Twobadour said.

“That’s where all of the attention is and that’s monetisable in a million different ways.”

So far, it’s a relatively small number of people driving up land prices on these worlds.

In Decentraland there were 334 buyers in March, sending monthly land sales volumes past $4 million, from $767,400 in February with 184 buyers and $246,134 in January with 111 buyers, according to NonFungible.com.

An NFT investor called Whale Shark, whose collection was valued at more than $20 million by NonFungible.com in February, said he spent 200 of the cryptocurrency Ether on land in Cryptovoxels and another 200 in The Sandbox in 2018 and 2019.

Those estates cost around $60,000 each back then but are now worth more than $400,000 apiece, he added, speaking on condition of anonymity.

Some virtual worlds have their own cryptocurrencies: Decentraland’s MANA has skyrocketed more than 3500% over the past year, according to Coinbase.

chart

VIRTUAL FESTIVAL, ANYONE?

Some early virtual land investors who bought in early are now selling to companies, said Samuel Hamilton, community and events lead at the Decentraland Foundation.

Atari, ahead of its plans to open its own blockchain-based world, has licensed a retro arcade within Decentraland and is due to open a casino, while an area called “Crypto Valley” is home to various crypto companies.

Decentraland has hosted a virtual fashion exhibition in collaboration with Adidas, where designs were auctioned as NFTs. It is also attracting interest from musicians who can perform in the space, selling tickets and merchandise as NFTs.

“We’re going to have several well-known global festivals all doing stages, and when we get to that point we expect hundreds of thousands or even millions of people,” Hamilton said.

Last year, American rapper Travis Scott drew an audience of 27.7 million visitors to five concerts within Fortnite, the popular online game owned by Epic Games.

IS ‘CRYPTO WINTER’ COMING?

Sebastien Borget, co-founder of The Sandbox, described the commercial activity within virtual worlds as a new nation forming and said the NFT-based economy would outgrow the real-world one within a decade.

There are, however, many in the fledgling industry who warn of dangers ahead for investors.

“I expect that there’ll be a crypto winter in the next couple of months, the whole NFT boom will explode and then all the value will absolutely collapse,” said Ben Nolan, founder of the virtual world Cryptovoxels.

“Doing NFTs as an investment or as a way to make money is really ill-advised.”

However he does see a future for virtual worlds and NFTs.

“Do I think most people will use virtual worlds? Probably not, but I think a lot of people will and I think NFTs are a big part of that growth,” he said.

“Actually walking around with another person in a virtual space and looking at art together is a really nice way to spend time,” he added.

Whale Shark said the vast majority of NFTs had no commercial viability, and expects only a small number to emerge as winners.

But some investors such as Australia-based Mateen Soudagar, aka DCL Blogger, have little interest in moving back into real-world investments.

Soudagar says he has made millions of dollars through cryptocurrency and NFTs, but rather than cash out, he keeps around 75% of his money in crypto assets and reckons many of his peers do the same. Other than upgrading his laptop, he hasn’t changed his lifestyle.

“If you’re a believer in the movement then you think that the world will move into this space,” he said. “So when you’re putting it into fiat you’re going backwards.”

(Reporting by Elizabeth Howcroft; Editing by Pravin Char)

 

The Crypto Daily – Movers and Shakers – April 19th, 2021

Bitcoin, BTC to USD, slid by 6.29% on Sunday. Following on from a 2.27% decline on Saturday, Bitcoin ended the week down by 6.43% to $56,172.0.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $60,279.0 before hitting reverse.

Falling short of the first major resistance level at $61,197, Bitcoin tumbled to an early morning intraday low $50,500.0.

The extended sell-off saw Bitcoin fall through the major support levels

Finding support at the 23.6% FIB of $50,473, Bitcoin broke back through the third major resistance level at $55,104 to end the day at $56,100 levels.

The near-term bullish trend remained intact in spite of the slide back to $50,500 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bearish day on Sunday.

Crypto.com Coin tumbled by 15.14% to lead the way down, with Bitcoin Cash SV sliding by 12.39%.

Litecoin (-8.92%) and Ripple’s XRP (-8.28%) also saw heavy losses.

Binance Coin (-6.24%), Cardano’s ADA (-6.50%), Chainlink (-2.17%), Ethereum (-3.35%), and Polkadot (-5.14%) saw relatively modest losses on the day.

It was also a mixed week for the majors in the week ending 18th April.

Binance Coin slid by 8.23%, with Crypto.com Coin falling by 5.08% to join Bitcoin in the red.

It was a bullish week for the rest of the majors, however.

Bitcoin Cash SV jumped by 25.25% to lead the way, with Polkadot rallying by 15.72%.

Cardano’s ADA (+1.32%), Ethereum (+4.23%), Litecoin (+8.68%), and Ripple’s XRP (+4.67%) also ended the week in positive territory.

In the week, the crypto total market rose to a Friday high $2,305bn before sliding to a Sunday low $1,755bn. At the time of writing, the total market cap stood at $2,019bn.

Bitcoin’s dominance rose to a Monday high 56.61% before falling to a Saturday low 51.37%. At the time of writing, Bitcoin’s dominance stood at 52.52%.

This Morning

At the time of writing, Bitcoin was up by 0.81% to $56,625.1. A mixed start to the day saw Bitcoin fall to an early morning low $55,709.0 before rising to a high $56,666.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Polkadot (-0.77%) and Ripple’s XRP (-0.55%) saw red to buck the trend early on.

It was a bullish start for the rest of the majors, however.

At the time of writing, Chainlink was up by 3.69% to lead the way.

BTCUSD 190421 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $55,650 to bring the first major resistance level at $60,801 into play.

Support from the broader market would be needed for Bitcoin to break back through to $60,000 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $60,279.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at Wednesday’s swing hi $64,829.0 before any pullback. The second major resistance level sits at $65,429.

Failure to avoid a fall through the $55,650 pivot would bring the first major support level at $51,022 and the 23.6% FIB of $50,473 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$50,000 levels. The second major support level sits at $45,871.

The Crypto Daily – Movers and Shakers – April 18th, 2021

Bitcoin, BTC to USD, fell by 2.27% on Saturday. Following on from a 2.98% decline on Friday, Bitcoin ended the day at $59,927.0.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $62,450.0 before hitting reverse.

Falling short of the first major resistance level at $63,226, Bitcoin slid to a late afternoon intraday low $59,662.0.

Bitcoin fell through the first major support level at $59,711 before briefly revisiting $60,900 levels.

A bearish end to the day, however, saw Bitcoin fall back to end the day at sub-$60,000 levels.

The near-term bullish trend remained intact supported by the latest move through to $64,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Saturday.

Polkadot rallied by 3.87% to lead the way, with Binance Coin rising by 1.08%.

It was a bearish day for the rest of the majors, however.

Bitcoin Cash SV slid by 10.95% to lead the way down.

Cardano’s ADA (-3.18%), Chainlink (-4.89%), Ethereum (-4.45%), and Litecoin (-2.51%) also struggled.

Crypto.com Coin (-0.08%) and Ripple’s XRP (-0.62%) saw modest losses on the day, however.

In the current week, the crypto total market fell to a Monday low $1,959bn before rising to a Friday high $2,305bn. At the time of writing, the total market cap stood at $2,136bn.

Bitcoin’s dominance rose to a Monday high 56.61% before falling to a Saturday low 51.38%. At the time of writing, Bitcoin’s dominance stood at 52.85%.

This Morning

At the time of writing, Bitcoin was up by 0.46% to $60,205.0. A mixed start to the day saw Bitcoin fall to an early morning low $59,934.0 before rising to a high $60,279.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a bullish start to the day.

At the time of writing, Ripple’s XRP was up by 1.42% to lead the way.

BTCUSD 180421 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $60,680 to bring the first major resistance level at $61,697 into play.

Support from the broader market would be needed for Bitcoin to break out from $61,500 levels.

Barring an extended crypto rally, the first major resistance level and Saturday’s high $62,450.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at Wednesday’s swing hi $64,829.0 before any pullback. The second major resistance level sits at $63,468.

Failure to move through the $60,680 pivot would bring the first major support level at $58,909 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$58,000 levels. The second major support level sits at $57,892.

The Crypto Daily – Movers and Shakers – April 17th, 2021

Bitcoin, BTC to USD, fell by 2.98% on Friday. Reversing a 0.46% gain from Thursday, Bitcoin ended the day at $61,322.0.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $63,520.0 before hitting reverse.

Falling short of the first major resistance level at $64,027, Bitcoin slid to a late morning intraday low $60,005.0.

Bitcoin fell through the first major support level at $62,182 and the second major support level at $61,169.

Finding afternoon support, Bitcoin broke back through the second major support level to revisit $62,000 levels before easing back.

In spite of the pullback, Bitcoin avoided a fall back through the second major support level late in the day.

The near-term bullish trend remained intact supported by the latest move through to $64,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Friday.

Bitcoin Cash SV surged by 17.73% to lead the way, with Litecoin rallying by 7.89%.

It was a bearish day for the rest of the majors, however.

Ripple’s XRP slid by 11.92% to lead the way down

Binance Coin (-6.15%), Cardano’s ADA (-4.51%), and Ethereum (-3.59%) also struggled.

Chainlink (-1.40%), Crypto.com Coin (-0.97%), and Polkadot (-1.84%) saw relatively modest losses on the day.

In the current week, the crypto total market fell to a Monday low $1,959bn before rising to a Friday high $2,307bn. At the time of writing, the total market cap stood at $2,177bn.

Bitcoin’s dominance rose to a Monday high 56.61% before falling to a Friday low 51.50%. At the time of writing, Bitcoin’s dominance stood at 52.59%.

This Morning

At the time of writing, Bitcoin was down by 0.25% to $61,167.3. A mixed start to the day saw Bitcoin rise to an early morning high $61,675.0 before falling to a low $61,157.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (-2.47%) and Crypto.com Coin (-0.64%) joined Bitcoin in the red to buck the early trend.

It was a bullish start for the rest of the majors, however.

At the time of writing, Litecoin was up by 2.09% to lead the way.

BTCUSD 170421 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $61,616 to bring the first major resistance level at $63,226 into play.

Support from the broader market would be needed for Bitcoin to break back through to $63,000 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $63,520.0 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at Wednesday’s swing hi $64,829.0 before any pullback. The second major resistance level sits at $65,131.

Failure to move back through the $61,616 pivot would bring the first major support level at $59,711 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $58,101.

The Crypto Daily – Movers and Shakers – April 16th, 2021

Bitcoin, BTC to USD, rose by 0.46% on Thursday. Partially reversing a 0.95% decline from Wednesday, Bitcoin ended the day at $63,196.0.

A mixed start to the day saw Bitcoin fall to a late morning intraday low $62,000.0 before making a move.

Steering clear of the first major support level at $61,204, Bitcoin struck a late intraday high $63,845.0.

Falling well short of the first major resistance level at $64,727, Bitcoin eased back to end the day at sub-$63,200 levels.

The near-term bullish trend remained intact supported by the latest move through to $64,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Thursday.

Ripple’s XRP slid by 4.17% to lead the way down

Binance Coin (-1.36%) and Polkadot (-0.02%) also saw red to buck the trend on the day.

It was a bullish day for the rest of the majors, however.

Bitcoin Cash SV rallied by 12.38% to lead the way.

Chainlink (+3.18%), Crypto.com Coin (+3.20%), Ethereum (+3.49%), and Litecoin (+2.67%) also made solid gains.

Cardano’s ADA (+1.93%) and Polkadot (+1.87%) and trailed the front runners, however.

In the current week, the crypto total market fell to a Monday low $1,959bn before rising to a Wednesday high $2,259bn. At the time of writing, the total market cap stood at $2,214bn.

Bitcoin’s dominance rose to a Monday high 56.61% before falling to a Thursday low 52.92%. At the time of writing, Bitcoin’s dominance stood at 53.53%.

This Morning

At the time of writing, Bitcoin up by 0.28% to $63,5.037. A mixed start to the day saw Bitcoin fall to an early morning low $63,083.2 before rising to a high $63,417.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.47%), Cardano’s ADA (-0.06%), and Polkadot (-0.05%) saw red early on.

It was a bullish start for the rest of the majors, however.

At the time of writing, Crypto.com Coin was up by 1.68% to lead the way.

BTCUSD 160421 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $63,014 to bring the first major resistance level at $64,027 into play.

Support from the broader market would be needed for Bitcoin to break back through to $64,000 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at Wednesday’s swing hi $64,829.0 before any pullback. The second major resistance level sits at $64,859.

Failure to avoid a fall through the $63,014 pivot would bring the first major support level at $62,182 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $61,169.

The Crypto Daily – Movers and Shakers – April 14th, 2021

Bitcoin, BTC to USD, rose by 6.09% on Tuesday. Reversing a 0.26% decline from Monday, Bitcoin ended the day at $63,537.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $59,859.0 before making a move.

Steering clear of the first major support level at $59,131, Bitcoin surged to a final hour intraday high and a new swing hi $63,555.0.

Bitcoin broke through first major resistance level at $60,977 and the second major resistance level at $62,081.

While falling short of the third major resistance level at $63,927, Bitcoin held on to close out the day at $63,500 levels.

The near-term bullish trend remained intact supported by the latest move through to $63,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $26,750 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Tuesday.

Binance Coin slid by 7.60%, with Polkadot falling by 0.07% to buck the trend on the day.

It was a bullish day for the rest of the majors, however.

Ripple’s XRP jumped by 22.24% to lead the way, with Bitcoin Cash SV rallying by 12.66%.

Cardano’s ADA (+7.50%), Chainlink (+7.22%), Crypto.com Coin (+7.00%), Ethereum (+7.57%), and Litecoin (+8.56%) also made solid gains.

Early in the week, the crypto total market fell to a Monday low $1,959bn before rising to a Tuesday high $2,195bn. At the time of writing, the total market cap stood at $2,146bn.

Bitcoin’s dominance rose to a Monday high 56.61% before falling to a Tuesday low 54.27%. At the time of writing, Bitcoin’s dominance stood at 55.22%.

This Morning

At the time of writing, Bitcoin down by 0.42% to $63,270.0. A mixed start to the day saw Bitcoin rise to an early morning high and a new swing hi $63,732.0 before falling to a low $63,166.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (-0.40%), Ethereum (-0.08%), and Polkadot (-0.48%) also saw red early on.

It was a bullish start for the rest of the majors, however.

At the time of writing, Crypto.com Coin was up by 2.97% to lead the way.

BTCUSD 140421 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $62,317 to bring the first major resistance level at $64,775 into play.

Support from the broader market would be needed for Bitcoin to break out from this morning’s new swing hi $63,732.0.

Barring an extended crypto rally, the first major resistance level and resistance at $65,000 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $68,000 before any pullback. The second major resistance level sits at $66,013.

Failure to avoid a fall back through the $62,317 pivot would bring the first major support level at $61,079 into play.

Barring another extended sell-off on the day, Bitcoin should steer well clear of sub-$60,000 levels. The second major support level sits at $58,621.

The Crypto Daily – Movers and Shakers – April 12th, 2021

Bitcoin, BTC to USD, rose by 0.36% on Sunday. Following on from a 2.89% gain on Saturday, Bitcoin ended the week up by 3.08% to $60,032.0.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $60,722.0 before hitting reverse.

Falling short of the first major resistance level at $61,403, Bitcoin fell to an early afternoon intraday low $59,308.0.

Steering clear of the first major support level at $58,060, Bitcoin revisited $60,200 levels before easing back.

The near-term bullish trend remained intact supported by the latest move back through to $61,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Sunday.

Crypto.com Coin fell by 2.32% to lead the way down.

Litecoin (-1.49%), Polkadot (-1.02%), and Ripple’s XRP (-1.32%) also saw red.

It was a bullish day for the rest of the majors, however.

Binance Coin rallied by 11.55% to lead the way.

Cardano’s ADA (+3.81%) and Chainlink (+6.00%) also making solid gains.

Bitcoin Cash SV (+1.59%), and Ethereum (+0.82%) also joined Bitcoin in the green.

For the week, it was also mixed for the majors.

Polkadot slid by 9.51%, with Crypto.com Coin falling by 0.19% to buck the trend.

It was a bullish week for the rest of the majors.

Ripple’s XRP led the way, surging by 113.1%, with Binance Coin jumping by 50.6%.

Bitcoin Cash SV (+20.59%) and Litecoin (+24.81%) also made solid gains in the week.

Cardano’s ADA (+6.84%), Chainlink (+10.03%), and Ethereum (+3.58%) trailed the front runners, however.

In the week, the crypto total market fell to a Wednesday low $1,782bn before rising to a Saturday high $2,064bn. At the time of writing, the total market cap stood at $2,000bn.

Bitcoin’s dominance rose to a Monday high 58.43% before falling to a Sunday low 55.13%. At the time of writing, Bitcoin’s dominance stood at 55.70%.

This Morning

At the time of writing, Bitcoin was down by 0.49% to $59,738.1. A mixed start to the day saw Bitcoin rise to an early morning high $60,406.0 before falling to a low $59,669.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (+0.41%), Cardano’s ADA (+0.86%), and Crypto.com Coin (+0.90%) bucked the trend early on.

It was a bearish start for the rest of the majors, however.

At the time of writing, Litecoin was down by 1.08% to lead the way down.

BTCUSD 120421 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $60,021 to bring the first major resistance level at $60,733 into play.

Support from the broader market would be needed for Bitcoin to break through Sunday’s high $60,722.0.

Barring an extended crypto rally, the first major resistance level and resistance $61,000 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at the March swing hi $61,699 before any pullback. The second major resistance level sits at $61,435.

Failure to move back through the $60,021 pivot would bring the first major support level at $59,319 into play.

Barring another extended sell-off on the day, Bitcoin should steer well clear of the second major support level at $58,607.

Bitcoin Above $60,000 Again on Talk of Reduced Supply

The world’s biggest and best-known cryptocurrency hit $61,222.22 on Saturday, its highest in nearly a month. It was slightly lower at $59,907 at 0500 GMT on Sunday.

Bitcoin (BTC) is up 116% from the year’s low of $27,734 on Jan. 4. It crossed the $60,000 mark for the first time on March 13, hitting a record $61,781.83 on Bitstamp exchange, just after U.S. President Joe Biden signed his $1.9 trillion fiscal stimulus package into law.

Justin d’Anethan, sales manager at digital asset company Diginex in Hong Kong, said investors had turned their attention to stock markets and other cryptocurrencies in the past couple of weeks, leaving Bitcoin idling in the upper 50-thousand dollar levels.

“That changed just yesterday when we pierced through 60K. With miners not selling recently minted coins, on-exchange reserves hitting multi-year lows and an incessant stream of corporates, funds, large and small investors piling into BTC, we punched through,” he said.

Bitcoin’s stunning gains this year have been driven by its mainstream acceptance as an investment and a means of payment, accompanied by the rush of retail cash into stocks, exchange-traded funds and other risky assets.

It soared this year as major firms, such as BNY Mellon, asset manager BlackRock Inc, credit card giant Mastercard Inc, backed cryptocurrencies, while those such as Tesla Inc Square Inc and MicroStrategy Inc invested in bitcoin.

Big U.S. banks such as Morgan Stanley are also seeking to offer wealth management clients access to bitcoin funds.

(Reporting by Aakriti Bhalla in Bengaluru and Vidya Ranganathan in Singapore; Editing by William Mallard)

The Crypto Daily – Movers and Shakers – April 11th, 2021

Bitcoin, BTC to USD, rose by 2.89% on Saturday. Following on from a 0.04% gain on Friday, Bitcoin ended the day at $59,812.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $57,900.0 before making a move.

Steering clear of the first major support level at $57,602, Bitcoin rallied to an early morning intraday high $61,243.0.

Bitcoin broke through the day’s major resistance levels to come within range of the March swing hi $61,699.0 before hitting reverse.

The reversal saw Bitcoin slide back to sub-$58,500 levels before finding support.

Bitcoin broke back through the first major resistance level at $58,777 and the second major resistance level at $59,420 to end the day at $59,800 levels.

The near-term bullish trend remained intact supported by the latest move back through to $61,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Saturday.

Polkadot fell by 0.88% to buck the trend on the day.

It was a bullish day for the rest of the majors, however.

Ripple’s XRP surged by 34.82% to lead the way, with Litecoin rallying by 15.75%.

Binance Coin  (+3.96%), Crypto.com Coin (+2.81%), and Ethereum (+3.22%) made relatively solid gains.

Bitcoin Cash SV (+0.32%), Cardano’s ADA (+1.21%), and Chainlink (+1.03%) trailed the front runners, however.

In the current week, the crypto total market fell to a Wednesday low $1,782bn before rising to a Saturday high $2,064bn. At the time of writing, the total market cap stood at $2,010bn.

Bitcoin’s dominance rose to a Monday high 58.43% before falling to a Saturday low 55.40%. At the time of writing, Bitcoin’s dominance stood at 56.29%.

This Morning

At the time of writing, Bitcoin was up by 1.22% to $60,541.0. A mixed start to the day saw Bitcoin fall to an early morning low $59,651.0 before rising to a high $60,624.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.12%), Litecoin (-1.77%), and Polkadot (-2.42%) saw red to buck the trend early on.

It was a bullish start for the rest of the majors, however.

At the time of writing, Ripple’s XRP was up by 4.74% to lead the way.

BTCUSD 110421 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $59,652 to bring the first major resistance level at $61,403 into play.

Support from the broader market would be needed for Bitcoin to break out from Saturday’s high $61,243.0.

Barring an extended crypto rally, the first major resistance level and resistance at the March swing hi $61,699 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $65,000 before any pullback. The second major resistance level sits at $62,995.

Failure to avoid a fall back through the $59,652 pivot would bring the first major support level at $58,060 into play.

Barring another extended sell-off on the day, Bitcoin should steer well clear of the second major support level at $56,309.

The Crypto Daily – Movers and Shakers – April 10th, 2021

Bitcoin, BTC to USD, rose by 0.04% on Friday. Following on from a 3.84% gain on Thursday, Bitcoin ended the day at $58,134.0.

A mixed start to the day saw Bitcoin fall to a late morning intraday low $57,713.0 before making a move.

Steering clear of the first major support level at $56,498, Bitcoin rallied to a late morning intraday high $58,777.0.

Falling short of the first major resistance level at $58,939, Bitcoin eased back to sub-$58,000 levels.

Finding late support, however, Bitcoin broke back through to $58,000 levels to end the day flat.

The near-term bullish trend remained intact in spite of the latest pullback. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Friday.

Binance Coin  and Bitcoin Cash SV rallied by 8.29% and by 8.85% to lead the way. Crypto.com Coin (+5.11%) also found support to buck the broader trend on the day.

It was a bearish day for the rest of the majors, however.

Chainlink (-3.65%) and Ripple’s XRP (-3.66%) led the way down.

Cardano’s ADA (-1.45%), Ethereum (-0.73%), and Litecoin (-2.25%), and Polkadot (-1.41%) also struggled, however.

In the current week, the crypto total market rose to a Tuesday high $1,992bn before falling to a Wednesday low $1,782bn. At the time of writing, the total market cap stood at $1,916bn.

Bitcoin’s dominance rose to a Monday high 58.43% before falling to a Wednesday low 55.75%. At the time of writing, Bitcoin’s dominance stood at 56.46%.

This Morning

At the time of writing, Bitcoin was down by 0.30% to $57,958.1. A mixed start to the day saw Bitcoin rise to an early morning high $58,311.0 before falling to a low $57,924.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Binance Coin (+0.33%), Crypto.com Coin (+0.67%), and Ripple’s XRP (+0.05%) found early support.

It was a bearish start for the rest of the majors, however.

At the time of writing, Litecoin was down by 0.62% to lead the way down.

BTCUSD 100421 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $58,245 to bring the first major resistance level at $58,777 into play.

Support from the broader market would be needed for Bitcoin to break out from $58,500 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $59,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $60,000 before any pullback. The second major resistance level sits at $59,420.

Failure to move back through the $58,245 pivot would bring the first major support level at $57,602 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$57,000 levels. The second major support level at $57,070 should limit the downside.

The Crypto Daily – Movers and Shakers – April 9th, 2021

Bitcoin, BTC to USD, rose by 3.84% on Thursday. Reversing a 3.50% loss from Wednesday, Bitcoin ended the day at $58,110.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $55,714.0 before making a move.

Steering clear of the first major support level at $54,798, Bitcoin rallied to a late intraday high $58,155.0.

Bitcoin broke through the first major resistance level at $57,882 before a fall back to $57,500 levels.

Finding late support, however, Bitcoin broke back through the first major resistance level to end the day at $58,000 levels.

The near-term bullish trend remained intact in spite of the latest pullback. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Thursday.

Ripple’s XRP jumped by 15.89% to lead the way, with Binance Coin  rallying by 11.65%.

Cardano’s ADA (+4.02%), Chainlink (+5.35%), Crypto.com Coin (+7.31%), Ethereum (+5.93%), and Litecoin (+3.21%) also found strong support.

Bitcoin Cash SV (+2.79%) and Polkadot (+0.81%) trailed the front runners, however.

In the current week, the crypto total market rose to a Tuesday high $1,992bn before falling to a Wednesday low $1,783tn. At the time of writing, the total market cap stood at $1,920bn.

Bitcoin’s dominance rose to a Monday high 58.33% before falling to a Wednesday low 55.75%. At the time of writing, Bitcoin’s dominance stood at 56.55%.

This Morning

At the time of writing, Bitcoin was up by 0.05% to $58,138.3. A mixed start to the day saw Bitcoin rise to an early morning high $58,239.0 before falling to a low $58,063.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Cardano’s ADA and Polkadot were down by 0.17% and by 0.07% to buck the trend early on, with Binance Coin flat.

At the time of writing, Crypto.com Coin was up by 1.50%, however, to lead the way.

BTCUSD 090421 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $57,326 to bring the first major resistance level at $58,939 into play.

Support from the broader market would be needed for Bitcoin to break out from $58,500 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $59,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $60,000 before any pullback. The second major resistance level sits at $59,767.

A fall through the $57,326 pivot would bring the first major support level at $56,498 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$55,000 levels. The second major support level sits at $54,885.

The Crypto Daily – Movers and Shakers – April 7th, 2021

Bitcoin, BTC to USD, fell by 1.95% on Tuesday. Reversing a 1.55% gain from Monday, Bitcoin ended the day at $57,991.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $59,499.0 before hitting reverse.

Falling short of the first major resistance level at $59,980, Bitcoin fell to an early afternoon intraday low $57,401.0.

Bitcoin fell through the first major support level at $57,580 before briefly revisiting $58,200 levels.

Failing to move back through to $59,000 levels, Bitcoin eased back to end the day at sub-$58,000 levels.

The near-term bullish trend remained intact supported by the recovery from sub-$55,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Tuesday.

Crypto.com Coin and Polkadot slid by 7.12% and by 3.57% to buck the trend and join Bitcoin in the red.

It was a bullish day for the rest of the majors, however.

Ripple’s XRP jumped by 19.75% to lead the pack, with Binance Coin  (+9.63%), Chainlink (+7.38%), and Litecoin (+7.08%) also on the move.

Bitcoin Cash SV (+1.79%), Cardano’s ADA (+3.40%), and Ethereum (+0.26%) trailed the front runners, however.

In the current week, the crypto total market fell to a Monday low $1,815bn before rising to a Tuesday high $1,992bn. At the time of writing, the total market cap stood at $1,928bn.

Bitcoin’s dominance rose to a Monday high 58.43% before falling to a Tuesday low 55.77%. At the time of writing, Bitcoin’s dominance stood at 56.31%.

This Morning

At the time of writing, Bitcoin was up by 0.24% to $58,133.0. A mixed start to the day saw Bitcoin fall to an early morning low $57,958.0 before rising to a high $58,189.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.46%), Polkadot (-0.61%), and Ripple’s XRP (-0.29%) saw red to buck the trend early on.

It was a bullish start to the day for the rest of the majors, however.

At the time of writing, Crypto.com Coin and Litecoin were up by 1.89% and by 1.73% to lead the way.

BTCUSD 070421 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $58,297 to bring the first major resistance level at $59,193 into play.

Support from the broader market would be needed for Bitcoin to break back through to $59,000 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $59,500 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the March swing hi $61,699 before any pullback. The second major resistance level sits at $60,395.

Failure to move through the $58,297 pivot would bring the first major support level at $57,095 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $56,199.

The Crypto Daily – Movers and Shakers – April 5th, 2021

Bitcoin, BTC to USD, rose by 2.12% on Sunday. Partially reversing a 3.29% fall from Saturday, Bitcoin ended the week up by 4.40% to $58,240.2.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $56,500.0 before making a move.

Steering clear of the first major support level at $55,981.0, Bitcoin rallied to a mid-afternoon intraday high $58,480.0.

Falling short of the first major resistance level at $58,950.0, Bitcoin slipped back to sub-$58,000 levels.

Finding late support, however, Bitcoin move back through to $58,200 levels to end the day in the green.

The near-term bullish trend remained intact supported by the recovery to $58,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Sunday.

Crypto.com Coin fell by 1.95% to buck the trend on the day.

It was a bullish day for the rest of the majors, however.

Binance Coin  and Ripple’s XRP rallied by 8.41% and by 9.69% respectively to lead the pack.

Chainlink (+4.96%), Ethereum (+3.35%), Litecoin (+3.58%), and Polkadot (+4.94%) also found strong support.

Bitcoin Cash SV (+2.14%), Cardano’s ADA (+1.71%) trailed the front runners, however.

It was also a mixed week for the crypto majors.

Cardano’s ADA slipped by 0.65% to buck the trend.

It was a bullish week for the rest of the pack, however.

Binance Coin (+29.93%) and Polkadot (+31.58%) led the way, with Ethereum rallying by 23.09%.

Bitcoin Cash SV (+14.66%), Chainlink (+15.29%), and Ripple’s XRP (+16.11%) also made solid gains.

Crypto.com Coin (+4.97%) trailed the front runners, however.

In the week, the crypto total market fell to a Monday low $1,671bn before rising to a Saturday high $1,932bn. At the time of writing, the total market cap stood at $1,872bn.

Bitcoin’s dominance rose to a Wednesday high 61.34% before falling to a Sunday low 57.67%. At the time of writing, Bitcoin’s dominance stood at 58.01%.

This Morning

At the time of writing, Bitcoin was down by 0.09% to $58,185.0. A mixed start to the day saw Bitcoin rise to an early morning high $58,430.0 before falling to a low $58,049.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Ripple’s XRP was down by 1.28% to lead the way down.

Binance Coin (-0.30%), Cardano’s ADA (-0.26%), and Ethereum (-0.19%) also joined Bitcoin in the red.

It was a bullish start for the rest of the majors, however.

At the time of writing, Crypto.com Coin was up by 1.66% to lead the way.

BTCUSD 050421 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $57,740 to bring the first major resistance level at $58,980 into play.

Support from the broader market would be needed for Bitcoin to break out from $58,500 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $59,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at 14th March swing hi $61,699.0 before easing back. The second major resistance level sits at $59,720.

Failure to avoid a fall through the $57,740 pivot would bring the first major support level at $57,000 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$55,000 support levels. The second major support level at $55,760 should limit the downside.

The Crypto Daily – Movers and Shakers – April 4th, 2021

Bitcoin, BTC to USD, slid by 3.29% on Saturday. Reversing a 0.39% gain from Friday, Bitcoin ended the day at $57020.0.

A bullish start to the day saw Bitcoin rise to a late morning intraday high $59,841.0 before hitting reverse.

Falling short of the first major resistance level at $60,000, Bitcoin slid to a final hour intraday low $56.872.0.

Bitcoin fell through the first major support level at $58,128 and the second major resistance level at $57,297.

Finding late support, Bitcoin moved back through to $57,000 levels to reduce the deficit on the day.

In spite of the move back through to $57,000 levels, Bitcoin failed to break back through the second major support level.

The near-term bullish trend remained intact supported by the March gain. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Saturday.

Polkadot rallied by 4.17% to buck the trend on the day.

It was a bearish day for the rest of the majors, however.

Bitcoin Cash SV (-8.66%), Chainlink (-9.83%), and Litecoin (-7.60%) led the way down.

Binance Coin  (-4.87%), Cardano’s ADA (-2.42%), Ethereum (-5.86%), and Ripple’s XRP (-4.53%) also struggled

Crypto.com Coin ended the day flat, however.

In the current week, the crypto total market fell to a Monday low $1,671bn before rising to a Saturday high $1,932bn. At the time of writing, the total market cap stood at $1,802bn.

Bitcoin’s dominance rose to a Wednesday high 61.34% before falling to a Saturday low 57.79%. At the time of writing, Bitcoin’s dominance stood at 58.86%.

This Morning

At the time of writing, Bitcoin was down by 0.66% to $56,642.2. A bearish start to the day saw Bitcoin fall from an early morning high $57,030.0 to a low $56,550.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a bearish start to the day.

At the time of writing, Crypto.com Coin was down by 6.50% to lead the way down.

BTCUSD 040421 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $57,911 to bring the first major resistance level at $58,950 into play.

Support from the broader market would be needed for Bitcoin to break out from $58,500 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $59,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at 14th March swing hi $61,699.0 before easing back. The second major resistance level sits at $60,880.

Failure to move through the $57,911 pivot would bring the first major support level at $55,981 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$55,000 support levels. The second major support level sits at $54,942.

The Crypto Daily – Movers and Shakers – April 3rd, 2021

Bitcoin, BTC to USD, rose by 0.39% on Friday. Reversing a 0.12% decline from Thursday, Bitcoin ended the day at $58,959.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $58,328.0 before making a move.

Steering clear of the first major support level at $57,958, Bitcoin rallied to an early morning intraday high $60,190.0.

Bitcoin broke through the first major resistance level at $59,486 before hitting reverse.

Coming within range of the second major resistance level at $60,259, Bitcoin fell back to a late in the day low $58,400.

Finding late support, however, Bitcoin broke back through to $58,900 levels to end the day in positive territory.

The near-term bullish trend remained intact supported by the March gain. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Friday.

Polkadot rallied by 9.16% to lead the way, with Bitcoin Cash SV (+7.06%), Chainlink (+7.90%), and Ethereum (+8.43%) also making solid gains.

Binance Coin  (+1.15%), Cardano’s ADA (+0.72%), Crypto.com Coin (+2.09%), Litecoin (+4.32%), and Ripple’s XRP (+6.00%) trailed the front runners.

In the current week, the crypto total market fell to a Monday low $1,671bn before rising to a Friday high $1,929bn. At the time of writing, the total market cap stood at $1,892bn.

Bitcoin’s dominance rose to a Wednesday high 61.34% before falling to a Friday low 58.16%. At the time of writing, Bitcoin’s dominance stood at 58.61%.

This Morning

At the time of writing, Bitcoin was up by 0.61% to $59,321.0. A mixed start to the day saw Bitcoin fall to an early morning low $58,944.0 before rising to a high $59,430.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day for the majors.

Ethereum bucked the trend early on, falling by 0.98%.

It was a bullish start for the rest of the pack, however.

At the time of writing, Polkadot was up by 7.06% to lead the way.

BTCUSD 030421 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $59,159 to bring the first major resistance level at $60,000 into play.

Support from the broader market would be needed for Bitcoin to break out from $59,500 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $60,190.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at 14th March swing hi $61,699.0 before easing back. The second major resistance level sits at $61,021.

Failure to avoid a fall through the $59,159 pivot would bring the first major support level at $58,128 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$58,000 support levels. The second major support level sits at $57,297.

The Crypto Daily – Movers and Shakers – April 2nd, 2021

Bitcoin, BTC to USD, slipped by 0.12% on Thursday. Following a 0.07% decline on Wednesday, Bitcoin ended the day at $58.724.0.

A mixed start to the day saw Bitcoin rise to a late morning intraday high $59,483.0 before hitting reverse.

Falling short of the first major resistance level at $60,188, Bitcoin slid to a late morning low $58,029.0.

Steering clear of the major support levels, Bitcoin revisited $59,300 levels before falling to a mid-afternoon intraday low $57,955.0.

Continuing to avoid the first major support level at $57,115, Bitcoin found late support to revisit $59,000 levels before falling back into the red.

The near-term bullish trend remained intact supported by the March gain. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed start to the month on Thursday.

Cardano’s ADA (-0.78%) and Ripple’s XRP (-0.04%) joined Bitcoin in the red.

It was a bullish day for the rest of the pack, however.

Binance Coin  rallied by 10.58% to lead the way.

Bitcoin Cash SV (+4.32%), Chainlink (+2.37%), Ethereum (+2.52%), and Litecoin (+2.93%) also found strong support.

Crypto.com Coin (+0.67%) and Polkadot (+1.00%) trailed the front runners on the day.

In the current week, the crypto total market fell to a Monday low $1,671bn before rising to a Thursday high $1,880bn. At the time of writing, the total market cap stood at $1,836bn.

Bitcoin’s dominance rose to a Wednesday high 61.34% before falling to a Thursday low 59.09%. At the time of writing, Bitcoin’s dominance stood at 59.69%.

This Morning

At the time of writing, Bitcoin was down by 0.04% to $58,703.0. A mixed start to the day saw Bitcoin rise to an early morning high $58,891.0 before falling to a low $58,572.1.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day for the majors.

Binance Coin (+2.43%), Cardano’s ADA (+0.20%), Polkadot (+0.31%), and Ripple’s XRP (+0.95%) found early support.

It was a bearish start for the rest of the pack, however.

At the time of writing, Crypto.com Coin was down by 1.04% to lead the way down.

BTCUSD 020421 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $58,721 to bring the first major resistance level at $59,486 into play.

Support from the broader market would be needed for Bitcoin to break back through to $59,400 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $60,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at 14th March swing hi $61,699.0 before easing back. The second major resistance level sits at $60,249.

Failure to move back through the $58,721 pivot would bring the first major support level at $57,958 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$57,000 levels. The second major support level at $57,193 should limit the downside.

As Tesla Takes the Plunge, Wary Insurers Watch Crypto Craze from the Sidelines

By Noor Zainab Hussain and Carolyn Cohn

Insurers have yet to catch up with the growing acceptance of cryptocurrencies as an investment and in commerce: Musk said last month Tesla’s customers can now use bitcoin as payment.

Scant regulation and volatile prices of bitcoin and other cryptocurrencies make many insurers reluctant to underwrite the risks, despite booming demand for protection of digital assets and for personal liabilities of directors and executives of companies that deal with cryptocurrencies.

Insurers and brokers estimate that of the few that provide such insurance, none can offer coverage beyond $750 million for any client.

Tesla did not respond to a Reuters request for comment.

The risks are considerable, with U.S.-based cyber security firm CipherTrace estimating reported losses from theft, hacks, and fraud totalling $1.9 billion in 2020.

“Insurers have only a finite capacity that they can write in this space so it really is a case of getting in quickly,” said Ben Davis, lead for emerging technology and international insurance with Superscript, a Lloyd’s of London broker with cryptocurrency clients.

But while both crime and demand for protection have tracked cybercurrencies’ meteoric rise, underwriting such risks remains a niche business offered by specialist insurers in the Lloyd’s market and in Bermuda. Insurers who spoke to Reuters declined to be named while discussing such a sensitive business area.

The high risk of hacking means smaller companies seeking protection for their ‘hot wallets’ – digital assets stored online – can typically get just about $10 million covered, with the largest limits rarely exceeding the $100-200 million range, insurers and brokers said.

DEMAND RISING FAST

Legal ambiguity surrounding the assets, with top regulators from across the world calling for global rules for cryptocurrencies, also acts as a deterrent for insurers.

Cryptocurrencies have struggled to win the trust of mainstream investors and the general public due to their speculative nature and potential for money laundering.

Insurance for directors and executives of cryptocurrency companies, such as exchanges or custodians seeking to protect their personal assets are also in short supply, brokers and insurers said.

A potential large drop in the value of cryptocurrencies could trigger lawsuits from investors, which in turn could leave the insurer on the hook if the suit affected personal assets of a firm’s executives.

“Insurers get concerned because when there’s volatility they end up holding the bag,” Davis said.

Davis added that Superscript has to put in “a lot of work” to get directors and officers cover for clients.

Brokers say they see growing demand they just cannot match with sufficient supply.

Jacqueline Quintal, U.S. digital asset leader at Marsh, the world’s biggest insurance broker, said she was fielding calls from companies seeking protection for their assets, or individuals running them, a couple of times a week, compared with once every other week about six months ago.

“Just a huge rush to buy insurance. Period,” she said.

Superscript’s Davis said demand has doubled, if not tripled since January over the same time last year.

Many custodians and cryptocurrency exchanges are also looking to increase the limits in their existing policies as the value of cryptocurrencies has risen, insurers and brokers said.

HEADS IN THE SAND

And just as insurers slowly warm to the new business potential as deep-pocketed mainstream financial institutions increasingly embrace cryptocurrencies, they face a fresh challenge in the form of non-fungible tokens (NFTs).

These digital assets, including images, videos, audio or even individual tweets, get authenticated by blockchain, which certifies their originality and ownership, creating a market for art and other collectibles that exists only in digital form.

Insurers face the difficulty of how to price policies and assess how the value of digital art changes over time when there are no available benchmarks yet, a leading London insurer who declined to be named, said.

The establishment of a robust secondary marketplace could help create capacity to insure these assets, the person said.

Many find the concept of ‘minting’ NTFs – to make them part of a blockchain – and the prices that can reach millions of dollars, perplexing, but Davis said it would be a mistake for insurers to dismiss this new market.

“More companies are going to start tokenizing parts of their business. And if you just say, well, we’re not covering it, because it’s represented as a token, it doesn’t make any logical sense,” he said.

“They can’t just bury their heads in the sand and hope that it all goes away, because it’s not and it is here to stay.”

(Reporting by Noor Zainab Hussain in Bengaluru, Carolyn Cohn in London and Suzanne Barlyn in Washington Crossing; Editing by Tomasz Janowski and Elaine Hardcastle)

NFT Investment Firm to Float in London

NFT Investments, established by the co-founders of cryptocurrency firm Argo Blockchain, said on Thursday they intend to raise around 10 million pounds ($13.77 million) by floating on the niche Aquis Stock Exchange Global Market.

The firm said this would value it at 25 million pounds.

NFTs are a digital signature saved on blockchain ledgers that allow someone to verify the ownership and authenticity of items, with one artwork selling this month for nearly $70 million.

Sceptics have questioned how unique a digital artwork can really be and warned NFTs could be another bubble waiting to burst.

(Reporting by Iain Withers; editing by Rachel Armstrong and Jason Neely)