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NEW DELHI: Major cryptocurrencies were trading with big gains on Monday as Tesla chief Elon Musk’s tweet on Bitcoin gave crypto investors new hope. Led by Bitcoin, eight of the top ten digital tokens posted a 12% increase.
Musk tweeted on Sunday that the electric car maker would resume authorization of Bitcoin transactions when miners who verify transactions use more renewable energy. Bitcoin, the world’s largest and best-known cryptocurrency, is down more than 42% from its year’s low.
“We can see a lot of consolidation in the markets. Trading volumes remain low. This consolidation was fairly expected and could prevail throughout the month. The sell had very low trading volume which is a positive sign for the crypto market, ”said Edul Patel, CEO and co-founder, Mudrex.
El Salvador’s bold move to accept Bitcoin as legal tender once again asked Wall Street whether a cryptocurrency could really replace the old-fashioned dollar. Companies like Tesla, MicroStrategy, and Square have incorporated Bitcoin into their balance sheets without triggering a larger business revolution. Now the focus is on governments.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data at 9:30 a.m., IST June 14, 2021)
Bitcoin: $ 38,996.77, up 11.51% Ethereum: $ 2,478.09, up 5.82% Tether: $ 1.00, down 0.05% Binance Coin: 358.86 $, up 5.58% Cardano: $ 1.54, up 5.59% Dogecoin: $ 0.3212, up 4% XRP: $ 0.8708, up 5.50% Coin in USD: $ 0.9996, down 0.05% Polkadot: $ 21.72, up 7.35% Uniswap: $ 22.8, up 8.89%
Trade by Siddharth Menon, Co-Founder and COO, WazirX Bitcoin trades between its weekly support at $ 32,000 and weekly resistance at 200 DMA (Daily Moving Average) of $ 42,000. There is a lot of fear in the market as President Biden will be speaking about cryptocurrency and its role in recent ransomware hacks. A weekly close below $ 32,000 would be problematic for Bitcoin.
A chain indicator, on the other hand, displayed an oversold signal. The indicator is the sentiment indicator of active addresses available on Decentrader.
ETMarkets.com The metric compares the 28-day price change and the 28-day change in the active address. The orange line represents the 28-day BTC price change and the red and green dotted lines represent the upper and lower bands of the 28-day active address change, respectively. ETMarkets.com This is a bullish signal when the price of BTC falls below the lower band (represented by the green dotted line) and enters it almost immediately. This happened shortly after the Covid crash of March 2020 and the bear market bottom of 2018.
The stock-flow chart also indicates that a market could experience a strong rebound in BTC prices. Currently, it has moved away from the stock-flow line, and based on similar past spreads, the market may rebound strongly to return to the stock-flow line. The story is bearish. At the same time, the facts and statistics are optimistic.
(The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking a position in the mentioned asset (s).)
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