fxs_header_sponsor_anchor

Cryptocurrency Market News: Bitcoin bulls try to recover losses ahead of the weekend

Here's what you need to know on Friday

Markets:

BTC/USD is changing hands at $8800, having recovered from the intraday low of $8,650. amid strong rally during early Asian hours. The first digital coin has lost 5% in the recent 24 hours and gained 1.8% since the beginning of Friday. Now it is trading within the strong short-term bearish bias amid expanding volatility.

At the time of writing, ETH/USD is changing hands at $213.50. The price tested area above $215.00 during early Asian hours and the upside momentum remains strong. The second-largest coin increased by 3.8% since the beginning of Friday. Now ETH is moving within a short-term bullish trend. The volatility is growing.

XRP/USD is hovering below $0.2200. The coin has recovered from Thursday’s collapse to $0.2000 and gained nearly  4% since the start of the day.  From the short-term perspective, XRP/USD is trading within a bullish trend amid high volatility.

Among the 100 most important cryptocurrencies, Hyperion (HYN) $0.3005 (+13.8%), Hedera Hashgraph (HBAR) $0.3908 (+7.6%), THETA (THETA) $0.1278 (+5.8%). The day's losers are Numeraire (NMR) $20.73 (-14.2%), ), Hive (Hive) $0.4067 (-14.2%), Nervos Network (CKB) $0.0047 (-10.2%).

Chart of the day:

ETH/USD, 1-hour chart

Market

Due to the rising cryptocurrency trading volumes and Bitcoin price increase, the mempool of the first digital coin got overcrowded with unconfirmed transactions. By press time, their number reached 75k, the highest since June 2019. The aggregate volume of the unconfirmed transactions surpassed 76 MB.

Industry

The US-based Bitcoin ATM operator CoinFlip has announced a partnership deal with Monarch Wallet. The deal will allow to offer advanced crypto features for not tech-savvy people and those who do not have access to banking services. Monarch Wallet is a decentralized cryptocurrency wallet that seeks to educate their users and help them to take advantage of the blockchain and cryptocurrency technologies. Due to the partnership, Monarch’s users will get access to over 608 CoinFlip ATMs around the USA, while CoinFlip’s customers can use Monarch Wallet to store their coins.

Paolo Ardoino, CTO at Bitfinex, believes that the recent growth of Bitcoin price proves its value and its status of a digital gold. The CTO of one of the world's largest exchanges also pointed out that the cryptocurrency requires a reliable trading infrastructure that would not fail during high volatility periods.

As bitcoin quickly evolves into an established asset class there has never been a greater need for a venue that can guarantee a reliable and scalable trading infrastructure. Bitcoin’s resurgence has once again made a mockery of those so eager to write an obituary for the digital gold.

Notably, the US-based Conbase, known for its stability, suddenly went offline amid the recent Bitcoin rally. The technical issues angered the community and gave rise to concerns about the reliability of the exchange.

Regulation

Japan's financial regulator - Financial Services Agency (FSA) -  certified two cryptocurrency industry associations as Certified Financial Instruments and Exchange Associations. The FSA recognized the Japan STO Association and the Japan Virtual Currency Exchange Business Association (JVCEA) as self-regulatory bodies for the operations with derivative instruments and security token offerings, according to the announcement made on April 30. JVCEA will be renamed as "Japan Crypto Asset Trading Business Association" as of May 1.

The Brazilian government made a step towards further legitimizing the role cryptocurrencies in the Brazillian economy and validated the circulation of the new type of asset in the country. According to the recent announcement, starting from the next May, cryptocurrency exchanges located in the country, will operate under a designated code that refers to the “brokerage and possession of crypto-assets.”

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.