Ken Chigbo
Independent Analyst
Here's what you need to know on Monday
Markets
BTC/USD is currently trading at $7720 (+0.25%), has been able to make itself comfortable above $7500, which does serve the price well for further moves north.
ETH/USD is currently trading at $190 (-1.25%), the next major target for the bulls will be eyed at $0.2000.
XRP/USD is currently trading at $0.1950 (-0.50%), a break above $0.2000 is critical for greater upside pressure.
Among the 100 most important cryptocurrencies, the best of the day are STEEM $0.239574 (+47.80%), HIVE $0.0841603 (+34.85%) SC $0.067567 (+17.15%) The day's losers are DGB $0.013214 (-13.92%), ENJ $0.140223 (-7.55%), DASH $82.57 (-4.60%).
Chart of the day: BTC/USD daily chart (Price action is running towards its seventh consecutive session in the green, extending higher out from a bullish flag pattern)
Market
Ripple says its yearly Swell conference, which was set to take place in London, will be switched to a virtual conference. Ripple is also working to engage with developers digitally, as it can no longer hold hackathons and meetups in person. The organisation’s Xpring, which partners with and invests in companies that use decentralized technologies, is reaching out to XRP engineers who are building products on the XRP Ledger. The company says it’s looking to feature XRP-related projects in a new Developer Reflections series.
Regulation
The U.S. state of Kentucky has decided to move ahead with a legislative effort that seeks to create a working group focused on blockchain technology. This, according to the Kentucky General Assembly website. In the latest regulatory push for distributed ledger technology (DLT), Kentucky’s governor, Andy Beshear, has signed a legislative bill to create a blockchain working group in the state. Per sources close to the matter, Beshear approved the bill on April 24, 2020.
Industry
Cryptocurrency miners relying on the Bitmain S17 and T17 Antminer have said that the rigs have failure rates between 20-30% where they would normally be roughly 5%. According to an April 26 tweet from Samson Mow, Chief Strategy Officer (CSO) of blockchain infrastructure firm Blockstream, Bitcoin (BTC) miners using rigs from the world’s largest manufacturer of cryptocurrency mining equipment have been reporting technical issues. Heat sinks on the Antminer S17 and T17 rigs have been falling off, causing the machines to short out. In addition, users have reported problems with the power supply fans on the S17. Both pieces of equipment are designed to regulate the heat generated by the mining gear. As a result, nearly a third have been shorted out by the reported problems.
Switzerland’s “crypto valley”, a fintech friendly region near Zurich, is seeking a 100 million Swiss franc ($102.7 million) fund from the federal government. This fund is allocated to bail out the troubled fintech companies, according to a Bloomberg April 26 report. Cantonal Finance Director, Heinz Taennler, said that the fund would consist of private investments, contributions from local governments, and federal guarantees.
Quote of the day
I keep hearing certain people say that everyone should put 1% of their networth into bitcoin as a hedge
I'm always surprised you can advise people to take such a high risk gamble with the other 99%
@JosephTodaro_
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ethereum has lost its “ultra” sound money status, faces key rectangle resistance hurdle
Ethereum is up 0.5% on Thursday following a recent analysis showing that the top altcoin lost its "ultra" sound money narrative. Meanwhile, ETH ETFs recorded net inflows for the first time after nine days of consecutive outflows.
Solana bears dominate market as SunPump has potentially led to less demand for SOL
Solana is down 2.5% on Thursday following bearish signals across its funding rate and total fees captured. SOL's weak performance could also be linked to the declining traction seen in its meme coin generation platform Pump.fun.
AI tokens see narrow gains as Wall Street banks raise price targets on NVDA
AI tokens NEAR, ICP, RENDER and TAO briefly traded in the green on Thursday following Wall Street banks' positivity toward Nvidia's earnings report. While a correction followed, these tokens could rally if NVDA meets expectations.
XRP back above $0.57 even as Ripple traders take $8 million in profits
Ripple (XRP) traders have consistently taken profits on their holdings in the last two weeks, per Santiment data. Once again, traders have grabbed $8.36 million in profit so far on Thursday. Typically, profit-taking negatively influences the asset as it increases the selling pressure.
Bitcoin: Will BTC continue its ongoing decline?
Bitcoin (BTC) trades above $59,000 on Friday, but it has lost 7.5% this week so far after being rejected around the daily resistance of $65,000. The decline is supported by lower demand from the US spot Bitcoin ETFs, which registered a net outflow of $103.8 million, falling Bitcoin's Coinbase Premium Index, and a spike in Network Realized Profit/Loss. However, some investors seem to be taking the chance to buy BTC amid this price dip, as shown by the Exchange Netflow data.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.