Ken Chigbo
Independent Analyst
Here's what you need to know on Thursday
Markets
BTC/USD is currently trading at $7100 (+5.15%), big bull action coming into play as the price smashes firmly above $7000 and barrier at $7500.
ETH/USD is currently trading at $190 (+3.25%), a wave of upside momentum has been observed, but supply is heavy ahead of $200.
XRP/USD is currently trading at $0.1950 (3.50%), the price is looking to retest the big $0.2000.
Among the 100 most important cryptocurrencies, the best of the day are UBT $0.237787 (+15.80%), DGB $0.009390 (+13.85%) XLM $0.060553 (+13.15%) The day's losers are KMD $0.540290 (-3.92%), SXP $0.0.582920 (-3.55%), SNX $0.701491 (-2.60%).
Chart of the day: BTC/USD daily chart
Market
Alex Mashinsky, chief executive officer (CEO) of cryptocurrency lending platform Celsius Network was recently speaking on Bitcoin and said the cryptocurrency didn’t see a significant surge at the start of the pandemic because “if you take any snippet over the last year, you would see very high correlation between BTC and the stock market.
The number of smart contracts deployed on the Ethereum network reached 1,971,632 in March, hitting a new all-time high and marking a 75% increase from the previous month. Dune Analytics, an online analytics platform, recorded the number of contracts deployed on Ethereum over the last 12 months with the average only registering around 670,000 contracts per month.
Tezos (XTZ), a proof of stake (PoS) based smart contracts blockchain network has outranked leading projects including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA) and XRP in terms of technology, in the latest Weiss Ratings rankings.
Industry
Reports suggest that Starbucks and McDonald’s are among the many retail companies that will allegedly support digital yuan payments in Xiong’an, one of four pilot program locations. These rumours suggest the proposed Chinese digital yuan currency. According to Chinese publication Interchain Pulse, a promotion conference was held on April 22 in the city of Xiong’an, located close to Beijing.
Social payments application Bundle launched its service in Nigeria after incubation by leading cryptocurrency exchange Binance.According to an announcement on April 23, Bundle now allows its users to request, send and receive cash or crypto from their peers in Nigeria. By the end of this year, the firm plans to expand to over 30 African countries and provide a simple fiat on and off-ramp for crypto in the continent.
Quote of the day
Bitcoin getting new friends every day. It’s happening.
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ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.