Latest development in the crypto market
Bitcoin traded on a marginal uptrend during last week, by starting the week at $39,846.47 and trading at $40,273.09 at Sunday’s close, marking a 1.07 % increase.
At the time of writing, the largest cryptocurrency in the world was trading at $40,277.39, close to its primary resistance level of $40,605.51 at the 38.2% retracement level. If it breaks through that level, its primary resistance will shift to $41,007.73 at the 50% retracement level. While Bitcoin saw some volatility during the first half of the week, it traded sideways for the latter part. However, Bitcoin has stuck to its overall decline since the beginning of April.
All coins such as Ethereum, Binance coin and Dash have replicated Bitcoin’s trend, having hit a peak midweek and declining ever since, to finish the week slightly higher than they started on Monday, 11 April 2022. Ethereum, Binance coin and Dash experienced nearly a 0.3%, 3.6% and 4.2% increase, respectively.
Doge experienced the ‘Musk-effect’ when Elon Musk, the newly established largest shareholder of Twitter, urged Doge as one of the payment options for Twitter Blue, resulting in an 8% increase midweek.
Cryptocurrency, in general, has been on the decline since the start of the month. However, trader sentiment is that a reversal in the trend is imminent.
Cryptocurrency has been a hot topic during the previous week and leaders of major cryptocurrency companies have expressed that regulators have started to look at digital currencies positively. For instance, the UK government announced that it would introduce stablecoins to track existing currencies' prices. Additionally, the US President signed an executive order advocating the coordination across governments for digital assets.
In other crypto-related news, the Wikipedia community, on Tuesday, 12 April 2022, voted against all cryptocurrency donations to the platform, owing to its environmental impact. Also, in an interview with CNBC on Thursday, 14 April 2022, the Amazon CEO said that the e-commerce giant does not have plans to add cryptocurrency as a payment option soon.
