top of page

Crypto Insights 26/04/2021

by Alex Clark

Following another massive drop to $47,000, a new low since early March, the bulls have taken back control of bitcoin. Bitcoin has reclaimed $50,000 and is now testing $53,000. After this sudden bounce back, $239.52 million worth of short positions have been liquidated over the past few hours. Some of the altcoins also suffered over the weekend but have recovered well with some impressive price pumps. Dogecoin is the only exception which performed exceptionally well in the crash but has since dropped off, making it the only coin in the top 20 to have decreased in the past 24 hours. Ethereum is performing particularly well after forming a support base above $2,150. It is now trading well above $2,400 and the 100 hourly simple moving average, and the next key resistances are $2,480 and $2,520. Ripple is well in the green, up (10%), Cardano (8%), Polkadot (10%), Uniswap (16%), Litecoin (7%), and Chainlink (9%). Binance has announced that it will list the tokenized shares of Apple, Microsoft, and MicroStrategy by the end of April. The first Binance Stock Token to be listed was Tesla two weeks ago, which was later joined by the Coinbase stock. Historically, Grayscale’s Bitcoin Trust has traded at a high premium relative to the underlying, averaging a 15% premium, but on Thursday the trust saw its premium plummet to a new all-time low of -18.92%. Previously, Grayscale’s trust has been the only investment vehicle easily accessible to institutional investors but as competition increases, demand seems to be drying up. Crypto payment processor NOWPayments recently announced that it has integrated support for Cardano, which means that their plugins for various e-commerce solutions, such as Shopify and WooCommerce, now support $ADA payments. The head of Turkey’s central bank has ruled out a total ban on cryptocurrencies and said a wide range of crypto regulations are coming within the next two weeks. Several high-profile individuals in the crypto space, including Ethereum co-founder Vitalik Buterin, have made crypto donations for COVID-19 aid in India. Buterin himself donated 100 ETH and 100 MKR, amounting to approximately $650,000. Other donors include Balaji Srinivasan, Coinbase’s former CTO, and Polygon co-founder Sandeep Nailwal. But, there's a chance this generosity might not be welcome, as India's government prepares legislation that would ban private cryptocurrencies.

We hope you enjoyed the insight. Please feel welcome to take a couple of minutes to write a quick review on TrustPilot. If you are not yet trading with us, you can open an account in a few quick steps by clicking on the button below. Best regards, GlobalBlock Team.


Commenting has been turned off.
bottom of page