Archive for  April 2021

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Bitcoin and the blockchain industry as a whole saw small declines on April 29 as the market approached the expiration of $4.2 billion in (BTC) options contracts.

According to data from Cointelegraph Markets and TradingView, the price of Bitcoin has fallen more than 6% after hitting a peak above $56,400 on April 28 and is now trading around the $53,000 support range, while Ethereum (ETH) continues to trade above $2,700.

Despite the lull in market activity, signs of mainstream cryptocurrency integration continue to emerge on a near-daily basis. Earlier today Coinbase announced that users can now purchase up to $25,000 worth of cryptocurrency per day using their PayPal account.

Following its recent price breakthrough, Ether (ETH) is entering the top 30 most expensive commodities in the world, providing more proof that the developer network is in the midst of a strong bull run.

ETH price peaked at $2,741.78 on Wednesday, marking a new all-time high, according to TradingView data. With a current value of around $2,730, Ether’s total market capitalization is now $315.4 billion.

According to the comparison website, Ether is currently the world’s 33rd most expensive currency, quickly overtaking the precious metal platinum. The overall market capitalization of extracted platinum is currently expected to be about $303 billion, based on an estimation of the commodity’s accumulated output since 1900.


Nexon revealed on April 28 that it had acquired 1,717 BTC for approximately $100 million at an average price of $58,226 per after payments. The expenditure constitutes less than 2% of the company’s “absolute capital and cash equivalents on hand,” according to the company. Nexon’s president and CEO, Owen Mahoney, stated:

“Our purchase of Bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets. In the current economic environment, we believe Bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments.”

According to BitcoinTreasuries, 35 publicly-traded companies currently hold Bitcoin on their balance sheets.

According to a recent report by crypto investment consulting company Two Prime Digital Assets, the 80-fold increase in open interest in Ether (ETH) options goes beyond mere retail speculation. According to the firm’s study, “institutional fund managers have stepped in to begin hedging net long portfolios against outsized volatility occurrences.”

The same exponential growth can also be seen in the ETH futures market. Indeed, data from crypto aggregator Bybt shows the open interest in ETH futures experiencing a 20-times increase within the same period and now sits at over $7.68 billion as of the time of writing.

According to investment analyst Raoul Pal, Bitcoin’s fortnightly relative-strength index, or RSI, recently plummeted to lows not seen since the March 2020 “Black Thursday” crash.

The Global Macro Investor and Real Vision Group CEO also observed that Bitcoin’s weekly RSI has dropped to values comparable to those seen during “the first part of the 2017 bull market, until Bitcoin entered hyperspace.”

The observation was made after Bitcoin crashed roughly 15% over the weekend, with BTC dropping from $55,000 to find support near $47,250 on Sunday, according to TradingView.

The markets appear to have agreed with Pal’s assessment that Bitcoin was overdue for a bounce, with BTC rising 11.5% in six hours after hitting a low of around $47,000 earlier today.

On April 17, the $60,000 range was refused, resulting in a nearly 20% drop in Bitcoin price in a single hour. Though the markets had been stabilized around $55,000 for several days, bulls were unable to protect the range on April 22, resulting in continued bearish activity over the past day.

Cointelegraph indicated yesterday that substantial profit-taking in Bitcoin markets could indicate an imminent local peak, and today’s downturn appears to confirm the hypothesis. JP Morgan analysts have also warned of further bearish activity if Bitcoin fails to reclaim the $60,000 mark.

Ethereum also tumbled today, shedding roughly 8% in the past 24 hours. However, Ether has outperformed BTC over recent days, rallying to tag a new all-time high above $2,600 on April 22.

According to a number of transaction fee aggregators, Bitcoin network fees reached an all-time peak on April 21. The average bitcoin exchange fee is approximately $59.88, with a median fee of approximately $26.44 USD per payment.

BTC fees have been growing higher as the price per coin started swelling, but network fees really started accelerating northbound after the hashrate dropped and market carnage that took place this past weekend.

Bitcoin (BTC) price is making a slow recovery after facing a sharp 16% correction in the early hours of April 18.

Prior to the April 18 correction, BTC had gained 74 percent in three months, reaching an all-time high of $64,900. As a result, it is common for investors to place a greater emphasis on security measures.

While the neutral-to-bullish call (buy) option provides the buyer with upside price security, the more bearish put (sell) option does the reverse. By measuring each price level’s risk exposure, traders can gain insight into how bullish or bearish traders are positioned.

The total number of contracts set to expire on April 23 totals 27,320 BTC, which is $1.55 billion at the current $56,500 price. However, bears and bulls are apparently balanced as the call (buy) options total 45% of the open interest.

Following the initial oversold rebound, traders are finding it difficult to maintain the momentum of the relief rally in Bitcoin and most altcoins, indicating that selling could escalate at higher levels.

Following Dogecoin’s big rebound on April 16, traders booked gains on April 17, dragging the stock down $0.23, just below the 50% Fibonacci retracement mark at $0.25. On April 18, the bears attempted to prolong the fall, but the bulls once again purchased the dip to $0.23.

XRP rebounded from just below the 20-day EMA ($1.23) on April 18 as the bulls accumulated at lower levels. However, the buyers are finding it difficult to extend the recovery today, indicating selling on rallies.

On April 17, Litecoin (LTC) developed a shooting star candlestick pattern, which is a reverse pattern. On April 18, the altcoin saw another round of trading, with the price plummeting to a low of $230.

On April 18, Ether (ETH) fell close to the 50-day SMA ($1,899), but bulls actively purchased the fall, resulting in a rally that lifted the market back above the 20-day EMA ($2,154).

Bitcoin (BTC) financing rates have fallen to lows not seen since September 2020, when the price of Bitcoin fell below $52,000 on April 18. Lex Moskovski, a quant trader and analyst, believes it demonstrates that fear has returned to the market.

According to the data from Glassnode, the average Bitcoin futures funding rate across all exchange dropped to as low as around -0.03% on Sunday.

Bitcoin was trading near $64,000 earlier this week in advance of the Coinbase public listing. On April 18, at its lowest point of the day, BTC fell as low as $50,000.

From the day’s peak to the day’s bottom, the price of Bitcoin fell by almost 15% against the US dollar.