Article By RoboForex.com
Over the last 24 hours, the BTC rate lost almost 5%. On Friday, it is moving at $41,425; investors have been selling the asset for the third consecutive session. One of the reasons for that might be a close correlation between Bitcoin and the US stock market, the NASDAQ index in particular. Another possible reason is that the global sentiment remains tense and it does little to active purchases.
The technical chart of the BTC confirms a sideways channel between $35,000 and $45,000. A trend reversal may be considered only after the price returns to $50,000.
As of today, the total cryptocurrency market capitalisation is $1.9 trillion (-5% if compared with yesterday).
ETH: global withdrawal and the price surge
From 22 February to 1 March 2022, about 327K ETH were withdrawn from crypto exchanges; it’s about $982 million. According to IntoTheBlock, this process still continues. At the same time, the ETH price leaped up 20%. However, the asset has been fallen for the latest three sessions and is currently trading at $2,477.
Free Reports:
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
In the daily chart, the ETH has fixed in the range between $2,265 and $2,750. However, if the market sentiment reaches stability, it may resume moving towards $3,000. After fixing above it, the next upside target may be at $3,200.
Floki Inu: too many ads
The United Kingdom banned ads of a meme token Floki Inu. The British came to the conclusion that the ad campaign was based on consumer concerns to a buying advantage. Apart from that, creators of Floki Inu might have benefited from customers’ trustingness and their lack of knowledge. Floki Inu is a cryptocurrency created in the name of Elon Mask’s dog, Floki.
Shiba Inu: it’s quite the thing now
In the meantime, meme coins are more alive than anything else. Ads of Shiba Inu were posted on a vintage city streetcar in Milan during the fashion week. Shiba Inu cooperates with a fashionable brand called John Richmond, that’s why such a promotion was really appropriate. The promotion was named Legends Live Forever: within its frameworks, they issued over 10K NFTs with images of clothes from John Richmond collections.
Article By RoboForex.com
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
- The British index has updated the historical maximum. Oil lost 5% over the week May 3, 2024
- US Fed tilts towards a rate cut despite the postponement. HKMA left the rate unchanged at 5.75% May 2, 2024
- Brent crude oil hits seven-week low May 2, 2024
- Target Thursdays: USDJPY, Copper & EURCAD May 2, 2024
- WTI oil declines on rising inventories and negotiations between Israel and Hamas. Rising unemployment in New Zealand may force RBNZ to start cutting rates earlier May 1, 2024
- Bitcoin stumbles below $60k ahead of Fed May 1, 2024
- Expert Says Now Looks Like a Good Time To Buy This Renewable Energy Stock Apr 30, 2024
- Optimism over corporate earnings is fueling stock indices. The Hong Kong index reached a 5-month high Apr 30, 2024
- FXTM’s Copper: Hits fresh two-year high! Apr 30, 2024
- European indices grow on the ECB’s “dovish” position. Quarterly reports of mega-companies support the broad market Apr 29, 2024