Crypto Market Overview – April 25th, 2021
As the weekend drew to a close, the market started showing signs of a weak revival. With the participants of the market regaining their senses after the spring weekend’s drowsing effects, the coming week is certain to bring some long-awaited good news. The following is an overview of the main headlines of Sunday, April 25th, 2021.
After five days of losing value, Bitcoin has started coming to, showing signs of a revival. The king of cryptocurrencies has slowly edged up the price charts to a level of $52,000 as the early trading hours of Asia opened with a rush of the bulls. The resurgence comes after Bitcoin bounced off a seven-week low price of around $47,655, which signals the return of a bullish trend and the return of confidence to crypto investors. In fact, the price dynamics are currently being based on the speculations of traders, who are testing price ceilings and watching whether Bitcoin has the momentum to keep moving upward again in the short term. Most experts believe that after the bullish charge up to $65,000 and the drop to $50,000, the next level to be breached, which could signal a return to major hikes again, would be the $55,000 range.
Turkey plans regulation
The Central Bank of the Republic of Turkey has refuted accusations and speculation that the country is planning to impose a total ban of cryptocurrencies on the internal market. The regulator has stated that it is, in fact, working on a detailed document that would outline the legal regulation of cryptocurrencies in Turkey, making them fully legal constituents of the local economy. The authorities have concluded their statement with a note that more details on their plans regarding total crypto regulation will be released in the coming two weeks. Earlier, in mid-April, the Central Bank of Turkey introduced restrictions on the circulation of cryptocurrencies, which imposed rules stating that as of April 30, the use of cryptocurrencies for payments for goods and services will be prohibited inside the country. According to the position of the regulator, cryptocurrencies based on distributed ledger technology cannot be used as a payment instrument in Turkey.
The price of Ripple’s XRP coin has established itself well above the price of $1 as the project and its community rejoice over news of an impending victory in a lawsuit with the SEC. The latest price dynamics are indicating that the cryptocurrency is losing its sensitivity to negative information backgrounds with the support of the community backing it up. Ripple Labs has been embroiled in a legal battle with the Securities and Exchange Commission for several months. However, this did not stop the XRP token from experiencing dizzying growth. The coin gained 250% in price, rising from $0.58 to $1.96, before being swept by a general wave of sell-offs on the cryptocurrency market.