Crypto Market Overview – April 27th, 2021
The crypto market has awakened in full with the onset of the working week and crypto investors are scurrying in search of profitable venues and in hopes of receiving some good news after a seemingly catastrophic market downfall. The following is an overview of some of the news that have marked the crypto market on Tuesday, April 27th, 2021.
Bitcoin mulls growth
The main cryptocurrency is still experiencing trouble after its recent fall from all-time highs. All of the main indicators are still bearish as the RSI is holding below the 50 mark and the stochastic has formed a bearish cross, signifying a protracted period of stagnation. The MACD is close to a bullish signal, but there is no confirmation yet, since all of the other indicators are not confirming its readings. Meanwhile, Bitcoin found some measure support in an area reinforced by several Fibonacci levels at once with the $46,900-47,725 area coinciding with the 0.786 black line and the 0.5 orange line Fibonacci retracements relative to previous growth stages. The first level refers to short-term pullbacks, while the second refers to long-term moves. Such indicators show that Bitcoin is not yet ready to make the push and breach the next milestone of $55,000.
Institutional investors rejoice
Though Bitcoin may have collapsed in price, the old proverb states clearly that one should always see the good in everything. Institutional investors have certainly seen the good in the price drop, as even a 15% decline in the price of Bitcoin has made it considerably more accessible and affordable for many. With the coin having proven that it is capable of rising still in the future, many institutional investors are now actively stockpiling Bitcoin, as evidenced by the declining capitalization of the major exchanges, some of which have reported as much as 50% drops in available Bitcoin liquidity.
NFTs are go
One of the main exchanges on the crypto market, Binance, has announced that it will be launching a dedicated NFT marketplace and exchange in June of 2021. The main focus of the new platform will be on low fees and offering users and creators an improved interface with a high level of liquidity. The platform will allow users to buy, sell, exchange and showcase all manner of NFTs from a variety of games, art collections, service and products sectors, and much more.
The Coinseed service has been suspected of being involved in an exit scam scheme after users started complaining about unauthorized conversions of their assets held on the platform into the DOGE memecoin. The developers of the project have unlawfully used their users’ funds to buy up DOGE and convert it into fiat for personal gain. The given case proves that scams are still alive and well in crypto space.