A new market wide correction is in the Bitcoin news today, bringing the market from $184 billion to $178 billion and the resistance areas at this point. Nearly all of the top cryptocurrencies have declined and corrected lower.
The retreat saw Binance Coin, NEO, Cardano, Bitcoin SV, Ethereum Classic and Maker dumping. The only altcoin that “survived” was Tron (TRX) which managed to sustain its price point.
On a side note, this move was not unexpected given the high trading volume and the ballooned gains. Many analysts predicted a pullback for Bitcoin (BTC) too as it approached some heavy resistance.
After reaching the new 2019 high, total market capitalization has dropped back below $180 billion again. Here, Bitcoin hit an intraday high of $5,300 before correcting to $5,199 which is its current price. BTC efforts are now around focused on fighting the $5,200 margin and there is some big resistance looming ahead of us.
Ethereum, on the other hand, has lost 3% on the day and fell back to $176 from its 2019 high. As experts stated, ETH appears to have hit pivotal resistance at its 200 day moving average yesterday which it failed to sustain.
Right now, analysts believe that if Bitcoin fails to hold above the $5,000 margin, it will also fall along with the rest of the markets. Meanwhile, the top ten is a sea of red right now and altcoins have started dumping. The biggest losses were seen by Binance Coin (BNB) and Cardano (ADA), both of which dropped by 6% on the day. Bitcoin Cash (BCH) and Litecoin (LTC) have lost 4% respectively while Ripple (XRP) and Stellar (XLM) are both about 3% down on the day.
The top twenty losses are even bigger when we put Bitcoin SV (BSV), NEO (NEM) and Ethereum Classic (ETC) on the table, all of which have dropped by around 7%. Maker (MKR) also dropped 7% despite being listed on Coinbase Pro.
The only altcoin that managed to record gains was TRON (TRX) which surged 3% following the news that its founder, Justin Sun, recently launched his own network.
Coinbase Expands Its Crypto Offering To 11 More Countries
“This could take the form of decentralized versions of traditional financial services like lending or micropayments or truly novel crypto applications that no one has even thought of yet. The ability to convert from one crypto to another will form the backbone of this new decentralized economy.”Meanwhile, the news that Coinbase expands allow customers in the aforementioned countries to store, trade, send and receive cryptocurrencies. As the latest cryptocurrency news show, the exchange also suggested that cryptocurrencies are moving from the current "investment phase" into the "utility phase" following a number of new use cases. Recently, the company introduced a lot of new developments, one of which was featured in the altcoin news section. It was the added support for EOS (EOS), Maker (MKR) and Augur (REP) which went viral and expanded into cross-border payments. The latter development reportedly enables users to send as well as receive money instantly and convert them into local currency. As part of the news that Coinbase expands, the report concluded:
"Realizing our mission of creating an open financial system for the world starts with making it as easy as possible to access crypto. With today’s announcement, we’re happy to take an important step in that direction."Earlier in April this year, Coinbase also launched the Coinbase Card in a partnership with Visa, enabling its United Kingdom-based customers to pay in-store and online using cryptocurrencies. As a result, the new service will allow Coinbase to instantly convert the customers' cryptocurrency funds into fiat currency in order to complete each purchase. This is definitely a lot of news coverage showing that Coinbase expands in different directions and is on a mission to offer various trading options globally.
LTC Price Can’t Keep The Pace Any Longer: Crypto Analyst
“We have seen a downward wedge forming over the last week or so. We look for potential breakdown of that $75 near-term support.”While the analysis from Donovan suggests that traders might want to take advantage of the short-term profits, the litecoin price breakdown does not mean that the altcoin will be weak in the long-term. It only shows that the LTC price will be up for a healthy retracement since its value surged by more than 350 percent after the bear market low at $22. Donovan continued:
“LTC has rallied from the lows of last December from ~$22 roughly 350%. A short-term retracement would not at all be unlikely NOR would it be a bad sign for the token. Healthy pullbacks can and should occur in an asset that rallies this hard, this fast.”However, as some of the best cryptocurrency news sites show, not all analysts are convinced that the litecoin support level will reach a breakdown point. The Rhythm Trader posted on Twitter explaining a more bullish scenario. He stated that if the volume is rushed to defending the support level, the LTC price could reach a triple-digit territory:
“If $LTC shows a little volume here, this could get really interesting with a break of $100 quick if this support holds.”
Tezos Price Rises By 10% Reaching A New Five-Month High
“France has some nuggets on the entire value chain of new services to companies, hardware, and protocols. I am thinking in particular of Tezos and which allows the development of a blockchain protocol overcoming the known defects of public blockchains.”The Tezos price was already improving after the partnership with Coinbase crypto exchange. Both of the companies now allow institutional investors to ear passive rewards. San Francisco-based Coinbase even promised up to 6.6 percent yearly returns to the investors.
Notre Dame Reconstruction Powered By Crypto Fundraising Campaign
“Notre Dame is one of the world’s great treasures, and we’re thinking of the people of France in your time of grief. It’s in our nature to mourn when we see history lost — but it’s also in our nature to rebuild for tomorrow, as strong as we can.”The president of the European Council Donald Tusk also stated about the cathedral fire:
“I’d like to say words of comfort and solidarity with the French nation, also as citizen of Gdańsk, 90% destroyed and burnt, later rebuilt. You will also rebuild your cathedral! From Strasbourg, French capital of the EU, I call on all 28 States to take part in this task.”The news about the Notre Dame reconstruction reached all of the best cryptocurrency news sites where it can be seen that people around the world are willing to help. Popular singers, actors, and politicians joined the bandwagon.
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