BTC owns more than $ 5,000, traditional markets. See mixed signals

4 min read

Tuesday, April 9 – While major cryptocurrencies are trading sideways, Bitcoin (BTC) holds out above $ 5,200 despite a small fall in prices. Meanwhile, traditional markets have deteriorated because US President Donald Trump has threatened to impose $ 11 billion in rights to European goods.

Market visualization of Coin360

BTC trades more than $ 5,200 sideways after it marked $ 5,300 yesterday. Mati Greenspan, senior market analyst at eToro, told Cointelegraph that & # 39; the world's best currency is now testing a new resistance line:

"We are now testing a new resistance line exactly at $ 5,350 (…) And notice that we are trading it well above the 200-day moving average. This was an indicator that we monitored very closely as a sign of whether we were in nearby are a bull or a bear market. "

According to CoinMarketCap statistics, BTC has grown steadily since April 2 – the day the crypto markets began to show the first major signs of recovery in 2019. From the time of the press, the market capitalization of BTC is more than $ 91 billion, almost $ 20 billion more than before the wave rise.

Bitcoin 7-day price chart.

Bitcoin 7-day price chart. Source: CoinMarketCap

Ethereum (ETH), currently the second largest cryptocurrency in the world, increased by 1% at the time of the press and traded around $ 177 – a slight decrease compared to yesterday when it saw the largest gain among altcoins.

Ethereum 24-hour price chart

Ethereum 24-hour price chart. Source: CoinMarketCap

Meanwhile, the 3rd top altcoin Ripple (XRP) is trading sideways around $ 0.35, in green at the time of the press. The gap with ETH market capitalization has increased, as XRP now has a market capitalization of $ 14.7 billion compared to its competitor's $ 18.8 billion.

Ripple 24-hour price chart

Ripple 24-hour price chart. Source: CoinMarketCap

The total market capitalization of all cryptocurrencies is around $ 180 billion, while the daily trading volume is $ 55.2 billion.

24-hour graph for total market capitalization

24-hour graph for total market capitalization. Source: CoinMarketCap

Regarding other altcoins, the top 20 cryptocurrencies also see mixed signals. However, EOS and Tron (TRX) prices have risen by 4 and 8% respectively.

As Cointelegraph stated earlier, the company's CEO, Justin Sun, first spoke about a possible collaboration with Ethereum this weekend; Tron later revealed the most important phases for the deployment of the DApp chain Sun Network.

Regarding industry news, a recent report from Diar's weekly crypto outlet has shown that trade in institutional BTC investment products has grown for the fourth month in a row. Many crypto insiders believe that institutional importance is the key for the industry to evolve.

In the meantime, Canada & # 39; s largest cryptocurrency exchange, QuadrigaCX, has been declared bankrupt. The decision, approved by the Supreme Court of Nova Scotia, marks a new chapter in the legal process to recover funds lost after the co-founder's unexpected death.

Meanwhile, in today's Chinese news, the National Development and Reform Commission of the country is allegedly planning to completely eliminate the crypto mine in the country.

The US stock market is seeing mixed signals at the time of the press, with the Dow Jones Industrial Average (DJIA) 0.32% lower. At the same time, the S & P 500 (SPX) and Nasdaq (NASDAQ) composites are 0.1 and 0.19% higher.

According to Bloomberg, European equities and US equities acquired futures that were lost in the midst of Trump's threat to impose new trade rates on EU goods ranging from aircraft parts to wine. The move comes as part of the US government's response to the WTO decision to support Airbus in a dispute with Boeing.

Oil prices still hold a peak of five months. According to Reuters, prices are supported by concerns that violence in Libya could further tighten supply. According to data provided by Oilprice.com, Brent crude is trading more than $ 71 per barrel, which is the highest price since November 2018. Meanwhile, the West Texas Intermediate (WTI) crude is at $ 64.4 from the press date.

Gold prices have risen slightly after a peak of one week yesterday. Spot gold has increased by 0.8%, while gold futures have reached 0.3% to $ 1,305.

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Don Bradman

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