Crypto newsletter: Bitcoin returns above $7000 price level

• Major cryptos bounced of the weekly lows
• Ethereum testing major resistance
• Grayscale controls almost 2% of the world’s Bitcoin (BTC) supply

Most of the major coins were trading in tight range this week. Yesterday however volatility returned to the markets and all major cryptocurrenices were trading higher. Bitcoin managed to bounce off from two weeks lows at $6,468 and surged $550 in 90 minutes. The most popular crypto gained 10% yesterday and rally to $7127 Other altcoins followed Bitcoin and also bounced strongly. Etherum (ETH) managed a 17.77% gain, while Binance Coin (BNB), and Chainlink (LINK) surged by 11.65% and 15.02% respectively. The total market capitalization increased to $203 billion. Bitcoin maintains a dominant market position of  64.0%.

 

Bitcoin - managed to bounce off the support zone at $6400 and rally. Yesterday price managed to close above the 50MA (marked in blue), which had been serving as resistance for the past 9 days.  Should upbeat moods prevail, resistance at $7500 may come into play. However, one should be aware that in case of a break below the $6900, downward move may accelerate. Source:xSttaion5

Ethereum’s 17% surge pushed the price above 50MA (marked in blue). Coin price and is currently testing key resistance level at $174.71 which is additionally strengthen by 200 MA (marked in red). Should a break above it occur, upward move may accelerate. Source:xStation5

 

Crypto news:

Grayscale and its Bitcoin Trust (GBTC) controls almost 2% of the world’s Bitcoin (BTC) supply .
Yesterday Grayscale published the latest quarterly report, which revealed that its Bitcoin Trust (GBTC) currently contains 1.7% of the circulating supply of Bitcoin. In terms of managed assets as part of total cryptocurrency market capitalization, Grayscale controls 1.2% of global cryptocurrency. The number of Bitcoin owners has increased by 0.1% since the end of 2019, underscoring the fact that the huge market uncertainty caused by the coronavirus has yet to reverse company fortunes. Overall clients have invested $ 500 million in the company's ten cryptocurrency funds, making it the best quarter ever.

 

Glassnode Insights, an on-chain market intelligence company, noted that  cryptocurrencies are experiencing a spike in demand as retail investors search for safe-haven investments during coronavirus crisis. Since the outbreak of the pandemic the cryptocurrency exchanges and  digital asset trading platforms like Kraken, OKEx, and Bitfinex, witnessed a huge increase in new user sign-ups. That said, the number of Bitcoin holdings on exchanges have declined by almost 7%, despite facing a spike in inflow. This might suggest that the retail investors are considering cryptos as long-term investment.

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