1. Market Wrap: Bitcoin Price, Dominance Slips; Ether Hits Fresh Record High Over $2.6K
As BTC’s price continues lower, one possible benefit is a decrease in the crypto’s volatility.
The market is clearly choosing other digital assets over bitcoin. Ether hits a fresh record price and BNB dominates.
Bitcoin (BTC) trading around $52,612 as of 21:00 UTC (4 p.m. ET). Slipping 4.7% over the previous 24 hours.
Bitcoin’s 24-hour range: $52,889-$55,233
BTC below the 10-hour and 50-hour moving average on the hourly chart, a bearish signal for market technicians.
Bitcoin had its fourth day of weak market action. The world’s oldest cryptocurrency was seeing some selling action as of press time, causing the price to dip to $52,612.
Pankaj Balani, CEO of crypto derivatives venue Delta Exchange, notes that when looking at a larger trading chart time frame the outlook is starting to look bearish for bitcoin. “BTC has slipped below the 50-day moving average support that it held sacrosanct through this rally, and looks like there is more downside here,” Balani told us.
As a result of last weekend’s bitcoin dump, BTC’s spot price is now below its 50-day moving average, the first time that has occurred since October 2020, according to the daily charts from TradingView.
2. Bitcoin Breaks Below $50K as Market Sell-Off Continues
Bitcoin’s price fell about $4,300 in the last 24 hours.
Bitcoin has fallen beneath the $50,000 psychological support line hitting its lowest point in 48 days.
At around 17:00 UTC on Thursday, bitcoin (BTC, -7.7%)’s price fell from around $54,900 to $51,500 before the markets inflicted another sell-off to $48,300, according to Bitstamp exchange data. Prices are currently hovering around $49,200 representing an 8% drop or loss of about $4,300 over the previous 24-hours.
“On-chain data suggests we’re still in a long-term bull market,” Ki Young Ju, CEO of South Korea-based blockchain analytics firm CryptoQuant, told us. “In the short-term, we might have a correction and going sideways in a broad range since the market is over-heated among retail investors.”
3. PancakeSwap Widens Binance Smart Chain’s Lead Over Ethereum on Transactions
The Ethereum blockchain is busier than ever, but its high fees help Binance Smart Chain maintain the lead.
A flurry of activity on the decentralized cryptocurrency exchange PancakeSwap has helped to push the number of transactions on Binance’s smart-contract blockchain, Binance Smart Chain (BSC), to five times that of the perceived industry leader, Ethereum.
While the Ethereum blockchain processed a record 1.56 million transactions on Wednesday, BSC registered a total transaction volume of 9.13 million, according to data provided by EherScan. BSC-based PancakeSwap, which generates liquidity from traders who stake tokens, known as “farmers,” alone processed more transactions than Ethereum. PancakeSwap contributed more than 2 million of BSC’s transactions on the day, or some 20% of the total.
The PancakeSwap coin price (CAKE), representing the upstart platform’s own tokens, has jumped 46-fold this year, for a market capitalization of about $4.2 billion.
“New retail entrants are seemingly coming in straight to BSC/PancakeSwap through TrustWallet due to low fees,” Avi Sanyal, head of trading at BlockTower Capital, tweeted Wednesday.
4. Newly Public Coinbase Lists Tether’s Controversial USDT for Pro Traders
The move by an ever-regulated Coinbase could be read as vindication for Tether, long criticized as less-than-forthright about its financials.
Coinbase will list Tether’s USDT (-0.14%) on its professional trading platform, allowing investors to deposit the dollar-pegged stablecoin immediately and to begin trading next week.
Coinbase Pro announced late Thursday it would immediately allow “inbound transfers” for USDT in its supported jurisdictions, except for the U.S. state of New York. The stablecoin has been fraught with controversy over questions of its backing and its role in the broader bitcoin (BTC, -11.65%) ecosystem, which at one point became the subject of an inquiry by the Office of the New York Attorney General (NYAG).
The NYAG settled the inquiry this year, stating that at previous points USDT was not fully backed by U.S. dollars but declining to bring any enforcement or regulatory action. Under the terms of the settlement, Tether will provide a periodic report to the NYAG indicating how the stablecoin is backed and what its reserves look like, starting May 2021.
5. Ethereum Gas Limit Hits 15M as ETH Price Soars
The Ethereum gas limit sets a ceiling for how many operations can be included in each block.
Miners have raised Ethereum’s gas limit to almost 15 million for the first time in a bid to relieve transaction congestion at a time when on-chain activity is increasing with ether’s price (ETH) up 2.8% on the day to $2,456.
The Ethereum gas limit sets a ceiling for how many operations can be included in each block. Before the increase, miners set Ethereum’s gas limit at 12.5 million until Ethereum creator Vitalik Buterin suggested raising it last week on Reddit, in light of recent code optimizations activated on the network.
“Now that the chain is safer, we can increase the gas limit, which makes every application cheaper,” Buterin said.
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April 23, 2021