💹 Market overview April 10, 2021

Have a nice and productive day for everyone, and for some of them, more recently, fruitful work on the "farm"! As always, I offer you a daily review of the market news:

BTC. On the four-hour timeframe, there was a bullish intersection of the fast exponential moving average 21 EMA 4H from the bottom up 50 EMA 4H, and after a short consolidation of the asset over the accumulation block at $58,000, there was an upward momentum — a price increase of about 5%. Bitcoin managed to break through the downtrend line indicated on the chart, the movement is confirmed by an increase in trading volumes. At the moment, the instrument is stuck in the diagonal resistance line, the most likely correction of the asset before the storm of the established price maximum. According to the reaction of the price of the instrument on contact with the support level - $59,800, it will be possible to determine the course of the correction, leaving below will direct bitcoin to $59,200, in the case of a rebound from this level, it is likely to consolidate above $60,300 with a subsequent impulse to $60,185.

ETH. The asset has set a new record value — $2,200 on the Binance exchange, the nearest support level is at $2,145, an exit for $2,200 will send the ether into the search mode for a new fair price.

Jesse Powell, CEO of cryptocurrency exchange Kraken, confirmed the company's plans to go public through a direct stock listing in 2022. Against the backdrop of the growth in the value of digital assets in 2020, Kraken recorded record trading volumes and an increase in the number of customers. The volume of spot trading in the first quarter reached a record $160 billion, exceeding the total for the previous 12 months by 1.5 times. Powell also confirmed that Kraken is in talks with investors about a new round of funding. After that, the exchange's valuation may grow to $10 billion. This initiative looks interesting, it seems that the speed of its implementation depends on how the Coinbase listing will take place.

Previously, only manufacturers of ASIC miners needed for mining cryptocurrencies entered the IPO. The main task of entering the IPO is to attract additional capital for explosive business growth, and although it is impossible to maintain the record rates of indicators in terms of trade turnover and the number of new users reported by major crypto exchanges every quarter, the global trend to integrate the new digital asset industry into the world of traditional finance will only increase.

Popular mobile app developer Meitu has brought its investment in cryptocurrency to the level of $100 million. For investment, a large Chinese company chose two of the most capitalized digital assets- BTC and ETH. Investing in a new asset class is becoming commonplace, it is important that, according to representatives of Meitu, the organization plans to use part of the cryptocurrency to create new projects. For example, the developers intend to use the share of Ethereum that the company has at its disposal to launch decentralized applications. The use of digital platforms to solve their own problems using the advantages of the blockchain will increase the value of the new technology.

The strategic partnership with Energy Web announced by AllianceBlock increased the value of ALBT by 30% (to the dollar).

U.S. stocks were higher after the close on Friday, as gains in the healthcare, manufacturing and consumer services sectors led gains. At the close on the New York Stock Exchange, the Dow Jones rose 0.89%, the S&P 500 index rose 0.77%, the NASDAQ Composite index rose 0.51%.

The total capitalization of the cryptocurrency market has set a new record at $ 2.007 trillion according to Tradingview, a little more and the value of the entire industry will approach the capitalization of one Apple corporation - $2.233 trillion, which indicates the potential for growth of the industry. The dominance of bitcoin over the past 24 hours has increased by 0.3%, despite the upward momentum, which indicates the conditions of the market, when the increase in the value of the main cryptocurrency occurs synchronously with altcoins.

Posted Using LeoFinance ^Beta