💹 Market overview April 11, 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. After the upward momentum, the asset correction took place according to the second scenario indicated in yesterday's review, bitcoin declined to the accumulation block at $59,200, from which the instrument rebounded. On the two-hour timeframe, bitcoin tested the passed downtrend line with the shadow of a candle, the long momentum was stopped by the diagonal resistance line. The asset moves within the ascending channel indicated on the chart, in the event of a rebound of the instrument from the lower border of which, the price will form a technical analysis figure "ascending triangle" with a complete transition of the initiative to the bulls. An alternative scenario is to re-test the downtrend line in the area of $58,000, when the price goes under the lower border of the trading channel.

ETH. The asset is trading above the support level — $2115, the nearest resistance is at $2145, in a pair with BTC, ether has reduced its value by 0.4% over the past day.

A study by the Spanish division of the consulting firm IDC found that 11% of local companies use blockchain — a year and a half ago, this figure was only 1%. In Spain, the distributed registry technology is being implemented by both public institutions and private firms, as well as universities. According to IDC Spain, among large corporations, the use of blockchain and cryptographic technologies reaches 46%. Among logistics companies, systems based on distributed ledger technology are used in 17% of firms in this industry.

It is gratifying that the use of the new technology has increased more than 10 times in a year and a half, but it is worth noting that countries are beginning to divide into 2 camps: those who accept private cryptocurrencies and those who are mostly interested in the blockchain technology itself. Spain belongs to the second, in mid-2020, local cryptocurrency companies were required to register with the Central Bank of the country. Apparently, the situation will begin to change with the expansion of large blockchain networks and with the accumulation of experience of business interaction with decentralized platforms in countries where non-state digital assets are in free circulation.

State Street, one of the oldest US banks, enters the digital asset trading market. The financial holding company will help the London-based Pure Digital to create an OTC platform for institutional clients, which it will use in its activities in the future. State Street, which manages $3.1 trillion in assets, began to show interest in cryptocurrency and blockchain back in 2016, when it tested a blockchain system for securities lending.

The United States refers to countries where digital assets from the point of view of the legal field actually have the status of "goods", which allows financial organizations to expand the range of investment instruments based on them, attracting large players to the market. Judging by the news background, the trend of large banks to expand their clients ' access to a new asset class is not going to stop, which contributes to the development of the crypto industry.

The listing of Frog DAO Dime on the Bilaxy platform increased the value of FDD by 50% (against the dollar).

The strategic partnership of the Vortex DeFi (#vtx) project with DeFiPie caused VTX to grow by 20% (against the dollar)

The total capitalization of digital assets over the past 24 hours decreased by 1%, the dominance of the main cryptocurrency decreased by 1.2%, reaching the value of the end of April 2019. Closing this indicator below the current value-56.06% will lead to a further increase in the capitalization share of altcoins, with all the pleasant consequences that follow for them. It should be borne in mind that sharp movements on the part of BTC on the approaches to the previously set price maximum can shift the balance of power towards digital gold.

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