💹 Market overview April 5, 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. The asset tried to return to the ascending channel indicated on the chart after rebounding from the support level at $57,000, but after meeting resistance in the area of $58,300, in the area where the moving average of 20 MA runs, it went for a correction, falling beyond the lower limit of the trading channel. At the moment, the instrument is trading above the key support level of $57,000, closing below which will send bitcoin to the accumulation block at $56,300. Nevertheless, there is a decrease in pressure from sellers. The bulls need to consolidate above the support level of $57,300, which will open the possibility for storming the resistance block in the area of $58,000, in the same zone there is a "gap" in the "volume profile"indicator.

ETH. The upward movement of the asset was stopped by the resistance at $2090, after which the ether declined to the support level of $2000, above which it is currently trading. Over the past 24 hours, the instrument has increased its value in a pair to BTC by 1%.

Investors began to invest more in crypto startups, the volume of venture capital investments in cryptocurrency companies in the first quarter of 2021 amounted to about $2.6 billion, which is more than in the whole of last year, in which the industry raised $2.3 billion according to Bloomberg. The growth in volume was largely provided by several large rounds of funding for blockchain startups, including the BlockFi cryptolending platform, the developer of the NBA Top Shot NFT platform, the Dapper Labs project, and the exchange Blockchain.com. In total, they raised more than $950 million. Over the past six months, the world of traditional financial instruments has faced real competition from cryptocurrencies. If bitcoin was previously considered an asset primarily for retail investors, then in the second half of 2020, institutional investors began to actively invest in bitcoin.

At the end of Q1 2021, the decentralized Finance (DeFi) segment doubled many of its key indicators. According to The Defiant, the total amount of funds blocked in the DeFi protocols based on the Ethereum blockchain (TVL) has more than doubled. From the levels of the beginning of the year of $16.6 billion, it rose to $37.7 billion. In turn, DeFi Pulse reports an increase in TVL for the 3rd month by 175% – from $16 billion to $44 billion. In fairness, it is worth noting that about half of the increase in the TVL indicator was due to the growth of the rate of the second-largest cryptocurrency by capitalization. On April 5, the September record for the number of blocked ETH in DeFi projects was broken — 10.8 million against 9.77 million (according to DeFi Pulse).

The average daily trading volume on decentralized exchanges (DEX) also doubled. In the 1st quarter of 2021, it exceeded the $2 billion mark, although in the 4th quarter of 2020 it fell short of $1 billion. The segment of decentralized finance is in a growing trend, as evidenced by the considered indicators. This is despite the fact that the sector of non-interchangeable tokens (NFT) is also gaining momentum, winning back a share of the cryptocurrency market. Fundamentally, with the implementation of the potential laid down in the foundation of DeFi, the sphere of "money of the future" can become the next stage in the development of the digital asset market.

The news about the integration of EasyFi with Binance Smart Chain increased the value of EASY at the peak by 30% (against the dollar).

The announcement of the imminent launch of the Sora project network led to a 30% increase in the price of SORA (against the dollar).

The strategic partnership with NinjaSwap and Nerve, announced by Nuls, was the reason for the growth of NULS by 25% (against the dollar).

The total capitalization of the cryptocurrency market over the past day increased by 0.5% , while the dominance of digital gold decreased by 1%. Of the TOP 20 cryptocurrencies by capitalization, 13 demonstrate strength against bitcoin, despite its correction, which fully describes the current market conditions. You can look closely at the assets of interest with a short stop loss, observing risk management.

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