💹 Market overview May 14, 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. According to the data of the blockchain analysis, about 10 thousand bitcoins were withdrawn from the Coinbase exchange over the past day, which indirectly indicates the accumulation of the asset by large players. The attempt to develop an upward movement by bitcoin was stopped by the correction level of 0.382 on the Fibo ($50,881), from which the asset rolled back to the support level of $49,500. The instrument is currently consolidating above the lower limit of the descending channel indicated on the chart. On the six-hour timeframe, the RSI indicator signals a bullish divergence in price. To develop an upward movement, the asset needs to consolidate above the level of 0.382 on the Fibo ($50,881), another strait to the level of correction of 0.5 on the Fibo ($46,589) before the local rebound of bitcoin is not excluded.

ETH. Ether is trading above the support level at $ 3765, the nearest resistance level is around $4000. In the pair to BTC over the past day, the value of the asset decreased by 1%.

The US Department of Justice and the US Tax Service have launched an investigation into the largest cryptocurrency exchange Binance, Bloomberg reports, citing informed sources. At the same time, the United States authorities have not officially filed charges against Binance at the moment, but after the publication of this information, the BNB crypto exchange token fell by 9%. Binance is the largest crypto-currency trading platform with a daily trading volume of about $65.14 billion according to the data Coingecko.com. Despite the absence of accusations, in general, the news is more biased towards the negative spectrum and affects the entire market due to the size of the exchange and its place in the industry.

MicroStrategy acquired 271 bitcoins worth $15 million at an average cost of $55,300. To date, under the management of the software manufacturer is about 91.85 thousand bitcoins for a total of $4.6 billion. The head of MicroStrategy, Michael Taylor, said that the total average purchase price of the cryptocurrency is about $24,400 per BTC. The company's unrealized profit from investments in the digital asset reached $2.4 billion. These purchases indicate that representatives of the public largest holder of the main cryptocurrency, believe that the market is in the stage of reaccumulation before the resumption of the uptrend. The question remains open about the goals and ways of fixing the accumulated wealth, whether the company will publish news about the sale of bitcoin and how it will affect the market?

The news about the update of the mining algorithm of the Pandacoin project (PND) caused the growth of PND by 115% (against the dollar).

The launch of a cross-platform bridge connecting Polkamon (PMON) to the Balance Smart Chain has led to a 45% increase in the price of PMON (to the dollar).

Elon Musk's tweet about the ongoing work with the developers of Dogecoin (DOGE) to "improve the efficiency of system transactions" increased the price of DOGE at the moment by 25% (to the dollar).

The U.S. stock market ended higher on Thursday, led by gains in the utilities, finance and industrial sectors. At the close on the New York Stock Exchange, the Dow Jones was up 1.29%, the S&P 500 index was up 1.22%, and the NASDAQ Composite index was up 0.72%.

The total capitalization of the cryptocurrency market over the past 24 hours has decreased by 2%, the dominance of bitcoin has decreased by another 0.35%. The news background is still keeping the market from recovering, although from the point of view of technical analysis, it is already ready for this. Before opening trading positions, you should wait for signs of a reversal in BTC.

Posted Using LeoFinance ^Beta