🗞 Daily Crypto News, April, 23rd💰

Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis. Enjoy!

🗞 Bitcoin tumbles 10% in 12 hours to trade below $50,000

The price of Bitcoin has fallen below $50,000 for the first time since March, with BTC shedding roughly 10% in the last 12 hours.

On April 17, the $60,000 range was rejected, driving a crash in the Bitcoin price of nearly 20% in a single hour. While the markets consolidated near $55,000 for several days, bulls failed to defend the range on April 22, resulting in sustained bearish action over the past day.

Yesterday, Cointelegraph reported that significant profit-taking in the Bitcoin markets may suggest an impending local top, with today’s slump appearing to confirm the hypothesis. Analysts from JP Morgan similarly warned of sustained bearish action should BTC fail to reclaim the $60,000 level.

The move below the psychological $50K mark has prompted mixed reactions on Twitter, with Messari researcher Mira Christanto noting the markets have only retraced from the all-time high by 23% — significantly less than the typical pull-backs experienced during the 2017 bull run that produced losses of 35% on average.

🗞 Market Wrap: Bitcoin Price, Dominance Slips; Ether Hits Fresh Record High Over $2.6K

Bitcoin’s 24-hour range: $52,889-$55,233 (CoinDesk 20) BTC below the 10-hour and 50-hour moving average on the hourly chart, a bearish signal for market technician

https://static.coindesk.com/wp-content/uploads/2021/04/btc422-775x404.png?format=webp

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.

Perhaps one benefit of this drop in price, at least from a store-of-value perspective many bitcoin proponents advocate, is that BTC volatility continues a slow decline. Bitcoin’s 30-day annualized volatility, as measured by CoinDesk Research, was at 48.9% on April 21, a long slow fall from 2021’s high of 112.8% 30-day volatility on Feb. 9.

https://static.coindesk.com/wp-content/uploads/2021/04/btcvolvstrad422-775x500.png?format=webp

Ether's melting-hot performance as an alternative crypto asset

https://static.coindesk.com/wp-content/uploads/2021/04/ethweekly422-775x434.png?format=webp

After last weekend’s crypto crash, when the market experienced a record-high $10 billion in liquidations on the derivatives market – the crypto equivalent of a margin call that pushed the crypto market downward – ether’s price performance has been going like gangbusters. The record high for ether’s price is now $2,645.14, according to CoinDesk 20 data, and that was achieved Thursday.

Since the past weekend’s dump, when ETH was at a low of $2,067, according to CoinDesk 20 data, the price has jumped 21% at press time. Over the same time period bitcoin has fallen 2%.

“NFTs and the Coinbase [listing] have brought more people into the ecosystem that previously hadn’t participated, even though they knew about bitcoin,” Pike said.

🗞 Coinbase Pro to List Tether Stablecoin

Coinbase, the most-recognizable cryptocurrency exchange in the US, is adding Tether to its Coinbase Pro platform.

It's welcome news for Tether, the largest stablecoin by market capitalization, which just recently settled an investigation by the New York Attorney General's Office regarding potentially illicit loans between it and its sister exchange, Bitfinex.

The loan saw Bitfinex get access to $900 million in Tether's cash reserves to cover a shortfall when payments processor Crypto Capital made off with around $850 million. That led to questions about whether Tether was fully backed by US tender, as the dollar-pegged stablecoin claimed.

Tether has since revised its position to assert that, though Tether is pegged to the dollar, it is backed by reserves that "include traditional currency and cash equivalents." In March, it published an attestation from a Cayman Islands accounting firm stating that it had enough reserves to cover its liabilities as of February 28.

🗞 PancakeSwap Widens Binance Smart Chain’s Lead Over Ethereum on Transactions

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.

T>he 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.

https://static.coindesk.com/wp-content/uploads/2021/04/chart-1-775x710.png?format=webp

BSC surpassed Ethereum in daily transaction volume and unique active wallets in the first quarter, as soaring transaction costs on Ethereum, known as gas fees, sent traders to BSC, Tron and other rival blockchains, according to a CoinDesk Research report.

https://static.coindesk.com/wp-content/uploads/2021/04/EzX3bFGVoAo4zFq-775x547.jpg?format=webp

“With fees 100+ times cheaper than other DeFi blockchains, BSC has hit 1 million in daily active users,” a Binance spokesman told CoinDesk in an email.

https://static.coindesk.com/wp-content/uploads/2021/04/chart-2-775x710.png?format=webp

.The divergence between Binance Smart Chart and Ethereum is now more noticeable than ever, with the daily transaction count on BSC nearly tripling in the past seven days or so, while that of Ethereum has increased by just 12%.

🗞 Daily Crypto Calendar, April, 23rd💰

Vancat (VANCAT)

NFT App Launch

Wing Finance (WING)

"This month's community auction starts on the 23rd of April, available ONLY through @ONTOWallet. Also per WIP-04, 50% of the revenue..."

Cartesi (CTSI)

"As the next unlock of Cartesi Tokens (CTSI) is set for April 23rd, 2021..."

PancakeSwap (CAKE)

"Put simply, we're creating a new set of LP Tokens, and our farms and exchange will start supporting the new type instead of the old ones."

Hedera Hashgraph (HBAR)

"Join us on Friday, April 23rd, for our monthly Community Town Hall featuring Hedera co-founders, Mance Harmon and Dr. Leemon Baird."

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