Not Convinced New Investors are Buying Bitcoin, Top Analyst Says
[NEWS BLOG]: Not Convinced New Investors are Buying Bitcoin, Top Analyst Says
While headlines about tanking bitcoin prices serve ideal opportunities for investors to enter the cryptocurrency market, one top analyst thinks the asset is lacking new buyers.
Alex Saunders, the CEO & Founder of Australia-based Nugget News, offered a wave of discouraging catalysts that might have driven people out of cryptocurrencies, including a wrecked US job report. More than three million Americans filed for unemployment last week, providing first-hand information about how the Coronavirus pandemic is affecting the US economy.
Buying Sentiment on Hold
Bitcoin has long enjoyed the status of an offbeat, non-correlated asset that could behave as safe-haven for investors in times of economic crisis. But in its first face-off with the one, the cryptocurrency has chosen to follow the bearish moves of stocks and similar risk-on assets.
The Next Bitcoin Dip
As the hunt for the next-best buying opportunity continues, bitcoin has marked a fresh downside target in the $4,200-4,400 area following its latest move on Saturday.
The bitcoin-to-dollar exchange rate has broken out of its Rising Wedge pattern, confirming a broader move to the south. Mr. Saunders earlier noted that the pair could confirm the classic bearish indicator with a plunge, further validating it with the double top formation near the $6,900-area.
OTHER RELATED NEWS
Ripple-Based Remittance Firm SendFriend Claims to Save Up to 80% in Fees
Blockchain-based money transfer startup SendFriend utilizes Ripple’s technology to save up to 80% in remittance fees, according to a blog post published on Dec. 12.
SendFriend uses Ripple’s xRapid product for cross-border payments, converting between the United States dollar, XRP and Philippine pesos and circumventing the longer process of traditional banking systems.
Philippines-focused remittance platform
SendFriend’s money transfer app aimed at reducing annual remittance fees for cross-border Filipino workers claims to lower such transaction costs by up to 75%. What makes it possible, according to the startup’s CEO, David Lighton, is RippleNet’s On-Demand Liquidity (ODL) technology.
With ODL, RippleNet’s users can utilize digital token XRP to - read more.
Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 4th, 2021
slipped by 0.59% on Monday. Following on from a 5.72% slide on Sunday, Ripple’s XRP ended the day at $1.55255.
A bullish start to the day saw Ripple’s XRP rise an early morning intraday high $1.62204 before hitting reverse.
Falling short of the first major resistance level at $1.6379, Ripple’s XRP slid to an early afternoon intraday low $1.50399.
The sell-off saw Ripple’s XRP fall through the 23.6% FIB of $1.5426
Finding support at the first major support level at $1.5064, Ripple’s XRP broke back through the 23.6% FIB to revisit $1.58 levels before easing back.
At the - read more.
Crypto Market Highly Bearish Beneath One Level; Here’s What Could Tip the Scales
The aggregated crypto market has been struggling throughout the past few weeks, with it incurring an insane selloff that was catalyzed by Bitcoin’s decline from its mid-February highs of $10,500 to lows of $3,800.
This selloff did significant damage to the market’s technical strength, leading many investors and analysts to adopt a bearish sentiment – a far cry from that seen throughout the beginning part of the year.
One prominent analyst is now noting that there is one key level that bulls must surmount if they want to propel the market higher, as a failure to do so could lead - read more.