WMA: Bitcoin doesn’t flinch to bad news while China is Launching Digital Yuan
Get the weekly summary of cryptocurrency market trends, news, and forecasts!
This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $208 billion
- Bitcoin returns to trade above $7,000 with less than a month before the halvening
- Ethereum ends the week trading above $183
- XRP continues its struggle to overcome the $0.20 barrier
- The OPEC announces the largest historical cutback of crude oil production in history
- COVID-19 has now surpassed over 2 million cases worldwide
Crypto Trends 13th – 19th of April 2020: PERFORMANCE & ANALYSIS
The last week has been a relatively good period for the crypto market as most of the cryptocurrencies traded in green and reached the weekend on an optimistic uptrend.
Bitcoin traded close to $7,000 for the first half of the week. On Thursday, the halving of Bitcoin Cash (BCH) forced it to drop a few points, and for a few hours, it was valued as low as $5,900. However, it quickly regained its strength and bounced back stronger. Now, it ends the week at $7,211 and continues to rise.
Bitcoin trading above $7,000 after more than a month of ups and downs is fairly optimistic news, especially with the much-awaited halvening being just around the corner. Nevertheless, the most impressive aspect of BTC’s recent run is its resilience to disappointing news coming from other markets and industries.
Bitcoin didn’t even flinch this week when OPEC announced the largest historical cutback of crude oil production in history. It barely moved a muscle when the International Monetary Fund (IMF) released one of the most worrying economic forecasts in decades. Lastly, it couldn’t be bothered with the news that the ongoing COVID-19 pandemic sent China’s economy back to the 1970s.
China experienced a 6.8% setback since the Coronavirus outbreak, and its recovery is nowhere in sight. However, when it comes to cryptocurrency, this week has brought exciting news from the Land of the Red Dragon as leaked photos revealed an interface for the digital Yuan developed by the Agricultural Bank of China.
Elsewhere, most of the altcoins are following Bitcoin’s uptrend, and manage to end the week trading in green.
Ethereum is surging bravely towards the golden $200 resistance level after a 7.6% price increase from last week’s value. For now, it only trades at $183, but the next support level at $165 seems gone and forgotten for the most popular altcoin on the market.
Ripple’s XRP ends the week trading at $0.192 after it managed to remain above the $0.18 support level throughout the week. The next resistance level lies at $0.20, and investors hope that it can overcome it next week.
What’s in the News?
- Binance launches P2P Trading Support for Indian Rupees and Indonesian Rupiah
- XRPlorer forensics suggests that XRP users lost up to 1.4M XRP to fake ledger extension
- Andreessen Horowitz aims to raise $450m for second cryptocurrency fund
Next Week’s Market Forecast
In the upcoming week, Bitcoin should continue its vertical trajectory as the May halvening is looming on the horizon. The next resistance level is at $7,400 and BTC could reach it, overcome it and not look back by this time next week.
In other news, the most popular altcoins should mimic Bitcoin’s uptrend direction. COVID-19 should dominate the news again as governments everywhere will be trying to buy more time and shield their economies ahead of an imminent financial crisis.