Move in a narrow space
The past hours, prices Bitcoin major movements ranged from US $ 6,700 to US $ 6,850, compared to Monday did not record any significant adjustment.
Although the Bitcoin Halving event is coming very close (28 days left), strong bullish signals have yet to be found.
Bitcoin has not been able to retest the $ 7,000 in the past 24 hours, with the highest price recorded at $ 6,904 and the lowest of $ 6,619.
Bitcoin price today (April 14) recorded at 9h05 at $ 6,853, an increase of 1.75% from the previous 24 hours.
Bitcoin's market capitalization remains low at $ 125.09 billion, with Bitcoin's market dominance (market share) rising to 64.2% - according to the BTA's bitcoin exchange rate.
In the top 100, there are 72/100 cryptocurrencies that have appreciated over the past 24 hours. Looking at the past 2 weeks, most of the dong still 'stay still', there are not many new adjustments.
Top 10 cryptocurrencies by market value saw 7/10 dong increase in value over the past 24 hours, of which Binance Coin surged the most by 8.1% because of Binance news announcing the new IEO.
The total market capitalization of the digital currency recorded at 9:05 at 195.26 billion USD, an increase of 4 billion USD compared to the previous 24 hours.
The market's 24-hour trading volume recorded at 123.59 billion USD, down 7 billion USD from April 13.
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There is a possibility of a stronger decline
According to technical analysis from investor Tom Hiddleston on twitter, he assessed that Bitcoin is more likely to fluctuate below the $ 5,500 threshold.
He is concerned that a sharp decline like the one in March might happen in the next few days.
Despite the recovery a few days ago, Bitcoin's poor performance in the daily chart shows that the currency is hard to overcome the above resistance levels.
“The moving averages in the daily chart are showing that the decline is more likely to occur. Don't think of $ 9,000 or $ 10,000 when the $ 7,500 area now can't recover. ”
According to him, only when Bitcoin rises and sustains at $ 8,300 - $ 8,500, the price reversal for bitcoin will actually take place.
Huobi launches an unusual transaction monitoring tool
As announced on April 13, Huobi Global will launch Star Atlas, a chain analysis tool to monitor illegal cryptocurrency transactions with similar tools.
This tool helps Huobi point out some past criticisms. Chainalysis's 2020 crime report wrote: "Binance and Huobi lead the exchanges in the number of illegal Bitcoin received with huge disparities."
According to Ciara Sun, vice president of global business at Huobi, explains the tool's function: “Star Atlas is a surveillance tool that monitors cryptocurrency transactions to identify and detect criminals such as fraud, money laundering and other questionable activity ”.
Shenzhen China signed a cooperation with Huawei to expand the blockchain system
The government of Nam Son District, Shenzhen, China has just announced a cooperation with multinational communications giant and consumer electronics Huawei to enhance blockchain application, along with other technologies in the region.
According to a report published on April 13 from local news site Global Times, the authorities of Nam Son and Huawei will work together to create the Kunming industrial park (Kunpeng), in order to enhance blockchain application and artificial intelligence. , big data and 5G.
Both organizations believe that this will help transform the city into a modern industrial park in the computer chip industry and other advanced technology.
Dogecoin's daily transactions soared
According to Blockchain data, DOGE's daily transactions have increased sharply since a month and a half ago.
Specifically, the coin had about 24,000 transactions on February 20, but by 12.4, this number increased to 35% with 32,400 transactions.
And if compared to the fourth quarter of last year, we will have a clearer view. Specifically, on October 1, 2019, the daily trading volume stood at USD 55 million; For the time being, this number has risen to $ 168 million.
It is worth noting that Bitcoin's daily trading volume witnessed a sharp decline during March and April, when Dogecoin saw a significant increase.
Bitcoin hit a new high correlation with the S&P 500. What does that mean?
Earlier this month, Bitcoin hit a new high correlation with the S&P 500 - a stock market index that tracks the performance of major U.S. companies.
This correlation raises the question of whether Bitcoin is like a "digital gold"; Specifically, an asset is considered incompatible with traditional markets.
As shown by the chart above from Coin Metrics, the Pearson 90-day correlation coefficient between Bitcoin and the S&P 500 reaches an all-time high; about 0.5 in the middle of March.
Coefficient 1 indicates the perfect correlation; a coefficient of 0 means that there is really no correlation; and the factor -1 gives the complete inverse correlation.
However, according to some economists, this phenomenon is quite normal considering the depression of the current economy. As per Spencer Bogart from Blockchain Capital:
In the worst phase of the market, everything correlates when all current assets are sold for cash.
For example, in the worst times of the market, there are no safe havens anywhere - even safe-haven assets are well established like gold.
I think Bitcoin is outperforming almost every major asset (except for gold and the dollar). To me, the current performance shows that Bitcoin is moving in orbit from a speculative asset to a currency, a global store of value.