Premium Bitcoin Price on Bitfinex Holds Steady, XRP Drops Below $0.30 & IOTA Registers Highest Gains
Crypto market remains red and total market cap drops below $170 billion. It all started with Bitfinex and Tether fiasco that is now extended into this new week.
Earlier this month, Bitcoin has started a green rally when it jumped from $4,100 to over $5k in a really short amount of time. From there, BTC surged to $5,615 level on April 24th. The next day, as New York Attorney General's office pursued an investigation into Bitfinex and Tether, Bitcoin dropped to roughly $5,100 level.
However, in a broader perspective, this loss wasn’t much noticeable on the BTC chart as crypto trader Moon Overlord commented, “For all the commotion and reactions from the crypto community about the Bitfinex / Tether news it's barely noticeable on the BTC chart.”
At the time of writing, Bitcoin has been trading at $5,150 level with 24-hours loss of about 0.80 percent.
As we reported on the weekend, while Bitcoin is trading near $5,150 level on most of the exchanges, BItfinex which has been the center of this whole blunder is seeing Bitcoin trading at $5,460. This is making buying Bitcoin with Tether about 7 percent more costly than it does with the US Dollar.
“Bitfinex premium holding steady around $350.At the moment, it costs about 7% more to buy bitcoin with Tether than it does with US Dollars,” said eToro senior analyst, Mati Greenspan.
However, it is possible we might be going through a correction that many experts have been expecting for since BTC surged to $5k. In the near future we may get to see even more downtrend as analyst and trader Benjamin Blunts says,
“BTC looks like it wants to break down from this triangle. Nice risk reward buying opportunities should present themselves around 4.9k imo. Maybe 5k will act as a psychological support? Will be watching keenly.”
In the past 5+ years, there have been only 5 accounts of a bearish RSI divergence on the 2D chart
Today will mark the 6th
The average drawdown AFTER the confirmation of those previous divs before a significant bounce/reversal was -44.25% pic.twitter.com/zXsddqrWyu
— HornHairs 🌊 (@CryptoHornHairs) April 26, 2019
Altcoins are Feeling the Heat
While Bitcoin is down less than 1 percent, altcoins are seeing deeper reds. Bitcoin Cash (BCH) is the highest losers with more than 8 percent losses which has been again expected as it didn’t move down with other cryptos in the past few days.
With 1.07 percent losses, XRP went below $0.30 as it currently trades at $0.296. The price is facing strong resistance above $0.290 level and could revisit $0.2810.
Crypto analyst Ryan W says, “XRP weathered the storm better than I expected finding support at $0.28. Though the lack of buyer interest at this level is concerning. This will need a few days to play out as well. Bulls need to retake $0.30.”
— Peter Brandt (@PeterLBrandt) April 27, 2019
While markets are red, IOTA is green with excitement registering the biggest gains today with about 14 percent greens in the past 24-hours as it trades at $0.3065. This surge came on the news of Britain’s largest auto manufacturer, Jaguar Land Rover testing software that will allow drivers of its cars to earn MIOTA cryptocurrency as a reward for sharing data.
“The smart wallet technology … can be easily adapted into all new vehicles,” said Dominik Schiener, IOTA co-founder. “IOTA wants to enable interoperability with all these different players. So there is no Jaguar coin, no BMW coin, but one universal token for this machine economy.”