1. Market Wrap: Bitcoin Recovers From Sunday Slump to $56K as Doge Jumps 19%
Volumes on the CoinDesk 20 eight spot BTC venues was over $8 billion for the first time since Feb. 23.
The bitcoin market saw spot volumes not witnessed since February and record derivatives action over the weekend. Ether declined, while the meme-y alternative cryptocurrency dogecoin saw double-digit percentage price appreciation.
Bitcoin (BTC) trading around $56,026 as of 21:00 UTC (4 p.m. ET). Gaining 0.30% over the previous 24 hours.
Bitcoin’s 24-hour range: $54,680-$57,456
BTC near the 10-hour but below the 50-hour moving average on the hourly chart, a sideways signal for market technicians.
The price of bitcoin suffered a price drop on Monday, dipping to as low as $54,680 before recovering somewhat, to $56,026 as of press time
“The crypto markets witnessed a sudden dip over the weekend, when BTC dropped before recovering about half of that by day end,” noted David Lifchitz, CIO and partner at quant trading firm ExoAlpha.
Bitcoin volumes on major exchanges that encompass the CoinDesk 20 had a banner day Sunday when viewed through the prism of the past three months. Volumes on the CoinDesk 20 eight spot BTC venues was over $8 billion for the first time since Feb. 23, when volumes surpassed $12 billion. Volumes were much lower Monday, at below $4 billion as of press time.
2. Dogecoin Eclipses XRP as 4th Largest Cryptocurrency Ahead of ‘Dogeday’
Dogecoin briefly replaced XRP as the fourth-largest coin early Monday.
There seems to be no stopping the DOGE run.
The cryptocurrency created as a joke in 2013 rose to a new record high around $0.43 early Monday, extending the previous week’s 340% rally, according to data source Messari.
The meme cryptocurrency briefly replaced the payments-focused XRP as the fourth-largest cryptocurrency by market capitalization when prices hit the new high. At that time, its market capitalization stood at over $54 billion, according to data source Messari.
At press time, dogecoin was changing hands at $0.3920, with a market value around $50 billion. XRP’s market value stands at $53.4 billion, at the current price of $1.41. Bitcoin remains the top cryptocurrency, with a market capitalization of $1.05 trillion.
DOGE’s recent rally has raised price expectations for the rest of the year. According to the betting website us-bookies.com, oddsmakers now see a 17% probability of dogecoin rallying to $1 by the year-end, versus 2.9% at the start of the month.
3. Latest Bitcoin Crash Shows ‘Buy the Dip’ Mentality Among Big Investors, NYDIG Says
NYDIG’s analyst also noted significant BTC spot price discounts on Binance compared to Coinbase.
“Our desk has been a net purchaser over the past 24–48 hours,” Greg Cipolaro, global head of research at NYDIG, a bitcoin-focused investment manager, wrote Monday in an email to subscribers.
Cipolaro published the comments after bitcoin (BTC) tumbled from a record high above $64,000 last week to as low as $51,541 early Sunday. The largest cryptocurrency was changing hands around $55,400 as of 4:37 UTC (12:37 p.m. ET).
Bitcoin’s price is still up 89% this year amid speculation that big investors are using the largest cryptocurrency as a hedge against inflation following trillions of dollars of coronavirus-related economic stimulus over the past year by governments and central banks around the world.
“Institutional investors have had a buy-the-dip mentality during these risk-off events, suggesting increasing ease with handling bitcoin’s volatility,” wrote Cipolaro.
“We believe the root cause of the sell-off had to do with investor positioning rather than fundamental news. Simply put, traders were overleveraged and positioned long, resulting in forced liquidations.”
Cipolaro also noted significant BTC spot price discounts on Binance compared to Coinbase. “The difference in spot, which is usually very tight, reached nearly 3% at one point. To us, these data points are indicative of selling pressure in Asia rather than North America.”
4. OKEx Goes Live With Bitcoin Lightning Network Deposits, Withdrawals
OKEx is the seventh major exchange to add the scaling solution.
Crypto exchange OKEx’s support for Bitcoin’s Lightning Network is now live.
The Lightning Network is a second layer that works atop Bitcoin to facilitate faster and cheaper transactions than Bitcoin’s primary network.
The exchange announced the integration in February.
“OKEx is pleased to announce that BTC Lightning Network is now live on OKEx website, enabling much faster and cheaper BTC transfers. OKEx users are now able to use the Lightning Network for both BTC deposits and withdrawals,” a press release reads.
5. Crypto Fund Inflows Accelerated to $233M Last Week, Most Since Early March
Investor appetite for digital asset investment products increased last week, with strong interest in XRP.
Inflows into digital asset investment products nearly tripled to $233 million last week, according to a report Monday by CoinShares, a digital asset management firm.
Last week’s inflow of $150 million was the largest since early March, possibly reflecting bitcoin’s (BTC) brief rally to an all-time high just below $65,000. However, the cryptocurrency has since declined to around $55,600 at press time.
“Inflows this week were unusually spread over a varied set of digital assets,” according to CoinShares.
Bitcoin products saw the largest inflows of $108 million while Ethereum products continued to see outsized inflows of $65 million relative to its market cap.
“XRP has been the most popular, with weekly inflows of $33 million, nearly doubling its assets under management (AUM) to $83 million,” said CoinShares. XRP assets have roughly doubled in the month to date.
“Digital asset investment products saw much higher trading turnover for the week,” the report added. “This represents a rise of 59% compared to last week and similar levels to early February 2021.”
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April 20, 2021
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