Top news for this week:
‘Boomers Are F*cked’ — New Macro Report Forecasts $1M Bitcoin by 2025
Raoul Pal puts his faith firmly in Bitcoin and gold as the future in a recently published report from Global Macro Investor. According to him, the current coronavirus will have a huge impact on the economy in the upcoming years:
“The damage this does to the US pension system is incomprehensible. The Baby Boomers will sell every rally they can to protect their last, rapidly diminishing nest egg,” he summarized on the market losses from March.
To Justin Sun’s Chagrin, Huobi Listing Spikes Hive’s Price by 600%
Popular exchange Huobi has launched trading of Hive (HIVE) token which is a hard-fork of Steem resulting in a massive increase in trading volume and price. So far over a 600% gain has been seen in three days which has resulted in Hive becoming 31st largest crypto asset with 285 million market cap when compared to Steem which only ranks 68th with a 66 million market cap.
Binance Hits $295M in Traded Volume for Newly-Launched Options Contract
Since launching Bitcoin (BTC)/Tether (USDT) options contracts, Binance claims to have become the largest options venue in the crypto market with $295 million in traded volume as of April 20.
Binance itself is the primary liquidity provider and the contract is a simplified version of traditional options and is catered to retail users specifically according to vice president of Binance Futures, Aaron Gong.
Technical analysis of Crypto majors:
Bitcoin has a market cap of 142.3 billion USD and trades around 7,750 USD on Coinbase as it has continued to retrace the dramatic sell-off that was previously seen at the end of February/beginning of March.
Currently the price trades just under 61.8% Fib as well as both 100 and 200 day moving averages which will likely offer strong resistance. Additionally, bullish momentum seems to be slowing down, potentially indicating a reversal next month.
For now, however, the price is too high to long and not yet showing signs of reversal in order to short, therefore, the best option is to stay neutral.
Ethereum currently has a market cap of 21.9 billion and trades at 197.5 USD on Coinbase as it also continues moving higher for the past week and has moved above 50% retracement.
Another local higher high has been set indicating that we will likely see further highs, however, overall the market looks the same as Bitcoin – the price is too high to long and not yet showing signs of reversal in order to short, therefore, the best option is to stay neutral.
Ripple currently has a market cap of 8.77 billion USD and is trading around 0.199 USD on Coinbase as it has struggled to make a higher local high this week.
This was seen after several weeks of consolidation around 0.18-0.2 USD area that previously served as very strong support at the end of 2019.
If the price continues to struggle in making a higher high, a reversal back towards previous major low around 0.11 USD will likely be seen in the upcoming weeks opening up a possibility for shorting XRP.
For now, however, it is best to stay neutral as the price continues ranging.
Crypto of the week:
Hive (HIVE) currently has a market cap of 245 million and is trading around 0.866 USD/ 0.00011172 BTC on Bittrex. The price experienced a massive gain of 751% against Bitcoin from the last weeks low of 1514 satoshi as it peaked at 12,888 satoshis.
The reason for this was the listing on Huobi exchange that created massive new liquidity and volume as the demand for the token grew.
However, as of now, the price does seem to begin retracing and we will likely see more downside this week. Therefore, until a strong retracement is seen towards previous resistance around 5k it is best to stay neutral and wait for further price action development.