Top 5 Crypto Performers: BTC, EOS, ETH, TRX, ETC, MHC*
Will the bears now sink the price back to the lows, or will the major cryptocurrencies form a higher low?
The International Monetary Fund and the World Bank have launched a private blockchain and quasi-cryptocurrency to bridge the gap between its employees and the blockchain technology. The cryptocurrency will be called “Learning Coin” and will have no monetary value, but the staff will earn these coins after reaching certain educational milestones. The developers are yet to decide on how these earned coins can be redeemed by the staff. This is a major step as it shows that international agencies are making efforts to understand the technology seriously.
In a recent Twitter poll, IMF asked: “How do you think you will be paying for lunch in 5 years?” 56% of the respondents said that they would be paying in cryptocurrencies, well ahead of the 27% by mobile phone. Bank cards and cash were way behind at 9% and 8% respectively. To some extent, this projects the prevailing mood in the masses against cash and bank cards.
Fidelity Digital Assets has appointed Christine Sandler — former head of institutional sales at Coinbase — as head of Sales and Marketing. While the groundwork is being laid out to facilitate the entry of institutions into the crypto space, we are yet to see their presence in a big way.
After the rally from the lows, most cryptocurrencies have cooled off. Will the bears now sink the price back to the lows, or will the major cryptocurrencies form a higher low and indicate a bottom? Let’s find out by analyzing the charts.
Institutional players are buying Bitcoin (BTC). Their purchase volume, the percentage of the total volume has reached 19% in April. This indicates that the large players expect the bear market to end in the near future. With a rise in prices, the Chinese traders have returned to action. However, due to the cryptocurrency ban in China, they are paying a premium to the over-the-counter services to take a position in Bitcoin. This shows that even in a place where Bitcoin trading is banned, traders are looking at ways to buy it, well above the prevailing prices.
The rise from the lows has pushed Bitcoin to the most overbought levels since the bull run, according to Bloomberg Intelligence analyst Mike McGlone. On the other hand, the “Bitcoin Misery Index,” created by Fundstrat Global Advisors Thomas Lee, has reached its highest level since 2016. This can either be a good sign or a bad sign, according to Lee. But what does our analysis proje