Home Latest Bitcoin set to close first ‘red’ April in 6 years as Ethereum...

Bitcoin set to close first ‘red’ April in 6 years as Ethereum keeps growing

441
0

Bybt’s monitoring data shows that April 2021 is Bitcoin’s worst April ever. And the first since 2015 when it suffered a loss. While March has traditionally been a “bad month” for Bitcoin, this year, on the contrary, has grown by almost 30%.

If now the coin doesn’t receive support near the current levels, the fall is ahead of up to $ 40,000. However, one should expect a stubborn struggle for the levels at $ 50,000. They will still try to buy the asset back. In the meantime, the entire crypto market as a whole has turned red, the leading altcoins are showing growth.

So, the second largest cryptocurrency by capitalization, Ethereum, updated the maximum at $ 2757. Recall that the coin went into growth after the publication of the news that the European Investment Bank is preparing to launch two-year bonds based on the project’s blockchain.

Against this background, we can conclude that ETH has not been correlated with BTC lately.

Recent ups and downs

The historical maximum for Bitcoin falls on the date of the direct listing of shares of the largest US cryptocurrency exchange – Coinbaise. Thus, many of the events and expectations that previously supported the quotes of bitcoin and other cryptocurrencies are already in price. Consequently, there are fewer potential drivers for conquering new peaks in the foreseeable future.

It can be noted that Bitcoin didn’t manage to gain a foothold significantly above the February highs, with each update of the historical maximum, the price direction reverses downward, this indicates the fixation of positions by relatively large participants. The decline in April, in terms of amplitude in relative terms and the nature of the movement, resembles the correction that took place in February of this year. There is reason to believe that we will still see entry into the area of 51 thousand dollars and possibly lower.

On the evening of April 28, the cost of the first cryptocurrency exceeded $ 56.4 thousand. After which it began to fall sharply. On the morning of April 29, the cost of Bitcoin dropped to $ 53.4 thousand. This may be due to the fact that the rumors about the purchase of Bitcoins by the social network haven’t been confirmed.

Rumors about Facebook buying bitcoins haven’t been confirmed

A sharp rise in prices and its subsequent collapse occurred against the backdrop of the publication of financial statements of Facebook. Earlier, rumors began to spread on the network that the social network had acquired Bitcoins. Alistair Milne, an investor and partner at Morgan Creek Digital, was the first to announce this. The senior analyst at Messari Mira Christanto also made this possible. The information was published by various news sources, including Fox Business TV channel.

However, Facebook’s quarterly report doesn’t mention Bitcoin or other cryptocurrencies, or the company’s plans to buy them.

Earlier, Tesla disclosed in financial statements that it sold 10% of Bitcoin for $ 272 million, fixing a profit of $ 101 million. The automaker’s CFO Zach Kirkhorn emphasized that Tesla intends to preserve its current assets in cryptocurrency. As well as continue to accumulate coins received as payment for cars.

Previous articleElon Musk boosts Dogecoin again amid fresh ‘strong interest’ in altcoins
Next articlePayPal crypto partner Paxos raises $300 million