FinTech Metrics | 05.18.2021

Published in

BCISTCenter

4 min readMay 18, 2021

Social Media: LinkTree

It took on average 33 years for Microsoft, Apple, Amazon and Google to surpass $1 trillion USD market cap. For Bitcoin, it is 12 years.

Further Reading: CoinMarketCap

Latest Headlines

Spanish National Securities Market Commission (CNMV) issued guidelines that approve institutional crypto investment under certain conditions.
Samsung issued an official announcement which informs cryptocurrencies can be managed and traded from 3rd party wallets directly from Galaxy devices.
Bank of America joined the blockchain-based settlement network for US equities that was developed by Paxos. The service allows two parties to settle equities trades in mere minutes instead of days.
Zurich based DFINITY Foundation launched its blockchain-powered ‘Internet Computer’ — turning the public internet into a decentralized global computer.
Digivault became the first stand-alone digital asset custodian to receive approval from the UK Financial Conduct Authority (FCA).

Technical Analysis

BITCOIN [BTC] — 64,340.22 USD

Bitcoin is traded above the $ 45,000 level this morning, rising approximately 5 percent. Having struggled to break this level yesterday, Bitcoin welcomed the European opening above the morning resistance. While there was an inflow of $ 1.4 billion in BTC in the stock exchanges, there were increasing volume and continuous funding rates in futures and derivatives. For this reason, we can say that the return of BTC to the 42 thousand bottom or close to the bottom was approved. The miner approval rate required for the Taproot update reached 95%. However, BTC dominance fell below 40%, losing some power in dominant pricing. Confidence indices also seem to be “oversold” and will confirm the return.

When we consider the BTC / USDT technically, the double bottom formation that occurs in a 4-hour period can start if the $ 45,850 level is broken, and as a target, the gap level in BTC for the future may be at $ 48,370. In the four-hour period, the MACD and momentum have surpassed the negative momentum and started to give purchasing signals. Thus, the importance of support-resistance purchases rather than price increased again.

Resistance Levels: 47.450 / 49.674 / 52.348
Support Levels: 42.552 / 39.878 / 37.654

ETHEREUM [ETH] — 2,377.75 USD

Ethereum is up about 8 percent this morning. ETH, which fell below the $ 3200 level once again yesterday evening, is doing well compared to BTC. Even in the price declines of ETH, the amount of ETH removed from the exchanges was 1.2 billion dollars. ETH 2.0 staking continues with record after record. After the Berlin fork, Ethereum network fees also dropped drastically. Therefore, while the dominance of Bitcoin will decrease, BTC and ETH movements will also begin to diverge. When evaluated in this scale, positive decomposition of ETH can be expected.

When we consider ETH / USDT technically, after completing the OBO formation and touching and bouncing on the uptrend channel that has existed since March 2020, it was retested and the $ 3100 levels were confirmed as bottom. In order for the upward trend to continue, the OBO neckline must be broken upwards at the $ 3600 level. The outlook is positive and upward.