FinTech Weekly Bulletin
9 April 2021, Issue 1
Social Media: https://linktr.ee/blockchainist
Top Headlines
- Sweden’s central bank presented the first results of its central bank digital currency pilot and has found that scalability and privacy challenges must be addressed.
- Robinhood, a popular trading app targeting millennials and other inexperienced investors, has become a major hub for cryptocurrencies, offering further evidence that digital assets are garnering mainstream appeal.
- The US Internal Revenue Service (IRS) is looking to modernize its systems and use AI and machine learning to enforce compliance in the crypto market. The idea is that the IRS wants to automate processes and make regulation enforcement more streamlined.
- According to data analysis firm, CB Insights, about $2.6 billion was raised by some blockchain and crypto start-ups during the Q1 of 2021. This figure surpasses the $2.3 billion raised in 2020.
- Coinbase reports an estimated $1.8 billion in total revenue for Q1 2021.
- Fidelity, Square, Coinbase and Paradigm are joining to form Crypto Council For Innovation to lobby policy makers to support the Bitcoin and cryptocurrency industry.
BITCOIN [BTC]
58,238.49 USD
Bitcoin recovered from the $ 55,000 level it tested the previous day and rose again to the $ 58,300 levels. Despite the fact that, it is a market without a high volume, we see that there are many buyers considering both the funding rates and the premiums of the funds. The amount of BTC exiting from exchanges continues to increase, miners do not sell Bitcoin in their pools and BTC amounts in wallets are not decreasing. It is seen that the market has not entered a bear scenario yet, on the contrary, it is protecting the BTC in its hands.
When we consider the BTC / USD parity, the latest volume data show that the market is shallow, and even that the volume in futures is 60% of the March average. The hourly inverse head and shoulders pattern was completed with $ 57,700. BTC’s minor uptrend from 50,000 and the descending trend from $ 51,800 is passing through $ 58,400 and $ 59,100. Closings of more than 59 thousand for the weekend can trigger long positions, as they can positively affect buyers. The view is horizontal, shallow, but positive.
Support Levels: 56.917 / 55.583 / 54.867
Resistance Levels: 58.967 / 59.683 / 61.017
ETHEREUM [ETH]
2,072.86 USD
Ethereum is again experiencing horizontal pricing on Friday, with transactions above $ 2000. The amount locked at DeFi rose to $ 51.8 billion again, and the market regained the amount it lost the previous day. Ethereum is still 12 points ahead in monthly performance compared to Bitcoin, although it is still 2.5% negative in the weekly period. It seems difficult for Ethereum to attempt a new record or stay above this level. Horizontal band movements are followed in the range of $ 2060–2100 under the effect of the voluminous market. On April 14, the Berlin hardfork is also expected to affect Ethereum positively.
When we consider ETH / USD technically, Ethereum is back on the uptrend, followed by a horizontal motion between Fibo’61.8 and ‘78.6 tranches, which corresponds to the $ 2060 and $ 2100 band. In ETH, where we follow the minor upward trend, the volumes are a little shallow, just like BTC. However, it is positive that the market replaces what it sells and the trends have recovered again.
Support Levels: 1888 / 1934 / 2005
Resistance Levels: 2122 / 2168 / 2238
