On Might 18, Bitcoin (BTC) and the general cryptocurrency market confronted one other spherical of promoting as FUD — worry, uncertainty and doubt — impacted investor sentiment after Reuters and numerous social media retailers reported that China would ban monetary establishments and fee firms from offering companies associated to cryptocurrency transactions.
In accordance to these stories, China additionally issued a warning to a number of Chinese language commerce associations in regards to the risks of cryptocurrency investing.
Information from Cointelegraph Markets and TradingView reveals that bulls tried to push the price of Bitcoin again above the $45,000 resistance stage on Might 18 solely to have the price battered again under $43,000.
BTC/USDT 4-hour chart. Supply: TradingView
Whereas the circumstances for Bitcoin could seem dire to some, a number of basic developments together with, elevated BTC outflows from the highest United States crypto trade Coinbase and the revelation that MicroStrategy used this most up-to-date dip to purchase one other $10 million value of BTC, point out the potential for additional upside for the highest cryptocurrency.
The precarious nature of the present market circumstances for Bitcoin is maybe summed up finest within the following tweet from cryptocurrency analyst and Twitter persona Rekt Capital, which highlights the significance of the upcoming day by day shut for BTC.
Each time #BTC Each day Closed inside inexperienced assist or above it – a bullish reversal would happen#Bitcoin is again at inexperienced assist once more however as an alternative is hovering under it now
— Rekt Capital (@rektcapital) Might 18, 2021
Altcoins shake off the downturn
Regardless of the full-frontal FUD assault that the crypto market has been below in current weeks, many altcoins have seen their costs breakout over the previous couple of days as merchants rotate out of underperforming tokens and into tokens which have turned bullish.
The standout efficiency of the week goes to MATIC, the native token of Polygon, a quickly rising Ethereum layer-two resolution that has morphed into an oasis for merchants searching for decrease charges.
VORTECS™ Rating (inexperienced) vs. MATIC price. Supply: Cointelegraph Markets Professional
In accordance to information from Cointelegraph Markets Professional, market circumstances for MATIC have been favorable for a while, as evidenced it is the current VORTECS™ Rating of 99 on Might 15, which was recorded roughly 50 hours earlier than its price rallied 83% from a low of $1.47 on Might 17 to a brand new all-time excessive at $2.70 on Might 18. This transfer occurred as there was a report $6.84 billion in 24-hour buying and selling quantity.
Synthetix Community Token (SNX) has additionally obtained a lift in buying and selling quantity on Might 18 that lifted its price 40% to an intraday excessive at $25.64, whereas the Binance Good Chain-based DeFi platform Venus’ XVS token rallied 63% to an intraday excessive of $143.41.
Each day cryptocurrency market efficiency. Supply: Coin360
Different notable double-digit gainers embrace 40% gains for ARK and Celer Community’s CELR, as nicely as 20% gains for AAVE and Helium Community Token (HNT).
The general cryptocurrency market capitalization now stands at $2.076 trillion, and Bitcoin’s dominance fee is 39.4%.
The views and opinions expressed listed below are solely these of the writer and don’t essentially replicate the views of Cointelegraph. Each funding and buying and selling transfer entails threat, and you must conduct your personal analysis when making a call.