Recurring market commentary on what's happening in the crypto markets, summarized by the Crypto Broker team at Crypto Finance AG.
Market commentary
Good Morning!
Generally speaking, interest has shifted away somewhat from bitcoin and ether towards altcoins. However, the overall trading volume, funding rate, and implied volatility in bitcoin and ether has not changed a great deal over the last couple of days. A smaller consolidation took place, which can be considered healthy as long as we hold the support levels of $40,000 in bitcoin and $2,900 in ether.
Investors have been favouring several altcoins in particular, e.g. XRP, DOT, and ADA.
XRP holders are slowly stepping up to intervee in the SEC lawsuit against Ripple, and the payment platform is gearing up to grow its CBDC (Central Bank Digital Currency) business with a new white paper.
Cardano (ADA) has become the 3rd largest cryptocurrency as developers look to ride the DeFi boom. Additionally, ADA will debut on the coin cloud platform.
Polkadot (DOT) was hammered in the correction, but is showing sign of a bigger recovery. There is still quite a big gap between the traded level and the all-time high.
Another project named Solana is demonstrating a fantastic run since the beginning of the year. It is therefore one of the hottest coins for long-term investors.
The altcoin bullrun will most likely continue as long as bitcoin holds the current level, as well as the supporting levels.
China continues to crack down on crypto companies
Despite all investment in the digital space recently bad news continues to come out of China, which is something we have been getting for quite some time now, e.g. crackdown on mining. The Shenzhen office of the People’s Bank of China (PBOC) has reportedly set out to correct the business activities of about a dozen companies allegedly engaged in cryptocurrency transactions. According to Chinese media, the entities have been targeted in a crackdown on crypto trading in the city. They have basically stopped coin trading in Shenzhen!
Happy Friday!
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