What Changed in Crypto Markets While You Were Sleeping — April 12
BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.
Bitcoin update
Bitcoin increased slightly last week, going from a low of $55,473 to a high of $61,500. It managed to close at $60,002, which was simultaneously the first close above $60,000 and the highest-ever weekly close.
There are some signs of weakness, however. There is a decreasing momentum in the MACD and a bearish divergence developing in the RSI. However, the RSI has yet to reach its divergence line and the MACD has not yet made a bearish reversal signal.
Therefore, the signs are not sufficient enough to predict that a top has been reached.
Altcoin movers
The cryptocurrency top-10 stayed mostly the same over the weekend. However, Binance Coin (BNB) has skyrocketed in price to a new all-time high of $591. This has caused it’s market cap to grow to over $90 billion. This is nearly 36% of the entire Ethereum market cap.
BNB and Voyager Token (VGX) are tied at the moment for the biggest altcoin movers of the day. Both have gained nearly 25% on the day, although BNB is up nearly 71% in the past seven days.
Very few altcoins in the top-100 are in the red today. Reserve Rights (RSR) is currently the biggest loser of the day, though it’s only down by 6%. Despite the small daily loss, RSR is still up by 3% in the past week.
In other crypto news
The Biden administration is reportedly monitoring the development of the digital yuan. There are fears that a Chinese central bank digital currency (CBDC) will be used to skirt sanctions and could affect the dollar’s dominance.
GameStop has posted a new job opening for a security analyst proficient in crypto and non-fungible tokens (NFT). This suggests that the company may be working on a related project.
Decentralized finance (DeFi) protocol Nerve Finance has completed a financing round from some big names in the industry. Its goal is to launch an automated market maker (AMM) on the Binance Smart Chain (BSC).
