Crypto newsletter: Bitcoin below 7000 as bullish momentum faded away

10:15 AM April 10, 2020

• Major cryptos erased weekly gains,
• Bitcoin and Litecoin failed to break above key resistance levels,
• Visa will issue new card which will allow users to earn their rewards in Bitcoin,

Increased volatility can be seen on the cryptocurrency markets today. All of major coins slumped over 6.42% on average. Bitcoin (BTC)  price dropped nearly $400 in minutes and is trading below $7,000 for the first time in four days. The total market capitalization has also slid below $200 billion. Also, despite their halving events this week, Bitcoin Cash (BCH) and Bitcoin SV (BSV) are down over 10% while Ether (ETH) dropped over 8.0%. Bitcoin maintains a dominant market position of  64.0%.

Bitcoin  breaks from the three-day consolidation  to the downside and is trading below short-term rising trend line. If the sell-off continue then the most popular crypto-currency could test the 6800 level . A move above 7300 will invalidate the bearish scenario. . Source: xStation5

Litecoin slumps over 8.0% after failing to cross the key resistances at 47.17. At the moment short-term rising trend line limit further downside, however if the current sentiment prevails the price may be heading towards support at 35.65.In  case where the bulls would manage to break above 42.69, then a re-test of the 47.17 level could be possible. Source:xStation5

Crypto news:

Canada-based 3iQ Corp has launched a Bitcoin Fund on the Toronto Stock Exchange (TSX). It’s the first public cryptocurrency fund listed on a significant global stock exchange. The Class A units, having a total asset value of approximately $14 million, began trading today under the symbol QBTC.U.

After three years of research and development the largest South Korea public blockchain project ICON (ICX) introduced its Loop Fault Tolerance 2.0 (LFT 2.0) consensus algorithm. The algorithm objective is to improve scalability and network bandwidth over the popular Practical Byzantine Fault Tolerance (PBFT) consensus types without compromising security.  PBFT-based algorithms require a large number of message exchanges to reach consensus on a new block. The new algorithm reduces the message traffic from two to three steps. This allow faster voting and reduces network latency.

Visa together with startup Fold is planning to issue a debit card that offers rewards denominated in bitcoin instead of cash or airline miles. Users will get credited as much as 10% of cash purchases made with the co-branded card in bitcoin. For Visa, it's a turnaround from its original stance on cryptocurrency. About two years ago it engaged in a public spat with crypto exchange Coinbase over transactions made using its cards. Then in April 2019, the two companies launched the Coinbase Card, which allows users to spend bitcoin via a debit card.The cards are expected to be issued in July, Fold's CEO told Bloomberg News.


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