• Major Cryptocurrencies continue to trade in sideways move
• Weaker correlation between Bitcoin and traditional markets
• Lithuanian central bank issues digital coin
The crypto market remains trading in a sideways trend, however this week the ranges has narrowed even further. After signs of a possible upward shift on Wednesday, the market was once again disappointed to see major coins returning to their local support levels. The capitalization of all digital assets in circulation reached $259 billion, while an average daily trading volume is registered at $55 billion. Bitcoin's market dominance decreased to 64.5%.
Bitcoin and stock market correlation is weakening
Bitcoin and other altcoins continue decoupling from the stock market as the major US indexes jumped on Thursday after better than expected NFP report, while Bitcoin price little changed. At present it cannot be clearly stated that BTC is fully uncorrelated with traditional markets, but many experts consider this as a positive signal for the crypto market.
Bitcoin continues to swing within a $8900 support and $9275 range. In case of a daily close below $8900 level, bearish signal would be generated with a $8600 being a level to watch. However, in case we finally see a break above 9275, the upward move may accelerate. The MACD continues to reflect the lack of volatility and shows an extremely flat profile. Source: xStation5
Ethereum waiting for a catalyst for a bigger move
The Ethereum wallet MetaMask has launched an update to its Web3 with the key focus on privacy features. MetaMask users can store ETH and other ERC-20 tokens and access them via browser extension. Developers announced the release of the Version 8 that features new interface and enhanced privacy control.
In MetaMask V8, when users connect to a website, they receive an option to select one or more accounts to associate with that website or create a new account just for that site. It is up to the users what each site has access to.
Ethereum is trading in the middle of this week’s range at $222.89 The positive movement of Ethereum needs to go above the $230.74 level to confirm the new bullish scenario for the short term. However breaking below $218.75 declines could deepen towards 211.56 support. Meantime MACD is completely flat with no clear direction. This type of structure usually has a violent resolution of uncertain course. Source: xStation5
Central Bank of Lithuania to become first eurozone bank to issue digital coin
The Central Bank of Lithuania launched first digital currency issued by a national banking institution. At the moment, its usefulness is minimal, but the information and experience it will bring to the issuing bank will be of very-high value.
"No one in the central bank community was thinking seriously about the digital currency before we realized that there is a legitimate threat of someone else taking our space", said Marius Jurgilas, Deputy Governor of the Central Bank of Lithuania.