Gold has been holding its value as Bitcoin is facing difficulties holding its support at $40k.
Store of Value
Bitcoin’s ($BTC) narrative as digital gold is under threat as investors are treating the top crypto asset as a risk-on asset. When the equities market is facing a period of uncertainty, investors and traders would often pool their resources and store these resources in risk-off assets to hedge their risks.
Gold has breached the important $2,000 resistance on a few occasions before a mild retracement. Bitcoin, on the other hand, has been trending downwards from its previous high of $69k clocked in November last year.
Bitcoin’s utility has largely been based on its narrative as digital gold. It is superior to gold in many aspects but the public’s perception has not been swayed. Bitcoin is still regarded as a risk-on asset and the recent price movement shows a strong correlation to the S&P 500.
The global crypto market cap is now at $1.9 trillion. The coronavirus outbreak is still causing a lot of fear as cases in China are rising and the threat of another lockdown is a real concern.
The uncertainty arises from a few factors:
The US Federal Reserve’s (FED) decision to raise interest rates
The lack of a definitive crypto framework
The refusal of the US Securities and Exchange Commission (SEC)
The ongoing geopolitical crisis in Eastern Europe
The coronavirus threat in China
Weekly Recap
Axie Infinity reveals its land gameplay teaser.
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Crypto.com’s NFT Marketplace has added new features.
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Cronos chain surpasses 32 million transactions.
CroSkull surpasses 4 million $CRO in secondary market sales.
Binance.US arrives at Coachella Music Festival.
Delta One managed to secure $9.1 million in its seed funding round.
BabyDogeCoin NFTs are finally here.
Popular metaverse platform, Sandbox’s valuation is now above $4 billion.
$CRO is now available on eToro.
Binance.US obtains a money transmitter license in Puerto Rico.
PancakeSwap defines Q2 roadmap and completes migration.
Crypto.com is recognized as Sports Media Brand of the Year.
$BNB continues its deflationary run.
Coinbase launches its NFT Marketplace Beta version.
Binance.US builds its own lobbying group in Washington DC.
Binance agrees to comply to Euro’s decision on Russian users.
Chainlink releases a report on how blockchain can impact climate change.
Binance aids in the partial recovery of funds from the Ronin heist.
Crypto.com commits to a four-year plan to support research on Bitcoin.
Thomas Schumann Capital aims to provide 30 water purification facilities through crypto donations.
Coffeezilla unravels the FUD surrounding SafeMoon.
Market Sentiment
Bitcoin continues to be rocked by unfavorable market sentiment as it struggles to maintain its position at the $40k level. Altcoins took a more severe beating. The crypto market is also spooked by rumors that Micheal Saylor is secretly selling their Bitcoin. https://cdn.embedly.com/widgets/media.html?type=text%2Fhtml&key=96f1f04c5f4143bcb0f2e68c87d65feb&schema=twitter&url=https%3A//twitter.com/saylor/status/1517571975278907394&image=https%3A//abs.twimg.com/errors/logo46x38.png
In a medium post by Mr.Whale, a pseudonym to an anonymous person or group of people made claims that MicroStrategy has dumped more than 8000 Bitcoin discreetly. Micheal Saylor responded to deny the rumor in his Twitter post. https://cdn.embedly.com/widgets/media.html?type=text%2Fhtml&key=96f1f04c5f4143bcb0f2e68c87d65feb&schema=twitter&url=https%3A//twitter.com/peterschiff/status/1518014645960904704&image=https%3A//abs.twimg.com/errors/logo46x38.png
Gold’s ardent supporter, Peter Shiff is fueling rumors that MicroStrategy, the largest single entity that holds Bitcoin is off-loading their Bitcoin. Bitcoin and other crypto-assets have real-world utilities. The price of a trillion-dollar market cap industry cannot be determined by a single entity. Even if the rumors are true, the effect will likely be short-lived.
Coins to Watch
Bitcoin ($BTC) – Bitcoin is the largest crypto asset by market cap. It is also the most stable and also one of the most widely accepted crypto assets in the space.
Other crypto assets may be buoyed by volatility as the market tries to find its footing but Bitcoin will likely be the focal point when the market recovers.
The SEC is likely to decide favorably on approving America’s first Bitcoin spot Exchange Traded Fund (ETF) soon. Australia recently approved its first Bitcoin ETF scheduled to start trading on April 27.
Terra ($LUNA) – Luna is the native crypto asset that powers the Terra blockchain.
More than 100 projects are built on the Terra Network and the most widely known utility that is linked to $LUNA is its own algorithmic stablecoin, $UST.
In order to mint $UST, $LUNA will be burned. $UST has a market capitalization of $18 billion and has been consistently increasing.
The Sandbox ($SAND) – The metaverse frenzy has simmered down but there is a huge demand for an alternate reality where real-world activities can take place.
$SAND has dropped significantly from its all-time high, but as the leading platform in the metaverse segment, there is a lot of upside potential.
Traditional brands are starting to reposition themselves to a paradigm shift. The Sandbox platform provides that avenue.
Source : bsc.news
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