This week was fully packed with bullish news in the crypto market. Bitcoin and Ethereum led the week by recording new all-time highs on separate days, ahead of the Coinbase direct listing on the Nasdaq. What’s next for these cryptos?
Bitcoin, Ethereum, Dogecoin, Chainlink record all-time highs
Earlier this week, ahead of the Coinbase listing, Bitcoin price was trading just under $60,000, hovering at these levels awaiting a bigger push higher. After being rejected at the resistance level at $61,000, Bitcoin price was able to push past and surge to new highs, reaching above $64,000.
Although Bitcoin price was able to surge to a new all-time high, BTC was faced with selling pressure, taking its price down to consolidation around the $61,000 level. In a matter of a few hours, Bitcoin price dropped by roughly $2,000 — adding to the case that it’s essential to use stop-losses.
Ethereum price climbed over $2,100 and headed straight above $2,500 after a few days. Ethereum’s Berlin upgrade successfully went live on April 15 but suffered a consensus issue. Riding off the altcoin surge, Chainlink price was also able to reach an all-time high at $44, as Chainlink 2.0 was introduced recently, allowing users to create a larger scope of products in the DeFi and NFT industry.
Needless to say, Dogecoin price saw a massive surge today, on April 16, as DOGE exploded by over 100% in the past 24 hours, taking its price up to almost $0.30. Elon Musk’s tweets have contributed to past Dogecoin price surges, and the meme token is now trending on social media.
What the Coinbase listing means for crypto
Coinbase’s debut on the Nasdaq took a direct listing route instead of a traditional IPO. The company was valued at $100 billion, while Bitcoin price rose in tandem with the Coinbase stock.
During the San Francisco-based exchange’s listing, all eyes — including Wall Street were on Coinbase. The listing created a “watershed moment” for cryptocurrencies, as institutional investors have no choice but to realize that digital assets are here to stay.
Gary Gensler confirmed as next SEC chief, optimism rises for XRP
Gary Gensler was nominated for the position by Joe Biden in January and was confirmed as the SEC’s new chair on April 14. The SEC is also in hot waters as it faces the legal battle against Ripple. The blockchain firm has filed for a motion to dismiss the case, the verdict has yet to be announced.
Should the case be dismissed, the lawsuit against Ripple would be over, and cryptocurrency exchanges in the United States that have delisted the XRP token may soon reverse their decisions. Perhaps more clarity is needed from the SEC and the SDNY Court for exchanges to make a firm decision. If the XRP token gets relisted, there could be a considerable uptick in its price, as it has already been gaining momentum amid the legal victories Ripple has reaped.
Ripple price has surged to over $1.90 on April 14, coinciding with the Coinbase direct listing. If more bullish news around Ripple emerges, it would be wise to set take-profit orders to realize profits.
Grayscale Bitcoin Trust to surpass world’s largest commodity ETF
The Grayscale Bitcoin Trust is a fund that tracks Bitcoin price, allowing institutional investors to have exposure to Bitcoin’s volatility without holding the underlying asset. Bloomberg’s senior analyst Mike McGlone revealed a chart that showed that GBTC would soon surpass the largest commodity ETF — SPDR Gold Trust in roughly 6 weeks.
The money printing around the world by governments has prompted investors to look at strategies to hedge against inflation, and Bitcoin and other cryptocurrencies have been a popular choice, compared to traditional safe-haven assets like gold.
Possible consolidation despite bull market
Taking Bitcoin as an example, despite the cryptocurrency reaching an all-time high, BTC has retraced to the mid $60,000 level at the time of writing, which is a 3.2% decline in the past 24 hours, and a $4,000 drop from its ATH.
Other cryptocurrencies are also retracing slightly, other than Dogecoin at the moment. It’s essential not to FOMO into the crypto market and to identify potential areas of entry. By utilizing a crypto trading automation platform like CoinPanel, you can get access to trading tools, including the prominent Full Trade feature — which allows you to set entries, take-profits, and stop-losses all at once.
The Full Trade feature is essential when trading cryptocurrencies around the clock, as it ensures that you will be able to manage your risks effectively without sacrificing profit-taking. CoinPanel caters to day-traders, investors, and traders of all levels, with its user-centric approach to its user interface.
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