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To Infin(ETH)y and Beyond. The price of ETH rose above the $4k level and has been venturing deep into the $4.5k territory with unstoppable momentum. According to AssetDash, the total market cap of Ether is now north of $500 billion, surpassing that of Visa and JPMorgan. Its market cap relative to the Bitcoin market is now at its highest level since the summer of 2018. …


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Inching up, slamming down. In the aftermath of a particularly brutal correction — one that tanked the price of Bitcoin below its $1 trillion market cap level near $53,500 — market participants have finally buoyed the price back above a major on-chain support level.

These price levels at which BTC changed hands become the most concrete support since $11k. However, strong resistance at $60k persists, and failure to clear the psychological barrier may extend BTC’s decline.

Talk of the Town


KEY TAKEAWAYS

  • Tesla’s foray into Bitcoin has generated substantial returns
  • The long-term implication of Tesla holding and accepting Bitcoin is that the U.S. government would likely support a payment system based on cryptocurrencies

When Tesla announced the plan to invest $1.5 billion, roughly 7% of the firm’s cash holding, into Bitcoin, it probably did foresee a decent return. In retrospect, calling the cash allocation strategy a sound decision is a gross understatement. After all, Tesla bought at an average price of $33,000, and the price of Bitcoin, at the time of writing, is $57,000 after a particularly brutal dive from…


We bring you Bybit Daily Bits — A tiny step towards trading the world.

Chart of the Day

What Monday Blues? If you thought the previous $2,500 all-time high (ATH) was the end of it, ETH proved that it has some fuel for yet another strong rally. The coin peaked at north of the $4,000 mark in the past 24 hours, easily smashing through its previous highs.

ETH’s price trajectory almost perfectly mirrors the total amount of ETH that is in exchanges’ wallets in the opposite direction. …


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For the Long Haul. Traders are holding onto their Bitcoin now more than ever since the first price rally initiated in November 2020. The share of bitcoins that were purchased during the initial stages of the unexpected, drawn-out bull market has aged from the 1-week to the 6-month mark.

In particular, the number of matured coins that have sat untouched in wallets within the 3-month to 6-month range continues to balloon; this is a strong indication of holders’ plans to HODL onto…


We bring you Bybit Daily Bits — A tiny step towards trading the world.

Chart of the Day

Tests of Conviction. After breaking above $3.5k and reaching a new all-time high (for the second time this week), the price of Ether has entered a phase of consolidation near the $3.3k level, garnering positive momentum for the next breakthrough.

The Network Value to Transaction (NVT) ratio is trending downwards to the lows of this cycle, suggesting that the surge in transaction volumes is outpacing the growth in the network market cap, which provides solid support for further upward price movement.

Talk…


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Join the $3k club. Ether has surpassed the $3k mark for the first time, and extended its rally to reach a new all-time high above $3,450.

At the point of writing, the price of ETH is sitting comfortably above the 10-hour moving average and is likely to remain buoyant above $3,100. However, should the rally come to an abrupt end, the immediate support on the downside is near the $3,200 level, where a major bullish trendline is formed.

Talk of the Town


We bring you Bybit Daily Bits — A tiny step towards trading the world.

Chart of the Day

Charts don’t lie. A slow Thursday saw the price of BTC struggling to stay above the $55k level and turning sideways to revisit its support near $53k.

The formation of a major descending channel on the hourly chart of BTCUSD casts a ceiling at $54k, striking fear that a failed breakout may extend the decline towards $50k. Bitcoin 30-day returns have dipped to the negative region. …


We bring you Bybit Daily Bits — A tiny step towards trading the world.

Chart of the Day

Eye on ETH. We’ve pretty much focused on Bitcoin for the past few days. With the recent BTC rally reaching a standstill, perhaps it is time to finally spare a thought for Ether, which has quietly hit another all-time high above $2,700 on April 28, pushing its market cap over $310 billion — almost on par with the net worth of PayPal.

Fundamentals are strong as well: Ether’s single-day spot volume reached a staggering $68 billion last week. Meanwhile, as the price…


KEY TAKEAWAYS

  • The recent BTC price turmoil is another episode of the market unwinding excessive leverage
  • Outlook on the regulatory front remains optimistic as crypto mom’s Safe Harbor 2.0 outlines better regulatory guidelines for crypto startups
  • A significant shift in tone as China’s central bank labels Bitcoin as an “investment alternative”

The lament of the bulls coming to an end over the slightest signs of exhaustion has almost become an integral part of a typical bull cycle. Without exceptions, the massive tumble over the weekend has stirred much outcry. Some speculate that the sell-off is triggered by news hinting towards…

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