“Bitcoin Builds Strong Support At $ 58,000”


The Bitcoin sell-off is gradually ebbing. The founders of the analysis platform “Glassnode” meanwhile see a new strong support at 58,000 US dollars. At the same time, both XRP and IOTA can grow in the double-digit percentage range.

The Bitcoin sell-off of the past few trading days seems to have been overcome. The industry leader was able to break away from the negative trend and is now at USD 58,336.79 at the time of going to press. That means a daily plus of 2.28 percent. This means that the crypto reserve currency can make up ground in a seven-day comparison and reduce the weekly deficit to -2.42 percent.

Meanwhile, a march over the 60,000 threshold seems increasingly likely. Repurchases have built up “strong support” at $ 58,000 in the past few days. This is what the founders of the on-chain analysis platform Glassnode explained by Twitter.

Bitcoin adoption is growing

At the same time, the head for digital assets of the US asset manager Fidelity, Tom Jessop, continues to expect a “rapid acceleration” of crypto adoption. Compared to the US medium Marketwatch Jessop said in an interview that he is watching more and more investors turning to Bitcoin. The manager cited the current low interest rate environment in combination with a monetary policy that would be stimulated by “easy money” as the reasons for this rethinking. This has contributed to Bitcoin now experiencing this influx. The corona pandemic has even intensified this effect:

The pandemic was, frankly, a catalyst for institutional adoption and specifically for Bitcoin and the digital gold narrative or use case. […] Especially in an environment where we have seen unprecedented monetary and fiscal stimulus from central banks and governments in response to the pandemic.

Tom Jessop, Head of Fidelity Digital Assets Marketwatch

IOTA and Ripple with double-digit price gains

While Bitcoin is making up ground again, XRP and MIOTA can each gain double-digit growth. After the preliminary skirmish in the course of the legal dispute with the Securities and Exchange Commission (SEC), the Californian start-up was able to record its first partial success when Judge Sarah Netburn granted a motion by Ripple, which demanded the release of certain documents that are in the archives of the SEC . As a result, the XRP rate literally shot through the roof and reached the US $ 1 mark for the first time since 2018. After a brief setback to $ 0.89, the price stands at $ 1.03 at press time. This enabled Ripple to gain a little over 10 percent in a 24-hour comparison. Thanks to these price gains, XRP is currently back in 4th place among the top 10 coins.

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Since the partial success, new optimism has been stirring in the ranks of the Ripple community. A petition started on April 7th Change.org, which was addressed to SEC chief Gary Gensler and requests the withdrawal of the lawsuit. At the time of going to press, the petition had just over 3,500 signatures.

IOTA can also start the trading day with double-digit price gains. MIOTA is currently scratching the $ 2 mark. The reason for this is likely to be the imminent changeover to “Chrysalis”, which should start on April 21. The decentralized transformation of the mainnet is an important turning point. With “Nectar” proclaimed IOTA now the first successful implementation in the new network. This also includes the incorporation of “Mana” into the “Pollen” test network, which allows developers to study attacks under realistic network conditions.

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