Another wild week in crypto has passed, with bitcoin providing much of the entertainment. Headlines also included news on Facebook’s crypto asset, Peter Brandt’s BTC prediction and more. Catch up on the details!
Bitcoin price dumps in correction
Bitcoin remained exciting this week, as the asset jumped all the way up to near $5,500 before falling back to the $5,000 area at the time of Crypto Insider’s article.
Price seemed to face resistance at the 300-day smoothed moving average (SMMA) close to the $5,500 level before its downfall. The asset also had not yet backtested the 200-day moving average (MA) for support as of press time.
The asset’s market valuation popped up out of a triangle type of formation this week, only to head back down swiftly as part of a fakeout. Popular analyst Tone Vays predicted such a possible fakeout in an April 10 video, one day before the occurrence.
Nathaniel Popper: Facebook crypto asset looks to VC firms for investment
On April 8, crypto influencer and New York Times writer Nathaniel Popper tweeted fresh intel on Facebook’s crypto asset. The social media company is reportedly looking for venture capital (VC) investment in its digital coin project, Popper tweeted referencing unnamed sources.
The New York Times journalist mentioned Facebook might use the invested funds as collateral for its currency-pegged crypto asset, according to a source.
Popper said the outside investment could make the project appear as less centralized.
Are Coinbase Pumps a Thing of The Past? EOS, Maker and Augur All Dump After Listing
This week, Coinbase announced the listing of EOS (EOS), Maker (MAKR) and Augur (REP). As one of the most prominent exchanges in crypto, the company has listed numerous additional assets since the first half of 2018.
2017 contained much speculation on which cryptocurrency Coinbase would add next, as the platform only housed a few coins at that time. Coins and tokens would sometimes get massive pumps based on a speculatory Coinbase addition.
After the listing of many assets since 2017, it appears as though the effects of Coinbase asset listings have faded. Crypto Insider detailed that EOS only rose roughly 3% around the news and fell in price shortly after. MAKR and REP reportedly faced similar results.
Peter Brandt: Bitcoin is going to $50,000
BTC’s spike to the upper $4,000 range earlier this month firmly finished “an ascending triangle bottom,” Brandt explained. He also added that “the hard work of catching the major turn might be over – now is the time to be patient in allowing this new bull trend to fully develop.”
Brandt also notably called for a sub-$4,000 bitcoin price near the top of the last crypto market bull run in January of 2018.
However, an April 6 tweet revealed the analyst had not yet counted out a bottom price retest for the asset.
Bitfinex Opens Doors to Everyone
“By dropping our minimum equity requirement, the only limits are now set by the traders themselves,” the CEO included.