A sell-off took over the crypto market on April 7th after the price of Bitcoin (BTC) fell below $ 56,000..
The market-wide sale resulted in $ 1.4 billion in liquidations and some analysts suggested that this may be the last round of overfunded long traders before they do Bitcoin could take a step towards the $ 70,000 level.TO
One sign that the market had stood before itself for the past week was the rapid rise in the kimchi premiumThis was followed by a seven percent drop in BTC price on April 7th as traders feared it could be a sign of market cap.
Despite the market downturn, analysis of the chain data suggests it Bitcoin could soon rally to a new all-time high as whales, miners, and long-term owners have declined or stopped selling altogether and institutional demand remains high..
The traditional markets are approaching their all-time highs
The stock markets were close to their all-time highs on TuesdayAs employment accelerated, record activity in the service sector and the expansion of manufacturing led to unexpected optimism, which fueled stock prices.
Despite this positive news The Dow and NASDAQ closed 0.06% and 0.16% respectively, while the SP 500 ended the day up 0.06%..
The Coinbase listing offers some relief
Some altcoins were able to climb all day after Coinbase announced that it would include 1INCH, Enjin (ENJ), New Type of Network (NKN) and Origin Protocol (OGN) in Coinbase Pro
Starting today, inbound transfers are available for 1INCH, ENJ, NKN and OGN in regions where commerce is supported. Traders cannot place orders and orders are not executed. Operations will begin on Friday, April 9th at 9:00 a.m. (local time) if the liquidity conditions are met. https://t.co/L5KlZvMiuA
to???? Coinbase Pro (@CoinbasePro) April 7, 2021
Following the announcement, the price of 1INCH and ENJ saw modest gains of 5%while the Origin protocol saw a 10% increase and NKN recovered 27%.
Solana (SOL) also gained 10% and Ethereum (ETH) 7% to trade below $ 2000.
The global market cap for cryptocurrencies is now $ 1.90 trillion and the dominance rate of bitcoin is 55.6%.
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