On Might 18, Bitcoin (BTC) and the general cryptocurrency market confronted one other spherical of promoting as FUD — concern, uncertainty and doubt — impacted investor sentiment after Reuters and numerous social media retailers reported that China would ban monetary establishments and fee corporations from offering providers associated to cryptocurrency transactions.
In accordance with these stories, China additionally issued a warning to a number of Chinese trade associations concerning the risks of cryptocurrency investing.
Knowledge from Cointelegraph Markets and TradingView exhibits that bulls tried to push the value of Bitcoin again above the $45,000 resistance degree on Might 18 solely to have the value battered again beneath $43,000.
Whereas the situations for Bitcoin could seem dire to some, a number of basic developments together with, increased BTC outflows from the highest United States crypto alternate Coinbase and the revelation that MicroStrategy used this most up-to-date dip to buy another $10 million value of BTC, point out the potential for additional upside for the highest cryptocurrency.
The precarious nature of the present market situations for Bitcoin is probably summed up greatest within the following tweet from cryptocurrency analyst and Twitter character Rekt Capital, which highlights the significance of the upcoming every day shut for BTC.
Each time #BTC Day by day Closed inside inexperienced assist or above it – a bullish reversal would happen#Bitcoin is again at inexperienced assist once more however as an alternative is hovering beneath it now
— Rekt Capital (@rektcapital) May 18, 2021
Altcoins shake off the downturn
Regardless of the full-frontal FUD assault that the crypto market has been underneath in latest weeks, many altcoins have seen their costs breakout over the previous couple of days as merchants rotate out of underperforming tokens and into tokens which have turned bullish.
The standout efficiency of the week goes to MATIC, the native token of Polygon, a quickly rising Ethereum layer-two answer that has morphed into an oasis for merchants searching for decrease charges.
In accordance with knowledge from Cointelegraph Markets Pro, market situations for MATIC have been favorable for a while, as evidenced it is the latest VORTECS™ Rating of 99 on Might 15, which was recorded roughly 50 hours earlier than its worth rallied 83% from a low of $1.47 on Might 17 to a brand new all-time excessive at $2.70 on Might 18. This transfer passed off as there was a report $6.84 billion in 24-hour buying and selling quantity.
Synthetix Community Token (SNX) has additionally obtained a lift in buying and selling quantity on Might 18 that lifted its worth 40% to an intraday excessive at $25.64, whereas the Binance Sensible Chain-based DeFi platform Venus’ XVS token rallied 63% to an intraday excessive of $143.41.
Different notable double-digit gainers embrace 40% good points for ARK and Celer Community’s CELR, in addition to 20% good points for AAVE and Helium Community Token (HNT).
The general cryptocurrency market capitalization now stands at $2.076 trillion, and Bitcoin’s dominance fee is 39.4%.
The views and opinions expressed listed below are solely these of the writer and don’t essentially replicate the views of Cointelegraph. Each funding and buying and selling transfer includes danger, and it is best to conduct your personal analysis when making a choice.