The market-leading cryptocurrency shook off Monday lows to bounce higher.
The total cryptocurrency market is down about 1% the day. BTC is up around half a percent as ETH added roughly the same. Meanwhile, LUNA continues to show strength — making a new all-time high.
Michael Saylor announced earlier today that his company, MicroStrategy, added an additional 4,167 BTC for around $190.5 million from Feb. 15 to April 4. The average price per coin is approximately $45,714. This comes after it was reported in March that the firm took on a $205 million BTC-backed loan from Silvergate Bank to buy more BTC. Though the buying has seemingly stopped for the time being, bullish traders hope this will encourage other large bidders to continue the push upward.
DeFi Digest: U.K. plans to make stablecoins valid form of payment
Rishi Sunak, the United Kingdom’s Chancellor of the Exchequer, detailed plans on Monday for the U.K. to become a global crypto-asset technology hub — which included encouragement for the use of stablecoins. According to the press release, the “government intends to legislate to bring stablecoins – where used as a means of payment – within the payments regulatory perimeter, creating conditions for stablecoins issuers and service providers to operate and invest in the UK.”
Because stablecoins are a cryptocurrency pegged to traditional fiat currency, the U.K. believes they will serve as a more efficient way for exchange and commerce in the nation. Other expected measures within the announcement include an official nonfungible token, a more-competitive tax system to promote cryptocurrency development and the establishment of a Cryptoasset Engagement Group.
NFT Snapshot: Gh0stly Gh0sts launch as first omnichain collection
Gh0stly Gh0sts became the first nonfungible token project to launch as an omnichain collection built on top of LayerZero. The tokens were available as a free mint on multiple blockchains, including Ethereum, Avalanche, Fantom and others. As a function within LayerZero, owners can transfer their nonfungible tokens between chains — creating new opportunities for future projects to build across platforms.
According to the project’s blog, Gh0stly Gh0sts is a community-first project and hopes owners will work together to build the brand on all available blockchains. As of writing, the cheapest available for sale is currently 0.64 ETH on OpenSea.
Top altcoin gainers and losers: Few altcoins outperform
- RON/USDT +16.22%
- DOGE/USDT +8.05%
- JOE/USDT +6.00%
- MAGIC/USDT -5.13%
- ZIL/USDT -6.53%
- LOOKS/USDT -11.02%
Following the news that Elon Musk bought a 9.2% stake in Twitter, DOGE soared — as anything remotely to do with the Tesla CEO seems to always have an effect on the memecoin’s price.
On the other hand, nonfungible token-related cryptocurrencies, such as LOOKS and MAGIC, are down after failing to catch much of a bid.
BTC technical analysis: Holding for now
BTC’s tight downward trend seems to have come to a temporary close after last week’s big move up. The coin fell as low as 45,100 USDT on the day, but currently sits around 45,800 USDT. This level continues to be an important pivot between bullish and bearish sentiment among traders. For now, they remain cautiously optimistic.
ETH technical analysis: Consolidating higher
Like BTC, ETH finds itself in a similar situation — holding on to key levels before a more decisive move. ETH has led the market leader in upward movement since last week, as traders continue to be bullish on the upcoming proof-of-stake merge. The token still hangs below the 200-day moving average. A break higher will be quite bullish, with some traders targeting as high as 3,900 USDT.
Altcoin technical analysis: LUNA hits new all-time high
LUNA token moved up last night to another all-time high, this time to over 119.50 USDT. Momentum is still very bullish for the Layer-1 coin as traders continue to bid on the narrative behind a BTC-backed stablecoin, UST. Some pullback is expected by some after breaching another high — but it would be unwise not to expect more upside if the broader market holds up.
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Source: https://www.okx.com/academy/en/luna-hits-new-all-time-high-microstrategy-adds-another-4167-btc-crypto-market-daily/