WMA: Bitcoin doesn’t flinch to bad news while China is Launching Digital Yuan

Get the weekly summary of cryptocurrency market trends, news, and forecasts!

This Week’s Summary

The Crypto Market ends the week at a total market capitalization of $208 billion

Bitcoin returns to trade above $7,000 with less than a month before the halvening

Ethereum ends the week trading above $183

XRP continues its struggle to overcome the $0.20 barrier

The OPEC announces the largest historical cutback of crude oil production in history

COVID-19 has now surpassed over 2 million cases worldwide

Crypto Trends 13th – 19th of April 2020: PERFORMANCE & ANALYSIS

The last week has been a relatively good period for the crypto market as most of the cryptocurrencies traded in green and reached the weekend on an optimistic uptrend.

Bitcoin traded close to $7,000 for the first half of the week. On Thursday, the halving of Bitcoin Cash (BCH) forced it to drop a few points, and for a few hours, it was valued as low as $5,900. However, it quickly regained its strength and bounced back stronger. Now, it ends the week at $7,211 and continues to rise.

Bitcoin trading above $7,000 after more than a month of ups and downs is fairly optimistic news, especially with the much-awaited halvening being just around the corner. Nevertheless, the most impressive aspect of BTC’s recent run is its resilience to disappointing news coming from other markets and industries.

Bitcoin didn’t even flinch this week when OPEC announced the largest historical cutback of crude oil production in history. It barely moved a muscle when the International Monetary Fund (IMF) released one of the most worrying economic forecasts in decades. Lastly, it couldn’t be bothered with the news that the ongoing COVID-19 pandemic sent China’s economy back to the 1970s.

China experienced a 6.8% setback since the Coronavirus outbreak, and its recovery is nowhere in sight. However, when it comes to cryptocurrency, this week has brought exciting news from the Land of the Red Dragon as leaked photos revealed an interface for the digital Yuan developed by the Agricultural Bank of China.

Elsewhere, most of the altcoins are following Bitcoin’s uptrend, and manage to end the week trading in green.

Ethereum is surging bravely towards the golden $200 resistance level after a 7.6% price increase from last week’s value. For now, it only trades at $183, but the next support level at $165 seems gone and forgotten for the most popular altcoin on the market.

Ripple’s XRP ends the week trading at $0.192 after it managed to remain above the $0.18 support level throughout the week. The next resistance level lies at $0.20, and investors hope that it can overcome it next week.

The COVID-19 pandemic continues to spread around the world with less than 20 remote countries reporting that they have escaped the deadly virus so far.

What’s in the News?

Binance launches P2P Trading Support for Indian Rupees and Indonesian Rupiah

XRPlorer forensics suggests that XRP users lost up to 1.4M XRP to fake ledger extension

Andreessen Horowitz aims to raise $450m for second cryptocurrency fund

Next Week’s Market Forecast

In the upcoming week, Bitcoin should continue its vertical trajectory as the May halvening is looming on the horizon. The next resistance level is at $7,400 and BTC could reach it, overcome it and not look back by this time next week.

In other news, the most popular altcoins should mimic Bitcoin’s uptrend direction. COVID-19 should dominate the news again as governments everywhere will be trying to buy more time and shield their economies ahead of an imminent financial crisis.

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