3RD MAY LATEST CRYPTO NEWS DIGITAL MAGAZINE

Bitcoin ended April on a sombre note with a decline of more than 17%. Bitcoin was not the only asset class that faced drubbing in April, the Nasdaq Composite plunged 13.3% recording its worst monthly performance since October 2008. The S&P 500 had its worst performance since March 2020 as it fell 8.8%.

During Berkshire Hathway’s annual shareholders’ meeting, Warren Buffet and Charlie Munger doubled down on their criticism of Bitcoin. Buffet said he would not buy all the Bitcoin in the world even if it was offered to him for $25 because according to him, it does not “produce anything” unlike rental property or farmland. Munger went a step ahead and said that Bitcoin is “still likely to go to zero.”

We had suggested in our previous analysis that the 20-day exponential moving average (EMA) will act as a resistance and that is what happened. Bitcoin turned down from the 20- day EMA on April 28 and dropped near the strong support at $37,000 on May 1. The bulls bought the dip but the recovery continues to face selling near the 20-day EMA.

If bulls fail to clear this hurdle quickly, the possibility of a drop below $37,000 increases. If that happens, the selling could pick up momentum and the BTC/USD pair could plummet to $34,322 and later to $32,933. While the downsloping 20-day EMA signals advantage to bears, the positive divergence on the relative strength index (RSI) suggests that the bearish momentum may be losing steam.

The first sign of strength will be a break and close above the 20-day EMA. If that happens, the pair could rally to the 50-day simple moving average (SMA) where the bears may again pose a stiff challenge. The bulls will have to clear this hurdle to indicate that the selling pressure has reduced.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!

BITCOIN – BTC/GBP

We had suggested in our previous analysis that the 20-day exponential moving average (EMA) will act as a resistance and that is what happened. Bitcoin turned down from the 20-day EMA on April 28 and dropped near the strong support at $37,000 on May 1.

The bulls bought the dip but the recovery continues to face selling near the 20-day EMA. If bulls fail to clear this hurdle quickly, the possibility of a drop below $37,000 increases. If that happens, the selling could pick up momentum and the BTC/USD pair could plummet to $34,322 and later to $32,933. Read more

ETHEREUM – ETH/GBP

We had highlighted that Ether is trading inside a descending channel pattern and if the price turns down from the 20-day EMA, it may extend its stay inside the channel. That is what happened as the price turned down from the 20-day EMA on April 29 but bounced off the support line of the channel on May 1. Read more

RIPPLE – XRP/GBP

We had warned in our previous analysis that if buyers do not push the price above the 20-day EMA, XRP could plummet to $0.60 and that is what happened.

The XRP/USD pair broke and closed below the strong support at $0.68 on April 26 and dipped to an intraday low of $0.56 on April 30. The buyers are attempting to defend the level as seen from the rebound on May 1. Read more

LUNA/USD

Terra’s LUNA token plunged near the strong support at $75 on April 30. The bulls purchased this dip and are attempting to push the price above the 20-day EMA.

If they succeed, the LUNA/USD pair could rise to the overhead resistance zone between $100 and $103.50. The bulls will have to clear this hurdle to gain the upper hand. Read more

BINANCE – BNB/GBP

Binance Coin turned down from the 50-day SMA on April 29 and dropped below the strong support at $385 on April 30. However, the bears could not sustain the price at lower levels as the bulls purchased the dip aggressively and pushed the BNB/USD pair back above the breakdown level on May 1.  Read more

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MINE Network, the first multi-chain mining metaverse is pleased to announce the launch of the first-ever play-to-earn mining game, the MINEverse. 

The MINEverse is a fantasy world made of stone and metal where mining is the path to glory. MINEverse features a dwarven kingdom in which users use a pickaxe and grit to earn Bitcoin (BTC), Ethereum (ETH), and other proof of work tokens derived from real mining power.  

True to their vision (See further, react faster), PlutusFi has gone live some days ago, bringing in a new dawn for crypto companies and investors. Since its SocialFi environment, PlutusFi is the perfect fusion of Web 3.0, finance, and social mechanisms within a blockchain ecosystem.

Web 3.0 is the newest sensation among tech enthusiasts. No one can claim ownership of the mind-boggling technology since its development solely depends on users and different companies like PlutusFi. So, censorship and attempts to shut it down are technically useless.