Week 12 – Overview of fundamentals and markets

debt, week 12, XLM

Welcome to our weekly brief. Here you will find what is going on on the markets and what are expected events in week 12. It should help you with jumping back on track. 

Fundamentals and expected events: week 12

Cryptomarkets: After weekend of price declines, the cryptocurrency market began to recover as Bitcoin jumped to almost $ 58,000 and Ethereum approached $ 1,800. Most altcoins also suffered over the weekend, but today  altcoins showed signs of recovery and the market capitalization of the entire cryptomarket jumped back to $ 1.8 trillion.
Stock and commodity markets: European markets started the new week in uncertainity. The problem is the unexpected development in Turkey, where President Erdogan dismissed the third head of the central bank from office after he decided to raise key interest rates. This was reflected by a sharp drop in the Turkish currency by more than 10%, which shook the financial markets in general.
The automotive sector was doing well today (+ 2%) thanks to an improvement in Deutsche Bank’s outlook for the entire European automotive sector. By contrast, the travel, hospitality and retail sectors were under pressure for fears of another covid wave in some European countries. Countries such as Germany, France, Poland and Ukraine have recently stepped up their measures. US stock markets are entering a new week with stronger growth, mainly due to a decline in bond yields on US government bonds. The technology sector is thriving. Oil is hesitating and gold oscillates between $ 1,730 – $ 1,740.
Expected events: On 25 and 26 March, EU leaders will hold a video conference about EU response to the COVID-19 pandemic, the single market, industrial policy, digital transformation and the economy, the situation in the Eastern Mediterranean and relations with Russia. The US Fed will also decide on interest rates, as well as the ECB and the British Central Bank.

Cryptomarkets and marketcap: week 12

The global crypto market cap is $1.78 trillion, a 0.26% increase over the last day. Minimum in this week is 1.722 trillion. maximum 1,85 trillion.
The total crypto market volume over the last 7 days is $ 895 billion. The total volume in DeFi is currently $53 billion, 7.87%. Bitcoin’s price is currently $57,117.48. Bitcoin’s dominance is currently 59.89%.

BTC/USD

The most actual price for one Bitcoin [BTC] is $57 115.20. Bitcoin is listed on 83 exchanges with a sum of 400 active markets. The 24h volume of [BTC] is $51 221 427 391, while the Bitcoin market cap is $1 065 837 056 750 which ranks it as #1 of all cryptocurrencies.

Bitcoin price is sinking slowly from highs set over a week ago, and bullish momentum is showing signs of waning. The peak of the bull market isn’t expected by most analysts for some time, however, a sizable reduction in BTC wallets with a balance of 1K or more coins, could be signaling a bear market is coming sooner than they expect.

Graphical user interface, chart

SUSHI/USD

The most actual price for one Sushi [SUSHI] is $18.85. Sushi is listed on 27 exchanges with a sum of 51 active markets. The 24h volume of [SUSHI] is $258 189 673. On the graph we see the bullish channel pattern. The price is approaching the support line and investors can expect a reflection upwards according to previous cycles. Within the resistance line we see values of 23.4 USD.

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LINK/USD

The most actual price for one Chainlink [LINK] is $29.19. Chainlink is listed on 80 exchanges with a sum of 211 active markets. The 24h volume of [LINK] is $615 213 648, while the Chainlink market cap is $11 092 662 191 which ranks it as #9 of all cryptocurrencies.

On the 4-hour chart, the past few days saw a bearish divergence (white) emerge as the price formed higher highs while the momentum indicator (RSI) formed lower highs. This caused LINK to pullback to the $29 mark.

The $29-$29.4 region has served as a region of supply and demand in recent weeks. If LINK falls beneath $29, the next level of support lies at $28.28.

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