Welcome to our weekly brief. Here you will find what is going on on the markets and what are expected events in week 13. It should help you with jumping back on track.
Fundamentals and expected events: week 13
Crypto markets: Crypto markets have experienced a very volatile week with dramatic declines and growths. The growth was mainly caused by reports of acceptance of cryptocurrencies by more large companies. Bitcoin eventually gained more than $ 2,500 today after volatile weekend. Pressure on sales, recorded in the last few weeks, was eased by large BTC whales buying the dip. Now the cryptocurrency flagship faces little resistance that will prevent it from growing to a new all-time high. Altcoins also follow growth and are mostly in green numbers.
Stock and commodity markets: Near the end of the quarter there is usually an increased market volatility due to possible changes in the portfolios of large players. At the end of 1Q, this effect could be exacerbated by growth in government bond yields, which could lead to more significant shifts. US government bond yields rose slightly again at the beginning of the week. Oil prices are now hovering at the levels of 2019, a period of strong economic growth. So it cannot be ruled out that prices would correct somewhat in the short term. For example, Goldman Sachs predicts that oil prices would be as high as $ 80 a barrel, depending on the resolution of the Suez crisis. Gold has now weakened slightly.
Important events: Domestic markets stumbled upon the news of the fatal accident of the Czech billionaire Petr Kellner. As for foreign events, the results of negotiations between the OPEC countries and the results of measuring unemployment from the USA are expected this week, as well as the statement of the American Fed.
Cryptomarkets and marketcap: week 13
The most actual price for one Bitcoin [BTC] is $58 115,10. Bitcoin is listed on 86 exchanges with a sum of 400 active markets. The 24h volume of [BTC] is $54 287 519 283, while the Bitcoin market cap is $1 078 097 430 829 which ranks it as #1 of all cryptocurrencies. (coinpaprika.com)
The last day of the workweek was when the market finally started to bounce on the options expiry event. BTC formed a huge bullish engulfment candle and closed at $55,000 or 8 percent higher.
The weekend of March 27-28 started with another trend reversal confirmation session on Saturday as Bitcoin progressed to $55,900. Then on Sunday it approached the $57,000 level, but could not extend its winning streak and closed flat. Monday morning is a break above the $57,400 resistance (last week’s open).
The most actual price for one Ethereum [ETH] is $1 769.72. Ethereum is listed on 102 exchanges with a sum of 400 active markets. The 24h volume of [ETH] is $22 457 241 461, while the Ethereum market cap is $203 961 460 899 which ranks it as #2 of all cryptocurrencies. (coinpaprika.com)
The upcoming options expiry on Friday, March 26 was the most probable reason for the sudden market selloff with a total of $1.15 billion of put and call options expected to expire by the end of the workweek. This, according to the majority of the veteran traders might cause a general lack of consistency in the price behavior.
On Friday, we finally saw a breakout. The biggest altcoin started to move upwards and formed a solid candle to $1,700, which resulted in a 7.2 percent of increase.
The first day of the weekend served as confirmation of the reversal and the ether closed at $1,713, right at the 21-day EMA.
On Sunday, it was rejected at the above-mentioned area and closed at $1,691.
The coin is trading significantly higher on Monday morning reaching $1,760 by the time of writing this article.
The most actual price for one THETA [THETA] is $13.16. THETA is listed on 15 exchanges with a sum of 35 active markets. The 24h volume of [THETA] is $832 804 311, while the THETA market cap is $13 157 271 170 which ranks it as #8 of all cryptocurrencies. (coinpaprika.com)
The recent surge in price is most probably related to the news that Theta Labs has been granted a 2nd U.S. patent for decentralized blockchain-based video design and data delivery. The patent will help the company focus on the design of a new trusted payment system on blockchain technology.