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Bitcoin price prediction: Bitcoin slows down below $56,000, prepares to retrace?

TL;DR Breakdown BTC breaks previous resistance at $54,000, which now acts as a support. BTC peaked at 55,794 earlier today. Next major resistance at $57,000. Today’s Bitcoin price prediction is bearish as the market has lost its bullish momentum over the past hours. Therefore, we expect retracement towards the next support at $51,500 over the […]

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TL;DR Breakdown

  • BTC breaks previous resistance at $54,000, which now acts as a support.
  • BTC peaked at 55,794 earlier today.
  • Next major resistance at $57,000.

Today’s Bitcoin price prediction is bearish as the market has lost its bullish momentum over the past hours. Therefore, we expect retracement towards the next support at $51,500 over the next 24 hours.

Bitcoin price prediction: Bitcoin slows down below $56,000, prepares to retrace? 1
Cryptocurrency heat map. Source: Coin360

The overall cryptocurrency market trades with mixed results today. Bitcoin has remained flat, while Ethereum is up by 2.5 percent. The worst performance is seen for Vechain (VET), as it is down by 5.5 percent. Meanwhile, Uniswap is among the best performers with a gain of 9.5 percent.

BTC/USD opened at $55,069 after slight bullish momentum yesterday and a strong push higher on Monday. Today, the market rejected further upside and the bullish momentum has diminished over the last 24 hours. This should lead BTC/USD towards a retracement later this week with the first support level seen at $51,500.

Bitcoin price movement in the last 24 hours

The BTC/USD moved in a range of $53,887 – $55,686 over the last 24 hours with a total trading volume of $45,5 billion, which is down by 13.56 percent from yesterday. The total market cap has returned above the $1 trillion mark, leading to total market dominance of 49.42 percent.

BTC/USD 4-hour chart – BTC testing $54,000 level as a support

On the 4-hour chart, we can see BTC/USD moving sideways for the past hours, indicating that we should soon see retracement towards $51,500 support.

Bitcoin price prediction: Bitcoin slows down below $56,000, prepares to retrace?
BTC/USD 4-hour chart. Source: TradingView

Overall, Bitcoin is still in a strong bearish momentum as the market lost almost 30 percent after peaking just below the $65,000 mark. Two strong waves lower were seen over the past two weeks, with consolidation area formed in-between around $54,000-$57,000, indicating that BTC will likely find resistance around this area on its way up later.

Late last week, the Bitcoin price spiked towards $48,000, after which a several-day consolidation in an increasingly tighter range was seen. On Sunday, another spike lower set a lower low right at the $47,000 mark. From there BTC/USD quickly rallied and moved above previous support at $54,000.

Right now, Bitcoin trades in the previously mentioned price range of $54,000-$57,000. Therefore, some further upside might be seen later today. However, overall, we expect BTC/USD to retrace over the upcoming days to establish a higher low from which to potentially reverse the current several week bearish price action structure.

The first support is seen at a $51,500 area. If BTC can establish a higher low there, we can expect the next upswing to take the Bitcoin price above $57,000. From there, BTC/USD should continue pushing higher over the upcoming weeks.

Bitcoin Price Prediction: Conclusion 

Bitcoin price prediction is bearish as the market shows signs of exhaustion after gaining almost 20 percent over the past days. Therefore, once the $54,000 breaks, we should see a move towards the next support at $51,500. 

While waiting for further Bitcoin price action development, see our guides on Bitcoin mining pools and Litecoin mining. Additionally, see our guide on Bitcoin debit cards, to learn more on how to spend your crypto.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptopolitan.com/bitcoin-price-prediction-2021-04-28/

Blockchain

CME Group Reports Solid Demand for Micro BTC Contracts

The contracts are 1/10th of the size of a Bitcoin.

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CME Group, which is one of the United States’ top derivatives exchanges, announced on Tuesday that the trading volume of recently launched micro Bitcoin futures surpassed 100,000 contracts within only the first six days of its launch.

“We are pleased to see strong customer adoption and support for our new Micro Bitcoin futures contract early on,” Tim McCourt, CME Group’s global head of equity index and alternative investment products, said in a statement.

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CME launches the micro Bitcoin futures contracts on May 3 to generate demand for Bitcoin derivatives among small-time investors. According to the exchange, the micro contracts are ‘an efficient, cost-effective way for traders to fine-tune their bitcoin exposure and enhance their trading strategies.’

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The contract mimics the exchange’s other Bitcoin futures contract and is 1/10th of the size of a Bitcoin. The contracts are cash-settled and track the asset price from the CME CF Bitcoin Reference Rate that is the ‘once-a-day reference rate’ of the US dollar price of Bitcoin.

A Leader in Crypto Derivatives

CME first launched Bitcoin derivatives in December 2017, only a week after its rival Cboe launched the same. Though Cboe struggled with its Bitcoin product and eventually shut its offers, demand for CME’s Bitcoin futures contracts skyrocketed.

The Chicago-based derivatives exchange further expanded its cryptocurrency products with the launch of Bitcoin options and also Ethereum futures contracts.

“Together with our existing, full-sized Bitcoin futures, this new, smaller contract further strengthens our ability to help a broad array of clients – from institutions to sophisticated, active traders – to manage their bitcoin price risk,” McCourt added.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.financemagnates.com/cryptocurrency/news/cme-group-reports-solid-demand-for-micro-btc-contracts/

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Gemini Now Allows Users to Earn up to 2.25% Interest on Dogecoin

Dogecoin (DOGE) becomes the 32nd cryptocurrency on Gemini Earn’s portfolio as users can earn up to 2.25% interest on it.

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The US-based cryptocurrency exchange Gemini announced it will grant its customers the opportunity to earn interest on Dogecoin. They can realize as much as 2.25% annual percentage yield (APY) on the meme coin. With this innovation, Gemini Earn now accounts for more than $2 billion in loans for its customers.

DOGE Coming to Gemini

The massive craze around the meme coin keeps its invasion and reached the US trading venue Gemini. The official website of the crypto exchange founded by the Winklevoss brothers announced to its users that they can start earning interest on DOGE with Gemini Earn.

The company revealed its custody support to the meme coin and affirmed that Gemini is the only regulated platform in the US where trading and earning interest on DOGE is allowed in all 50 states. Furthermore, Gemini’s officials opined that Dogecoin is a true successor of Bitcoin:

”We listed Dogecoin because we believe it is the people’s money and continues Bitcoin’s tradition of giving the control of money back to the people.”

The Gemini team also confirmed that clients may begin earning interest on SushiSwap (SUSHI), Injective (INJ), and Polygon (MATIC).

Gemini Earn stated that users can earn up to 7.4% APY on their crypto held on the exchange. Additionally, interest is earned and aggregated daily and customers can claim their digital assets at any time. Another main advantage of the service is that there are no minimum balances and fees to transfer into or redeem from it.


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Gemini Earn is accessible for every customer in the US and Singapore. With the addition of Dogecoin, there are now 32 digital assets that the service supports.

Another Innovation by Gemini

The founders of the cryptocurrency exchange – The Winklevoss twins – are well known for their support for the crypto industry and Bitcoin in particular. Their digital asset exchange is among the few regulated in the US and has made several notable partnerships as of late.

CryptoPotato reported recently that Gemini collaborated with Mastercard to launch a crypto credit card with rewards paid in the form of the primary cryptocurrency. According to the statement, the card will offer up to 3% of bitcoin cashback to users.

Many investors embraced the announcement and the waiting list quickly surged to 140,000. Gemini promised the card will come with no annual fees, combined with 24/7 live customer support, which should ”deliver a superior cardholder experience.”

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Source: https://cryptopotato.com/gemini-now-allows-users-to-earn-up-to-2-25-interest-on-dogecoin/

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Public Mint Partners with KIRA to Enable Cross-Chain Liquid Staking

[Press Release – San Francisco, California, 10th May, 2021] Public Mint and KIRA have announced a strategic partnership that would see Public Mint’s native tokens integrated in KIRA’s cross-chain liquid staking platform, enabling holders of Public Mint’s USD+ and MINT tokens to benefit from cross-chain DeFi opportunities while continuing to receive yield through Public Mint. […]

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[Press Release – San Francisco, California, 10th May, 2021]

Public Mint and KIRA have announced a strategic partnership that would see Public Mint’s native tokens integrated in KIRA’s cross-chain liquid staking platform, enabling holders of Public Mint’s USD+ and MINT tokens to benefit from cross-chain DeFi opportunities while continuing to receive yield through Public Mint.

KIRA is an interoperable blockchain hub that offers cross-chain liquid staking for a number of tokens. Liquid staking is an innovative DeFi primitive that tokenizes a user’s staked assets to enable seamless use in other environments. KIRA will allow users to deposit their Public Mint native assets, including the USD+ synthetic stablecoin and the MINT governance token, which will be seamlessly staked to continue to receive yield. In return, users will receive an IOU token that represents the funds locked in the platform and can be redeemed at any time for the underlying funds. Using a tokenized representation means that the underlying funds can be used seamlessly as if they were the original token, and can be put to work through other DeFi yield opportunities, effectively multiplying capital efficiency and yield.

Through the integration with KIRA, Public Mint assets can be connected to a number of other blockchains supported by the network thanks to its Interchain Exchange Protocol (IXP). This further enhances Public Mint’s vision of interoperability, adding to the existing native bridge with the Ethereum blockchain.

“We’re excited to be partnering with KIRA to further connect the Public Mint blockchain with the wider crypto ecosystem,” said Paulo Rodrigues, CEO of Public Mint. “KIRA’s liquid staking ability will vastly increase capital efficiency and attract more liquidity to Public Mint’s Earn program. We expect to see even more use cases for USD+ and MINT deriving from this integration in the future.”

“Building a truly inclusive and capable DeFi ecosystem is what KIRA stands for, which is why we designed our cross-chain liquid staking system,” said Milana Valmont, CEO of KIRA. “Partnering with Public Mint furthers that vision to bring KIRA to the widest audience possible, especially given their focus on users who are not too crypto-savvy.”

Public Mint is a complete platform for synthetic fiat that is fully collateralized, regulated and FDIC-insured, running on a fiat-native blockchain. The platform is designed to be fiat-friendly, allowing non-crypto users to earn significant yield on their assets without exposing themselves to the complexity and volatility of cryptocurrencies. The EARN program is Public Mint’s yield aggregation platform, containing strategies that combine yield opportunities from both DeFi and more traditional cryptocurrency lending, commonly referred to as “CeFi.” EARN will be available from Q3 through the Public Mint mobile wallet app, complete with a native fiat-to-crypto rail, as well as with USDC bridged from the Ethereum blockchain.

About Public Mint

Public Mint bridges the worlds of traditional fiat with the innovative world of crypto. It offers a complete platform for synthetic fiat, regulated and fully collateralized with funds held on deposit with FDIC-insured financial institutions.

Public Mint offers a fiat-native blockchain, APIs and web components, open and ready for anyone to build fiat-native applications and accept credit cards, ACH, wire transfers, and more — no bank accounts needed.

About KIRA

KIRA is the first decentralized network that enables market access to any digital asset in the crypto ecosystem. Users can earn block and fee rewards from staking any digital asset on multiple chains at the same time, while maintaining full liquidity and custody over their funds, whether trading on KIRA or using other DeFi apps simultaneously.

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Source: https://cryptopotato.com/public-mint-partners-with-kira-to-enable-cross-chain-liquid-staking/

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Rari Capital Will Reimburse Hack Victims with $26 Million From Developer Fund

After suffering pool exploit, core developers of Rari Capital will reimburse hack victims with up to $26 million worth of RGT.

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DeFi protocol Rari Capital plans to reimburse its affected users after a hacker managed to exploit its liquidity pool, draining 10 million worth of Ethereum (ETH) – around 60% of users’ funds.

Jai Bhavnani, Rari Capital CEO, said the protocols’ core contributors have agreed to return 2 million of their $RGT —which was initially allocated for developers as an incentive— back to the DAO and reimburse impacted users.

According to a postmortem, the attacker drained the pool by taking a flash loan from the exchange dYdX to deposit ETH and make repeated withdrawals. The protocol will prevent deposits and withdrawals in the same block to avoid these flash loan attacks.

ETH Pool Exploited

The Rari Capital Ethereum Pool transfers ETH into Alpha Finance’s ibETH token. However, developers were not aware of a function in the ibETH token that could artificially inflate its value. The attacker took advantage of that function, manipulating the contract to withdraw more funds than deposited. He stole 2600 ETH of the Ethereum Pool, according to David Lucid, Rari Capital’s lead developer.

Rari Capital is still discussing proposals via community calls. The first security measure is to require all upcoming protocols the company integrates with to review their integrations, stating that protocols “know the code they wrote better than anyone else.”


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As for auditing, the company is waiting for an audit with OpenZeppelin and plans to enlist other auditing firms rather than Quantstamp.

DeFi Hacks on the Rise

Rari Capital is the latest DeFi hack. The Rari Governance Token (RGT) tumbled 50% following the news, going from $18 to $8. However, the coin managed to recover to $12 at the time of writing.

There have been numerous attacks in the DeFi space recently. As reported by CryptoPotato, at least $50 million disappeared from Uranium finance in an apparent hack. However, most users in the crypto community speculate of a possible rug pull.

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Source: https://cryptopotato.com/rari-capital-will-reimburse-hack-victims-with-26-million-from-developer-fund/

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