Daily Crypto Signals: Bitcoin Holds Steady Amid Trade War Fears, Ripple Makes $1.25B Acquisition
The cryptocurrency market today presents a mixed bag of developments, with Bitcoin maintaining a cautious stance amidst escalating global
Live BTC/USD Chart
The cryptocurrency market today presents a mixed bag of developments, with Bitcoin maintaining a cautious stance amidst escalating global trade war concerns, while Ripple made a significant splash with a massive $1.25 billion acquisition.
Elsewhere, Binance announced the delisting of 14 tokens, and a crypto lawyer filed a Freedom of Information Act (FOIA) lawsuit seeking information about a supposed meeting between Satoshi Nakamoto and the US Department of Homeland Security.
Crypto Market Developments: Navigating Trade Wars and Major Moves
Under demanding macroeconomic conditions, the bitcoin industry keeps changing. The US government’s 104% tariffs on Chinese imports have rocked conventional and cryptocurrency markets; the S&P 500 index closed April 8 with a 1.6% loss following earlier advances of 4%. This instability has affected cryptocurrencies; several big coins have seen price adjustments.
Trading volumes across primary markets remain high as investors review positions in light of rising worries about possible worldwide economic downturn. New ETF filings and well-publicized purchases in the bitcoin market show that institutional interest in the cryptocurrency field keeps growing despite the immediate bearish attitude.
One of the biggest bitcoin exchanges worldwide, Binance, said on April 16 that 14 coins would be delisted from its platform. This action conforms to what the trade described as a “comprehensive evaluation of multiple factors” comprising community feedback from its ” Vote to delist” procedure, development activities, trading volume, and regulatory compliance. Reflecting tougher listing criteria across the business, the purge targets tokens including Badger (BADGER), Balancer (BAL), and VIDT DAO (VIDT).
Trump’s Fresh Tariffs Send Bitcoin to $75,000
Having dropped from recent highs among more general market uncertainty, Bitcoin BTC/USD is trading at about $75,000 at the now. Technical analysts highlight $70,000 as a possible support level, which most remarkably matches past all-time highs from 2021.
Having dropped to 43, the weekly Relative Strength Index (RSI) of the cryptocurrency is lowest level since the start of the bull market in early 2023. Although not yet in oversold condition (below 30), this dropping momentum signal points to Bitcoin maybe under more downward pressure before reaching a lasting bottom.
Some analysts remain hopeful about Bitcoin’s long-term potential despite short-term adverse indications, especially considering continuous US fiscal difficulties. Rising debt payment costs for the $9 trillion federal government maturing within the next 12 months might undermine the US dollar and direct investors into limited assets like Bitcoin.
Fascinatingly, the US Dollar Index (DXY) has veered from US Treasury yields to drop to 103.0 on April 8 from 104.2 on March 31. This scenario might help Bitcoin’s position as a substitute store of value to get stronger.
Ethereum’s Bearish Moves Slowing?
Having suffered a sharp 65% drop over the past three months, Ethereum ETH/USD is displaying indicators of bearish tiredness. Currently selling at almost $1,420, the second-largest cryptocurrency by market capitalization is far behind its December 2024 peak near $4,095.
Technical study finds strong parallels between Ethereum’s present price movement and past trends seen in 2018 and 2022. ETH created greater price highs in both past cycles together with reduced relative strength index readings—a classic bearish divergence warning before significant market drops.
Entering the “capitulation” zone, Ethereum’s Net Unrealized Profit/Loss (NUPL) statistic indicates that most investors now hold ETH at a loss. Similar movements into this zone historically happened in March 2020 and June 2022 close to significant market bottoms.
These trends suggest Ethereum might hit the $990-$1,240 zone, matching important Fibonacci retracing levels, before establishing a solid bottom. Still, the oversold circumstances on several measures point to a possible reversal not too far off.
Ripple Acquires Hidden Road for $1.25 Billion
With its acquisition of crypto-friendly prime broker Hidden Road in a historic $1.25 billion transaction revealed on April 8, ripple has made news. This acquisition marks one of the biggest mergers in the history of the cryptocurrency sector, therefore positioning Ripple to be the first crypto company owning and running a worldwide, multi-asset prime broker.
With Hidden Road presently clearing more than $3 trillion across over 300 institutions, Ripple’s announcement indicates that the acquisition will make the business the largest non-bank prime broker globally. The calculated action is supposed to support the position of Ripple USD (RLUSD), a stablecoin founded by Ripple in December 2024 with an institution-oriented concentration.
Hidden Road’s $3 trillion yearly clearing will combine with XRP ledgers (XRPL) supported by Ripple CEO Brad Garlinghouse. “Instead of waiting for up to 24 hours to settle trades through fiat rails, Hidden Road will be using XRPL for clearing a portion of trades, and most consequetically, using RLUSD as collateral across its prime brokerage services,” Garlinghouse said.
The acquisition marks a “defining moment” for the XRPL, according to David Schwartz, chief technical officer of Ripple, who also suggested it may greatly improve the blockchain’s use for tokenizing real-world assets. Right now, XRP XRP/USD trades for around $1.75.
CBOE Files to List Sui ETF
The native token of the Sui Network, SUI, is attracting interest as Cboe BZX Exchange files with US authorities requesting permission to list an exchange-traded fund (ETF) supported by the cryptocurrency. Should the Securities and Exchange Commission (SEC) accept the fund created by asset management Canary Capital, it would be the first in the United States to carry SUI.
At about $1.89 right now, SUI boasts a market value of about $6.5 billion. Designed to give customers a simplified onboarding experience akin to standard Web3 apps, the Sui Network itself has become a major actor in the blockchain scene. Designed on Move, a smart contract system derived from the Rust computer language, Sui has amassed around $1.1 billion in total value locked (TVL).
With the SEC acknowledging scores of altcoin ETF files, this ETF application fits a larger trend of cryptocurrencies ETF applications in 2024. With Katalin Tischhauser, research head at crypto bank Sygnum, pointing out that even with “frothy excitement in the market about these ETFs coming,” significant demand remains uncertain, some analysts wonder whether investor demand for altcoins will match the enthusiasm seen for Bitcoin and Ethereum ETFs.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals