Crypto Today: Bitcoin’s bull trend back on track, $8,000 by the end of the week?

Here’s what you need to know on Wednesday

Markets:

BTC/USD is changing hands at $7,380. The coin has gained 2.5% since the beginning of the day and stayed mostly unchanged on a day-to-day basis as the upside momentum has slowed down after an initial attempt to settle above $7,400. Currently, BTC is moving within a short-term bearish trend amid high volatility. 

At the time of writing, ETH/USD is changing hands at $172.30. The second-largest coin recovered from the Asian low of $163.66 and gained 5% on Wednesday. ETH/USD is moving in a short-term bearish trend amid expanding volatility.

XRP/USD stays above a critical $0.2000 after a retreat to  $0.1916 in Asia.  The coin has gained over 4.5% on Wednesday, moving with strong bullish bias.

Among the 100 most important cryptocurrencies,CyberVein (CVT) $0.0425 (+48.6%), Bitcoin SV (BSV) $215.73 (+14.8%), Seele (SEELE) $0.0625 (+13.5%) are in the green zone. The day’s losers are Swipe (SPX) $0.7118 (-3.5%),UNUS SED LEO (LEO) $1.02 (-1.7%), Steem (STEEM) $0.1724 (-1.25%).

Chart of the day:
XRP/USD, 30-min chart

Market

Simon Dixon, CEO of cryptocurrency funding platform BnkToTheFuture, says that we are moving towards a global reset of the financial system, which will lead to dramatic consequences including the complete dismantling of the existing banking system. Speaking in the latest episode of financial news program the Keiser Report, he said:

I think we’re going to see a real attack from central banks on traditional banks as we inevitably experience the ginormous consequences of essentially the world’s largest regulated Ponzi scheme.

He also added that once the banking system ceases to exist, central banks will all allow citizens to open digital currency accounts directly with them. This will result in total control over money and a new world order that may be described as neo-feudalism. Dixon believes that Bitcoin is the only way out of this global reset.

An alleged bug on Coinbase trading platform led people to believe that some trader sold 42,000 BTC for a price of $0.18. However, the developers of the platform claim that no such order was executed on the platform, while the bug related to the graphical data representation. The Coinmase support team suggested that users refreshed the page to eliminate the error. They also promised to look into the bug.

Industry

Ripple’s XRP is now added to the cryptocurrency exchange WhiteBIT. The news announced on April 4 may be among the factors that triggered a strong rally of the third-largest digital coin. WhiteBIT is a Europe-based cryptocurrency exchange founded in 2018. It offers cryptocurrency trading services for crypto-crypto and crypto-fiat pairs with low trading fees of 0.1%. WhiteBIT has the licenses required by  European Exchange and Custody. Also, the exchange plans to introduce margin trading. Considering the popularity of XRP futures this feature may be interesting for XRP supporters.

According to Google Trends data, the number of Google searches for Bitcoin has decreased significantly to February levels, which may signal that traders and investors are not interested in Bitcoin’s safe-haven and anti-inflationary potential.

The number of searches came close to a 12-month high on March 13, right after a sharp sell-off that took the first cryptocurrency below $4,000. However, since that time the interest towards cryptocurrencies dropped significantly even though the market has regained over 50% of the losses.

Bitcoin donations helped to finance the construction of a new advanced medical post in Castel Gandolfo in Italy. Bitcoin community donated over $31,000 to help the European country to cope with the deadly virus outbreak. The Italian Red Cross launched Bitcoin fundraising campaign on March 12 with the aim to finance the construction of the medical post. Since it is the first charitable effort in the Italian cryptocurrency sector, it gained a lot of attention.

Quote of the day:

Japan has announced a new stimulus package worth almost $1 trillion. There will be tens of trillions pumped into global economy in the coming months. If you’re holding cash & living paycheck to paycheck, you will be hurt the most. Educate yourself so you can protect yourself.

Anthony Pompliano, the co-founder of Morgan Geek Digital