Twitter CEO busy making BTC ‘Internet‘s currency’

Bitcoin (BTC) continued to trade sideways, prompting discussions in the cryptospace on whether the market is experiencing a dip, correction, start of the bear cycle, or a new market reality.

The biggest cryptocurrency traded between $56,000 and $58,000 in London morning hours.

Alghoritmic forecasting website Wallet Investor puts the cryptocurrency king’s current support levels between $55,062.10 and $51,886.00; and resistance range between $58,238.20 and $61,414.30.

Analyst and founder of cryptocurrency education platform Eight, Michaël van de Poppe, said bitcoin still have some space to sink further while still remaining in a bull cycle: “As long as bitcoin’s price sustains above $43,000–47,000, the market can continue in a bull cycle, and, as a matter of fact, in the lengthening cycle that we think we could be seeing.”

He dismisses recent concerns about bitcoin falling below $60,000. “The price of Bitcoin has dropped beneath $60,000, as a result of the recent correction. Through this, the all-time high resistance of May 2021 didn’t flip as support, but that isn’t a bad thing for the markets overall,” van de Poppe adds.

Other crypto news:

  • Twitter chief executive Jack Dorsey is moving ahead with his ambition to make bitcoin the internet’s currency. In February, Dorsey and rapper Jay Z created an endowment to fund bitcoin development mainly in Africa and India, with 500 bitcoin (BTC) or some $28.3m (£21.1m). Today, Dorsey provided an update on the search for three trust’s board members, whose mission will be to make bitcoin the internet’s currency. The process narrowed to six candidates from initial 7,000 applicants.

Quote of the day: “The 200-bitcoin question”

Carolyn Wilkins, an external member of the Bank of England’s Financial Policy Committee, during her keynote address at the annual meeting of the Autorité des marchés financiers.

“The 200-bitcoin question is how successfully DeFi will ultimately compete with CeFi and traditional finance. When I refer to ‘traditional’, I am referring to a system that has fiat at the core, and relies on intermediaries and trusted third parties, including central banks. The advantage of this is an ability to see who you are dealing with and who is accountable.”

Chart of the day: Sandbox stormed into top 50 coins after adding over 100% week-on-week

Chart representing sandbox (SAND) weekly gain. Sandbox (SAND) is the biggest weekly gainer in top 50 cryptocurrencies. – Credit: TradingView

Round-up of coins by market capitalisation

As of 10:0 UTC:

Winners and losers:

  • Sandbox (SAND) is 120.18% week-on-week, according to CoinMarketCap.com, and jumped ten positions in ranking of the biggest cryptocurrencies in just a day. The coin is currently 41st biggest coin by market cap, whereas it was 51st yesterday this time around
  • Shiba Inu (SHIB) is down 10.90% week-on-week, making it the second biggest weekly loser of the top 50 digital tokens.

Read more:  Bitcoin slips in early Asia trade to $56,500

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