Crypto To Take Over The Financial Sector Over Next Decade, Survey Finds

Per a survey published by Bitstamp, the crypto space is on track to become a mainstream industry. The platform conducted a survey with over 28,000 participants, 5,400 senior institutional decision-makers, and 23 retail investors, across 23 global markets to try and take a pulse on the sector.

Related Reading | Dogecoin (DOGE) Jumps 30% After Elon Musk Buys Twitter

Since its inception, digital assets have grown into a $2 trillion industry at its all-time high. Once an interesting way for tech-savvy individuals to send money across the world, the participants of Bitstamp’s survey claim that they used crypto to buy groceries, donate, shop online, and other day-to-day items.

A majority of retail responders believe the industry is in its early stages. Therefore, they expect the next 5 years to be crucial for this industry’s growth. 75% think digital assets will reach mainstream adoption within 10 years.

As an additional sign of its potential to increase its adoption levels, institutional participants have been recommending it to its clients, the survey claims. As seen below, 68% of the institutional responders have been “actively recommending crypto” to their clients, with a 6% minority taking the opposite stand.

Source: Bitstamp

Similar to retail responders, 82% of institutions believe crypto will be mainstream in the coming decade. These investors class, the survey discovered, are very active in the space with 62% trading digital assets over 2 times per week and 54% claiming to have over 30% of their portfolio in cryptocurrencies. CEO at Bitstamp, Julian Sawyer said:

The adoption of crypto and other digital assets is advancing at an unprecedented rate. In the last few years, cryptocurrencies have moved from the outskirts of the financial ecosystem to find themselves front and center of mainstream investing, with many of the largest trading venues in the world now catering to both retail and institutional crypto needs (…).

The Countries That Could Adopt Crypto Faster

Over the next years, as digital assets gain popularity, emerging economies could be critical in boosting their expansion. At the moment, the emerging world leads in terms of trust with institutions in Nigeria, Brazil, Colombia, Argentina, South Africa, and others surpassing first-world countries.

Retail investors in the developing world are keener to trust digital assets. As seen below, these countries record over 75% in trust in contrast to the 50% or 60% in first world countries, such as the U.S., Spain, and the United Kingdom.

Regulations continue to be a key subject for both retail and institutional investors. 47% of retail and 55% of institutions believe the industry lacks a regulatory framework. Thus, the industry’s future adoption seems highly tied to investors pressing their governments to provide more clarity on this item.

Related Reading | Bitcoin 401k? Fidelity Investments Says Yes 

In short timeframes, the crypto markets stand at critical support levels as Bitcoin and larger cryptocurrencies trend to the downside. At the time of writing, BTC’s price trades at $38,500 with a 3% loss in the last 24 hours. The bulls need to display strength to prevent further losses.

BTCUSD trends to the downside on the daily chart. Source: BTCUSD Tradingview

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Bitcoin 401k? Fidelity Investments Says Yes

Bitcoin has gradually been finding its way into every part of society and its use as an investment vehicle has been the biggest part of it. There has been some pushback when it comes to using the cryptocurrencies in investment vehicles dominated by traditional finance but even this is starting to wane. Evidence of this is in the recent development from Fidelity Investments, which has announced that it would be allowing employees to invest in their 401k using Bitcoin.

Retire With Bitcoin

The 401k is one of the most popular investment vehicles aimed toward retirement for workers in the United States. These are usually dominated by stocks that appreciate over time while the account holder continues to pay into the account as they work. As time has gone on, account holders have begun to look towards other investment options to diversify their 401k investments and the latest stop is the pioneer cryptocurrency, Bitcoin.

Related Reading | Liquidations Surpass $300 Million As Bitcoin Touches 40-Day Lows

Fidelity Investments has announced that it would start allowing employees to add the cryptocurrency to their 401k accounts. This will make Fidelity the first major company to offer the option to add bitcoin to its retirement plan. The 401k is currently the country’s largest retirement-plan provider and hosts the majority of the market share. About 23,000 companies currently use Fidelity to administer their retirement plans and bitcoin will be available to employees of these companies.

BTC resting above $40,000 | Source: BTCUSD on TradingView.com

Fidelity announced that it will allow employees to put as much as 20% of their 401k plan in bitcoin. The plan is set to go into effect later in the year. The firm currently holds an estimated $2.4 trillion in 401k assets in 2020 alone, accounting for more than one-third of the total market share.

Fees are placed in the territory of 0.75% and 0.90%. This depends on the employer and the amount being paid into the account. There is also a trading fee but Fidelity is yet to disclose what this will be.

Related Reading | Cardano To Increase Block Size By 10%, Can ADA Benefit From This Network Improvement?

There is a need for a diverse set of products and investment solutions for our investors. We fully expect that cryptocurrency is going to shape the way future generations think about investing for the near term and long term.” – Head of workplace retirement offerings and platforms at Fidelity.

This decision comes after a directive from the U.S. Labor Department which expressed concerns over adding cryptocurrency options to retirement plans. This was based on the fact that these digital assets remain largely speculative and very volatile.

Nevertheless, it seems that Fidelity’s offering is already starting to catch on as MicroStrategy is rumored to have already signed on to this plan.

Featured image from Investopedia, chart from TradingView.com

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TA: Bitcoin Overcomes Hurdles, Why BTC Could Regain Momentum

Bitcoin extended decline and tested the $38,200 zone against the US Dollar. BTC started a major recovery wave and climbed above the $40,000 resistance.

• Bitcoin extended decline, but it remained stable above the $38,000 level.
• The price is now back above below $40,000 and the 100 hourly simple moving average.
• There was a break above a major bearish trend line with resistance near $39,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair is eyeing more upsides above the $40,500 and $40,950 resistance levels.

Bitcoin Price Recovers Sharply

Bitcoin price remained in a bearish zone after it broke the $39,200 support. BTC extended decline below the $38,500 level, but the bulls were active near the $38,200 level.

A low was formed near $38,200 and the price started a major increase. The price climbed higher above the $39,200 and $39,500 resistance levels. There was a move above the 23.6% Fib retracement level of the key decline from the $42,950 swing high to $38,200 low.

Besides, there was a break above a major bearish trend line with resistance near $39,550 on the hourly chart of the BTC/USD pair. Bitcoin is now back above below $40,000 and the 100 hourly simple moving average.

An immediate resistance on the upside is near the $40,550 level. It is near the 50% Fib retracement level of the key decline from the $42,950 swing high to $38,200 low. The next key resistance could be $40,950. If there is a clear move above the $40,950 and $41,000 levels, the price could continue to rise.

Source: BTCUSD on TradingView.com

In the stated case, the price could even surpass the $41,200 resistance. The next major resistance may perhaps be near the $41,800 zone.

Dips Supported in BTC?

If bitcoin fails to clear the $41,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $40,000 level.

The next major support is seen near the $39,800 level and the 100 hourly simple moving average. A close below the $39,800 support zone might start another decline. In the stated case, the price might decline to $39,000.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Levels – $40,000, followed by $39,800.

Major Resistance Levels – $40,550, $40,950 and $41,800.

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Market Nosedive Sends Cardano (ADA) Deeper Into Bear Territory

The crypto market has not been in the best of places recently and Cardano (ADA) has been feeling the heat especially hot lately. The digital asset which remains one of the popular and largest by market cap has had a hard run of it lately, pushing it further into the bear territory. As ADA continues on this trend of low momentum, hot on the heels of the market decline, indicators have proven to not be in the favor of the token’s value.

Market Declines By $80 Billion

During the weekend, the market had suffered consistent dips. Following the price of the leading cryptocurrency Bitcoin, most altcoins had taken a nosedive during this time. One of those was Cardano which had already been trading below $1 going into the weekend. The dip had pushed it further into the bear territory alongside others. By the time the weekend had come to an end, the crypto market had lost north of $80 billion from its market cap at the time of this writing.

Related Reading | Can Dogecoin Slide Further? Key Technical Levels To Keep An Eye On

This decline had been one that has been in the making. With the low momentum that had rocked crypto last week, prospects for the weekend had been increasingly bearish. This had come to a head as bitcoin had declined below $40,000, now trading at the $38,000 territory at the time of this writing.

As different altcoins have taken a hit following this decline, ADA’s outlook at this point has turned for the worse. This is evidenced by the indicators given that the digital asset has declined below every important one, causing a bearish short and long term.

Cardano (ADA) Not Looking Good

Going into the new week, Cardano looks to have it worse than other digital assets in the market. It is currently trading at one-month lows after a decline to the $0.83 level. A strong contender in the DeFi space, this has not seemed to have translated to the price of the digital asset yet.

The cryptocurrency is currently trading below the 50-day moving average at the time of this writing. The average which currently sits at $0.966 is a strong one that helps determine the short-term outlook for a digital asset and for ADA, this indicator points to a very bearish short term for it.

ADA trading at $0.856 | Source: ADAUSD on TradingView.com

This means that the current decline could not be the end for Cardano. If it is unable to recover and climb back above the $0.86 support level, then the digital asset’s price could revisit $0.7 sooner than investors expect.

Related Reading | Bitcoin (BTC) Dips Below $40,000 Over Ukraine And Possibility Of Fed Rate Hike

It is also a seller’s market meaning that all of the indicators point toward 100% sell pressure for the digital asset, especially for the long term. The next significant resistance point lies at $0.92 but with the price falling below major support levels, this area is out of reach for now.

ADA is trading at $0.839 at the time of this writing. Despite the decline, it remains the 9th largest cryptocurrency with a market cap of $28.36 billion.

Featured image from Investing.com, chart from TradingView.com

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Cardano To Increase Block Size By 10%, Can ADA Benefit From This Network Improvement?

Via an official post, Cardano developer Input Output Global (IOG) confirmed the approval and implementation of a proposal to increase the network’s block size. Currently standing at 80 kilobytes (KB), the mainnet will see a 10% increase to 88 KB.

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Set to roll out today April 25 at 20:20 UTC, at the boundary of epoch 335, as confirmed by the company. IOG called this proposal a “significant network enhancement” set to increase Cardano’s throughput and the performance of its decentralized applications (dApp).

As the company reiterated, Cardano has been experiencing a series of network upgrades that will allow it to improve its scaling capabilities in 2022. As the block size increase, IOG added, they will keep a close eye on it for future changes:

Once deployed, we shall monitor network performance and behaviour closely over at least one epoch (5 days) to determine the next increment. Cardano has seen phenomenal growth in recent months, with performance improvements to match.

Furthermore, the company claims that Cardano has been experiencing a “huge recent rise in transaction volume”. In that sense, with the addition of more improvements, they expect this trend to continue.

IOG is focused on optimizing Cardano as it prepares for its next Hard Fork Combinator (HFC) event set for around June this year. IOG added:

Cardano is one of the most decentralized blockchains in the world, built for correctness and security. As the ecosystem grows, we’re focused on delivering the scaling phase of our roadmap; improving speed and network capacity while maintaining security and decentralization.

As NewsBTC reported, the network seems to be experiencing an increase in institutional demand, per data from IntoTheBlock.

On-chain transaction volume for ADA appears to be in an uptrend since the start of February. This data seems to match with IOG’s statements about Cardano’s growth.

@Cardano is experiencing increasing institutional demand

The volume of on-chain transactions >$100k has increased by 50x just in 2022

Yesterday, a total of 69.09b $ADA were moved in these large transactions, representing 99% of the total on-chain volumehttps://t.co/8ME8STvRSF pic.twitter.com/aqH7hYIPiV

— IntoTheBlock (@intotheblock) March 29, 2022

What’s Wrong With Cardano (ADA)?

Data from Token Terminal paints a different picture. As seen below, ADA’s trading volume saw a massive increase in late 2021 as the cryptocurrency began a persistent downside price action.

ADA’s price trends to the downside with its trading volume. Source: Token Terminal

This suggests investors started taking profit on ADA at that time. Since that period, the cryptocurrency saw an uptick in trading volume during January which led to further losses for ADA.

Only the increase in trading volume for March and April has led to profits for this cryptocurrency. Remains to be seen if the network improvements, as IOG claims, will be effective at bringing more users into the Cardano ecosystem which could result in sustainable price recovery.

Related Reading | New Wallets Surge On Cardano, What’s Behind This?

CEO at IOG Charles Hoskinson addressed ADA’s recent price action. In response to a holder’s concerns about the cryptocurrency’s recent downtrend, and what are the possible factor behind it, Hoskinson said:

Nothing. Markets move up and down. Cardano is stronger and more useful as an ecosystem than it’s ever been.

At the time of writing, ADA’s price trades at $0.8 with a 2% loss on the 4-hour chart.

ADA’s price is on a downtrend on the 4-hour chart. Source: ADAUSDT Tradingview

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Dogecoin Jumps Back Into Top 10 After Musk Buying Twitter News

With the crypto market on a bearish trend, Dogecoin lost its spot as one of the top coins slipping to 14th rank on CoinMarketCap. However, it quickly rose back into 10th place after the news break today that Elon Musk is buying Twitter. DOGE was out of the top 10 cryptos for a long but today’s rise has put the coin back into the top 10 cryptos by market cap. 

DODE pumped on the news that Elon Musk was taking Twitter private. There has been a 20% increase in the price of DOGE today after the news. Twitter is set to accept Musk’s $43 billion offer. 

Related Reading | Specialists Expect Bitcoin Back To $65K By End Of Year, Survey Finds

Elon Musk Behind The Rise In Dogecoin Price

DOGE has been steadily rising since it hit a low at $0.1239 this Monday, climbing up to around 20% higher. At the time of writing, the price per coin is $0.158. The DOGE market cap has also seen an impressive rise to $20.96 billion, putting the crypto in the top 10. 

As of right now, Dogecoin is worth only half of what it was worth one year ago.

The overall crypto market cap has also seen a fall of 2.79% early today, reaching $1.79 trillion. But as the DOGE started rising, other coins like Bitcoin and Ethereum also saw a significant increase. So now, the total crypto market cap stands at $1.82 trillion with a 1.78% rise.

Crypto Market Cap is 1.78% high after the Musk news | Source: Market Cap Chart from Tradingview.com

What’s going on? DOGE’s price has been trending steadily down for the last three months. The coin was relatively stable during that time. However, it experienced some volatility and a jump in trade volume from Elon Musk making his intentions public on Twitter—which may have something to do with why investors are sellers at present rather than buyers.

The price and trading volume of the popular memecoin coin Dogecoin has increased since 14th April, following reports that Tesla boss Elon Musk is interested in buying Twitter. On Friday, 15th April, the trading volume of DOGE was up 145% in the last 24 hours, and the market cap was 5% higher than it was on the previous day.

One of the most influential and open backers of Dogecoin on social media is Elon Musk. His statements have often led to jumps in the price for this popular crypto token, which he also uses personally.

Experts Predict DOGE May Fall Amid Hawkish Stance By The US Fed 

However, some people think that the price of DOGE will go down because the US Fed is taking a tough stance on inflation. According to experts, the DOGE price may fall to a new low as there has been much selling pressure on crypto assets.

Related Reading | Bitcoin (BTC) Dips Below $40,000 Over Ukraine And Possibility Of Fed Rate Hike

Shivam Thakral, CEO of BuyUcoin, said:

As the global financial markets face heat from the hawkish stance taken by Fed to tackle high inflation, there has been tremendous selling pressure in crypto assets. If this trend continues, Doge prices may fall further to find a new lower support level. 

Featured image from pixabay, chart from Tradingview.com

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Liquidations Surpass $300 Million As Bitcoin Touches 40-Day Lows

Crypto liquidations have been ramping up coming out of the weekend. The market had recorded a number of dips that saw more than $80 billion shaved off the crypto market. This had meant that bitcoin had declined to the $38,000 territory and had taken the rest of the market with it. However, contrary to expectations that the digital asset would record the most liquidations, that title had been claimed by the second-largest cryptocurrency, Ethereum.

Bitcoin, Ethereum Lead Liquidations

Bitcoin liquidations were no doubt one of the highest in the space. Being the biggest digital asset in the crypto market, bitcoin traders usually bear the brunt of it whenever there’s a large liquidation effect. But this time around, it had placed second behind Ethereum liquidations as the price of the cryptocurrency had fallen to the low $2,800s.

BTC declines to $38,000 | Source: BTCUSD on TradingView.com

In the last 24 hours, bitcoin had seen a total of $72 million in liquidations. The interesting fact about this though is the fact that the majority of these liquidations had taken place in the last 12 hours alone as at the time of this writing. More than $48 million had been liquidated at press time. Long traders had also made up the majority of this given that the price of the digital asset was in a decline. However, there were some short liquidations sprinkled here and there for the bitcoin.

Ethereum liquidations followed the same pattern of the majority of liquidations happening in the past 12 hours. The second-largest cryptocurrency by market cap had seen approximately $80 million in liquidations in the last 24 hours with $65 million of those liquidations happening in the past 12 hours alone.

Related Reading | TA: Ethereum At Clear Risk of More Losses Below $2,800

The digital asset had taken the top spot for the cryptocurrency with the most liquidations with long traders taking the most hits. On the four-hour chart though, Ethereum is faring better as Bitcoin has taken the lead with $6.24 million in liquidations. ApeCoin comes a close second with $5.46 million in liquidations. These have come out to be mostly short liquidations as the beloved BAYC token recovered above $17 once more.

Total market liquidations surpass $300 million | Source: Coinglass

In total, the crypto market had recorded more than $300 million in liquidations in the last 24 hours. The 12-hour chart makes up more than 60% of this volume as $234 million has been liquidated in this time period.

Related Reading | Bitcoin Struggles To Breach $40,000 Level, Down 4% In Last 24 Hours

Other digital assets taking a hit include LUNA which has recorded $1.1 million in liquidations in the past four hours. Meme coin Dogecoin came out to $418.84K liquidated on the four-hour chart.

Featured image from Coindesk, chart from TradingView.com

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