BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.
Bitcoin (BTC) Update
Bitcoin has recovered slightly today after dropping to $50,300 on March 25. BTC is currently trading for $52,680 — a 4.5% gain for anyone that was able to perfectly time yesterday’s dip.
However, BTC isn’t out of the woods yet. It’s broken down below a channel that has been ongoing since Dec. 12, 2020.
In cases like this, it’s normal to see the price retest the support line as resistance. This appears to be what’s happening now. Whether or not BTC can move back into the channel will likely determine the direction of the trend.
Altcoin Movers
The top-ten ranked cryptocurrencies have seen a bit of rearranging this week. After initially breaking into the top-ten on March 23, Theta Network (THETA) has continued seeing success. It has usurped Litecoin (LTC) to become the ninth-biggest cryptocurrency by market cap.
CoinMarketCap is reporting #87-ranked Qtum (QTUM) is performing the best today. It’s up by more than 21% and trading at $9.08. In the past week alone, the asset has gained 33%.
MVL (MVL) currently ranked #99 is the worst performer in the top-100 this morning. It’s down 9.3% and trading at $0.049, although it’s still up by more than 34% in the past week.
In Other Crypto News
Continuing on with the craze of non-fungible tokens (NFT), the VeryNifty platform has introduced NFT flash loan features. VeryNifty announced that the first flash loan function will be available for the Hashmasks NFT collection. The flash loan smart contract enables users to borrow a set of Hashmasks and claim the platform’s native Name Changing Tokens (NCT).
Ethereum has also been a hot topic for conversation. A new Ethereum staking trust has been launched by Staked to attract institutional investors to the new financial landscape. The product is offering an annual percentage yield of 7.5% in ETH. Investors can capture both ETH exposure and a growing ETH balance due to crypto staking rewards.
Microsoft revealed the launch of its own decentralized identity platform built on the Bitcoin blockchain. The platform, named ION, is the software giant’s bid for delivering decentralized identity applications in the digital world.
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