Bitcoin broke through the 50-day MA yesterday, and is looking to cement itself above the range it has been in in the past month. While immediate resistance at around 7,000 - 7,100 is being tested, a key level at around 8,000 should be the target for bulls if they want BTC to reclaim momentum. It's important for BTC to sustain current levels above 7,000, as a swing low could see price drop back down to support at 6,400, forming a lower high and putting it back into range.
Global market cap is at $203B, while BTC's market cap is at $130B.
Bitcoin futures listed on the Chicago Mercantile Exchange (CME) had a spike in open interest from the previous lows last month. According to the research firm Skew, the spike in open interest could be an indication of increase in institutions buying. The recent recorded open interest as of Wednesday (Apr. 15) was $181 million from $106 million recorded on March 22.
The Commodity Futures Trading Commission (CFTC) has charged a Florida-based company named "Fintech Investment Group, Inc." and its owner Alan Friedland with fraud for allegedly deceiving customers to invest in its algorithm backed "Compcoin". According to the complaint filed in CFTC, Friedland and his company marketed "Compcoin" to the public as key to a proprietary foreign exchange software, ART. The product was claimed to predict the USDEUR trades with accuracy and an average quarterly 10% return in its white paper.
The CFTC said that investors were never paid and were never given access to a forex algorithm at all and on April 2, the NFA issued a complaint against Friedland and his company for "failure to cooperate" in the investigation of Compcoin.
About 1.7% of the Bitcoin supply in the world is now under management by Grayscale and its Bitcoin Trust (GBTC). In its latest report on April 16, Grayscale revealedOverall, Grayscale’s ten crypto funds attracted over $500 million in investments, making it its best quarter on record.
“Quarter-over-quarter inflows more than doubled to $503.7 million, demonstrating demand is reaching new peak levels, even in a ‘risk-off’ environment,” the report summarizes.
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