The Current State of Crypto is a weekly examination of events and market movements in the cryptocurrency economy.
Market sentiment points to accumulation, with bears becoming less certain as bulls grow in confidence. Still, Bitcoin has struggled to surmount resistance beyond $5400, bouncing off or near the ceiling repeatedly throughout the past week. With CME futures turning net long, it is possible that the market is readying for a major turn. This has led in part to a boom in speculative activity around a few prominent altcoins.
It seems that a great deal of positivity has centered around the upcoming mainnet swap of Binance Tokens for the new BNB coin, supporting a non-custodial exchange. On April 23, BNB holders will see their tokens swapped for the new BNB coin, if said tokens are held on Binance or supported wallets. This sort of event often leads to a broad sell-off soon afterwards, so beware of upcoming volatility on April 23.
Market attention focused on BAT
Basic Attention Token, the crypto behind the Rewards platform of the Brave browser, enjoyed a flurry of market positivity over the past week. The ERC20 token, having been added to Coinbase’s library of offerings a while ago, recently joined the Crypto.com range of supported currencies, spendable at retail via the crypto-based VISA card. Additionally, the Brave browser recently added Android support for the rewards program. Growing support and feature development on a broadening range of devices, such as Apple iPhones, is sure to contribute to future buzz for the privacy-centric browser.
Verified Brave publishers can be supported by browser users who do not need to expose their data or internet behaviour to advertisers, instead choosing to consume ads in exchange for BAT rewards, which can then be paid on to preferred publishers. At The New Paper, having recently joined the platform as a verified publisher, we completed a review of the Brave browser and rewards program in the early stages of its roll-out. The platform shows positive signs in regards to rapid development and adoption, with major publishers such as the L.A. Times and the Washington Post becoming verified Brave publishers.
Bitcoin SV plummets
After the dramatic delisting of Bitcoin SV from a number of exchanges, including most prominently, Binance, Kraken, and Shapeshift, the coin has seen a severe drop in value over the past week. The coin has fallen by around 20% over the past seven days, although it appears some bargain hunters are hoping it has reached bottom, with a slight uptick over the past day.
Many cheered the excommunication of the coin from the major exchanges, while the minority SV supporters decried the unwieldy powers held by relatively few in the space, proven to be capable of crushing a given project, if deemed unworthy.
Ultimately, it is still the free market that decides the fate of such a project, with numerous options for buying the coin still available for those who wish to accumulate it. As a business entity, Binance, for example, can choose whether or not to offer any assets, determining their validity by their preferred parameters. If customers show a growing demand for Bitcoin SV or other assets, exchanges are free to offer trading in the future, if they wish. In this sense, the free market is capable of regulating itself and removing bad actors as it sees fit.
It should be noted that all of these observations are just that — observations I have made about the market over the past week. This is not professional financial advice and is intended only to act as a quick examination of some of the week’s events for you to enjoy. Please do your own research before doing any investing and never risk more than you can afford to lose.