Cryptocurrency Market Overview
Friday, May 03, 2024
The cryptocurrency market is stable with no major changes. Bitcoin struggles to breach the resistance zone between $59,500 and $60,000, without any success so far.
- Market Capitalization: $2.16 trillion
- Dominance Index: 64.2%
- Fear Index: 48
The dollar index has nearly dropped to 105, while S&P 500 futures are on the rise.
Today, the U.S. stock market anticipates positive outcomes from Apple's report and the buyback announcement. However, the release of Non-Farm Payrolls at 12:30 UTC, which often has a significant impact on markets, might change the scenario.
Bitcoin needs to stabilize above the $60,500 to $61,000 range to ensure continued growth. Achieving this before the weekend could lead to a notable rise in altcoins.
Today's trading strategy:
- Primary: Bitcoin ranges between $55,000 and $54,800 on the low end and $60,000 to $60,500 on the high end.
- Alternative: Stabilize above $60,500.
Tether has announced it is "tracking transactions on the secondary market" to identify sanctions dodging and illegal activities. This practice isn’t new but is becoming more extensive and automated, leading to increased account blocks.
This indicates that Tether is not only technically capable of blocking wallets but is actively doing so. Holding money in stablecoins is debatable as it loses key cryptocurrency benefits like growth potential and resistance to censorship. Therefore, Tether should primarily be used for specific local tasks such as moving funds or trading, always with an understanding of the associated risks and necessary precautions. Storing funds in stablecoins is not advisable.
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