In the first quarter of 2021, Coinbase, a leading crypto exchange, saw its revenue grow by an impressive 23% to $773 million, easily surpassing analyst estimates of $655 million. However, the company also reported an adjusted loss of $0.34 per share. This growth coincides with the company’s announcement that it will no longer issue new loans. In an email sent to customers, Coinbase stated that it could no longer allow users to borrow fiat loans up to $1 million against 30% of their bitcoin holdings with interest. The deadline for new loans is set for May 10. This decision comes amid fluctuating market conditions and changing regulatory landscapes.
Meanwhile, Bitcoin prices are inching closer to $30,000, as investors respond to signs of stress in regional US banking sectors and digest the Federal Reserve’s recent monetary policy decisions. Despite falling 0.4% against the US Dollar in the last session, the Commodity Channel Index (CCI) currently displays a positive signal for Bitcoin, indicating support at 277091 and resistance at 299411.
On the other hand, Ethereum (ETH/USD)arguably the second-largest cryptocurrency, saw a 1.3% drop in its value in the last session, with the Ultimate Oscillator signaling pessimistic market conditions. The current support for Ethereum is noted at 1817.871, while resistance stands at 1958.431.
Similarly, XRP/USD experienced a 0.7% decrease in value in the previous session, with the Rate of Change (ROC) indicator pointing to a positive market signal. Support for Ripple is currently at 0.444, while the resistance level is at 0.4751.
Litecoin’s (LTC/USD) value also fell by 0.9% in the last session, with the Relative Strength Index (RSI) displaying a negative signal. The support level for Litecoin is at 83.871, while resistance is pegged at 92.311.
The current market overview is reflective of recent economic events and announcements, including the US Nonfarm Payrolls, which present the number of new jobs created within the past month, excluding the agricultural sector. Additionally, the US Unemployment Rate showcases the percentage of unemployed individuals in the country, indicating the health of the labor market. Other relevant economic indicators include Italy’s Retail Sales, Germany’s Factory Orders, Japan’s CFTC JPY NC Net Positions, and the UK’s CFTC GBP NC Net Positions, all shedding light on various aspects of global financial markets and currency strength.
In conclusion, while there are promising signs for some cryptocurrencies such as Bitcoin, others like Ethereum, Ripple, and Litecoin face challenges in the current market conditions. Investors should take these factors into consideration while making decisions and be mindful of the volatile nature of the cryptocurrency market.
Source: CryptoDaily