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Bitcoin price dives as cryptocurrency market is bleeding

Summary:

  • Huawei introduces crypto wallet app on their mobile devices

  • Nasdaq CEO Adena Friedman once again expressed her positive attitude towards cryptocurrency market

  • Bitcoin (BITCOIN on xStation5) test the support level at $8700

In the past 24 hours the capitalization of the cryptocurrency market dropped significantly from $437.7 billions to $390 billions, according to the CoinMarketCap.com. All the major coins took a hit with Bitcoin price sliding beneath the $8800 handle. No negative news could be associated with a slump. Chinese Huawei is said to introduce crypto wallet apps on their mobile devices allowing people to get easier and more remote access to their holdings. The Bloomberg agency has launched a cryptocurrency market index recently based on 12 biggest and most liquid coins. On top of that we will mention another positive remark concerning cryptocurrencies coming from Nasdaq CEO Adena Friedman.

Huawei Technologies Co. is taking a step into the cryptocurrency sphere. The company is said to introduce Bitcoin wallet app on its mobile phones what would be the first such mobile app co-developed by this company. As mobile wallet apps are nothing new the one developed by Huawei in cooperation with BTC.com is worth mentioning due to the geographical popularity of the Huawei phones. In China, where this company sells most of its mobile phone, some parts of the Android and iOS app store are blocked by the government.. As Huawei store is not a subject to such restrictions a new app may be the first one to offer Chinese citizens a more portable and easier access to their cryptocurrency holdings.link do file download link

After failing to break above the 200-day moving average (purple line) BITCOIN price has sharply reversed diving towards $8700 handle. As a break above could mean that the new lower low is painted on the chart an uptrend on this market may be endangered. Moving averages seem to bode well for BITCOIN bears. Source: xStation5

On the May 3 Bloomberg, a major worldwide market data provider, has launched its first cryptocurrency market index. The Bloomberg Galaxy Crypto Index is a market cap weighted index and will be rebalance every month. The index will consists of up to 12 biggest and most liquid cryptocurrencies. While this may not be the first cryptocurrency market index that was launched its creation can be considered a milestone as its the first one to be launched by the major data agency. The index started with the value of 1000 pts on May 3 and right now it is at 899.6 pts.

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RIPPLE bears have failed to break below the support level at $0.75 in the recent days (orange circle). However, a repeated attack managed to bring price beneath this handle. In turn the price slumped to the two-week low. Source: xStation5

In an interview with CNN Adena Friedman, the CEO of Nasdaq, expressed her positive attitude towards cryptocurrencies. She said that in her opinion digital assets play an important role in the economy of the future. The executive pointed at regulatory uncertainty as a major issue concerning the cryptocurrency market. Moreover, she expressed that in her opinion the well established markets will be the last ones to broadly embrace blockchain technology as they will need more time to shift from their current technologies than less developed markets. This is another positive remark from Mrs. Friedman after she stated in a recent CNBC interview that Nasdaq may consider offering cryptocurrency exchange services in the future.

 

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