Bitcoin misses jump over 10500 USD
The No.1 crypto currency can stay above the magical 10000 USD mark for the weekend start. However, only a larger support lies between the first mover and the four-digit USD range. At the same time, Binance announces a 100 million investment to drive its own DeFi system. We take a look at the current events in crypto space.
Current Bitcoin price
At the time of writing, the market leader is priced at USD 10335, which corresponds to a daily decline of 0.40%. Accordingly, the bulls fail with their attack on the resistance at 10400 USD. As a result, only the support at 10200 USD between the Bitcoin and the psychological barrier at 10000 USD is left. On Friday the trading volume rises to a record level of about 110 billion USD. The volatile fluctuations of the previous days flushed new capital into the market.
These are the limits that matter now
From a bullish perspective, the next resistances are at 10400 USD and 10600 USD. After below, investors’ hopes are based on the trend line at $10200. A fall below the magic line could be accompanied by a violent dump. In general, September is considered one of the worst crypto months. Therefore, it is especially important that the bulls get the upper hand in the coming days. In addition, the question arises whether the “CME gap” at USD 9965 has been filled by Tuesday’s slide.
Altcoins catch up
The Bitcoin Dominance Index is considered an important indicator to describe the balance of power between the Bitcoin and alternative assets. On Friday the index drops to 56.8%. According to this, the Altcoins can capture important market shares and raise hopes for an Altcoin Season 2020. However, most of the Altcoins have to go into the weekend with losses. Ethereum falls by 1.59% and currently stands at a price of USD 366. Chainlink (- 5.60 %) and Polkadot (- 6.77 %) are hit even harder. In the top 20, only Crypto.com Coin (+ 5.73 %), EOS (+ 0.40 %) and NEO (+ 7.44 %) can make profits.
Binance invests in DeFi market
Major Exchange Binance is planning the big leap into the DeFi sector. In an online meeting, Binance CEO Changpeng Zhao announced the creation of a USD 100 million fund. CZ justifies the decision as follows: “To launch the Binance Smart Chain and invite all ecosystem stakeholders to start developing the Binance Smart Chain, we are launching a $100 million fund for the ecosystem and the Binance Smart Chain community”. The first DeFi projects are scheduled to begin this weekend.