Weekly changes: BTCUSD +4.34%
Coinbase's initial public offering captured the imagination of traders across the world this week as the regulated U.S. crypto exchange entered Nasdaq. The listing of Coinbase on a major US exchange had been seen as a major milestone for the cryptocurrency industry. Coinbase's share price spiked towards the 430 USD resistance level on the day of the IPO, a reserve listing price of 250 USD.
News that Turkey was moving to ban cryptocurrency payments hit bitcoin and the altcoin space this week, with the Turkish central bank implementing the ban on 30 April. Bitcoin peaked close to 64,894 USD this week and then fell back towards the 60,000 USD level on Turkey's bearish news.
KEY POINTS
The BTCUSD pair dropped sharply during the weekend. The pair is trading at 57,055 USD on the four-hour chart, which was the lowest it has been since March. As a result, the pair has moved below the 25-day and 15-day moving averages. The pair could try to rebound this week as bulls target the year-to-date high to close to 65,000 USD.
Governments are inspecting risks around the cryptocurrency market closely as the investor base widens. Turkey's central bank banned the use of cryptocurrencies as a form of payment from 30 April, saying the level of anonymity behind the digital tokens brings the risk of "non-recoverable" losses.
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