Bitcoin Breaks Back Above $5,500, Cryptos Recover From Major Sell-Off

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Thursday, April 25 — crypto markets have mostly recovered after yesterday’s significant sell-off, with Bitcoin (BTC) breaking back above the $5,500 support.

All but four coins among the top 20 cryptos by market cap are in green at press time. NEO is seeing the biggest increase of almost 7%, while bitcoin SV (BSV) and tezos (XTZ) tumbled 1% and 2.25%, respectively.

Market visualization from Coin360

Bitcoin is steadily growing on the day and is trading at $5,521, up 1.18% over the past 24 hours at press time. The intraday low amounted to $5,421. Over the past 7 days, Bitcoin is up around 4.3%.

Bitcoin’s dominance on crypto markets has slightly dropped about 0.3% at press time. Earlier today, cryptocurrency lender Genesis revealed that bitcoin continues to dominate demand, comprising 68% of its loan portfolio in the company’s Q1 Digital Asset Lending.

Bitcoin 24-hour price chart. Source: CoinMarketCap

Bitcoin 24-hour price chart. Source: CoinMarketCap

Ether (ETH), the second cryptocurrency by market cap, is up around 0.8% over the day to trade at $165. Still, the top altcoin is down more than 4.8% over the last 7 days.

Ethereum 7-day price chart. Source: CoinMarketCap

Ethereum 7-day price chart. Source: CoinMarketCap

Ripple (XRP), the third top cryptocurrency by market cap, rose around 1% to $0.303. With that, Ripple is seeing a sufficient decline over the past 7 days, down about 10%. Yesterday, Ripple reported that its sales of XRP in Q1 2019 surged 31% from the previous quarter.

Ripple 7-day price chart. Source: CoinMarketCap

Ripple 7-day price chart. Source: CoinMarketCap

Total market capitalization amounts to $178.6 billion at press time, up from $174 billion at the beginning of the day. With that, daily trade volume tumbled below $50 billion, amounting to $44 billion at press time.

Total market capitalization 24-hour chart. Source: CoinMarketCap

Total market capitalization 24-hour chart. Source: CoinMarketCap

Earlier today, Cointelegraph reported that major crypto exchange Binance launched a new crypto exchange in Singapore. Binance CFO Wei Zhou said that users of the platform are only able to buy bitcoin using Singapore dollars (SGD) at the current stage, noting that more currencies will be added as regulations allow it.

Footwear giant Nike reportedly filed a trademark application for the phrase “Cryptokicks,” describing offering of crypto wallets and mobile applications for accessing “crypto collectibles, crypto art and application tokens.”

Recently, the United States Securities and Exchange Commission (SEC) posted a job application seeking a dedicated staff member to provide expertise on cryptocurrency. According to the application, the SEC plans to pay up to $239,000 per year for its Crypto Specialist.

The United States stock market is seeing mixed signals. The Dow Jones Industrial Average (DJIA) dropped 126 points earlier today as shares of 3M dropped over 12% after the firm reported that its earnings were much lower than expected by analysts, CNBC reports. At press time, the DJIA is down 0.3% over the day. In contrast, S&P 500 (SPX) and Nasdaq (NASDAQ) Composite are up around 0.2% and 0.5%, respectively.

Brent crude oil reportedly touched $75 per barrel today for the first time in almost six months. At press time, Brent crude is up 0.5%, while OPEC basket rose about 0.1%. On the other hand, West Texas Intermediate (WTI) crude oil tumbled 0.2% at press time.

Meanwhile, gold continued to edge up after touching four-month lows, with spot gold rising 0.2% to $1,277 per ounce at press time. With that, gold futures were flat at $1,279 per ounce.

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