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Bitcoin (BTC) sellers remain active from the April 14 all-time high just below $65,000. The largest cryptocurrency was trading around $60,300 at press time as it re-tests support around the 200-period moving average on the four-hour chart.  

  • The April 13 breakout above $61,000 provides an initial support zone for BTC, which could stabilize the current sell-off.
  • BTC is roughly 7% lower from its all-time high, similar to the April 1 pullback that was limited to the 200-period moving average on the four-hour chart.
  • The relative strength index (RSI) is approaching oversold territory on the four-hour chart, which typically precedes buying strength.
  • BTC must hold above $60,000 to confirm the breakout, which could override slowing momentum on longer term charts. For now, buyers continue to take profit on rallies.

Coinbase (Nasdaq: COIN) shares are currently indicated to trade at $380 per share, according to Reuters.

  • The indication, which is far from definite as it only reflects the progress made between buyers and sellers as they work to assign a price, is 52% higher than the $250 reference price per share that Nasdaq and Goldman Sachs released yesterday afternoon.
  • It’s only about 10% higher, however, than what the crypto exchange last traded at in the private secondary market, $343.58 per share.
  • As the first indication was at $345 and has steadily increased, it’s a sign the price could go even higher before trading begins.
  • Different media are reporting various market values for Coinbase. At $380 per share, using the number of shares currently outstanding, 199.2 million, Coinbase would have a valuation of $76.0 billion, just bigger than Duke Energy.
  • However, if one used the number of shares if all options were exercised, 261.3 million, the value of the exchange would balloon to $99.3 billion. By that measure, Coinbase would be bigger than CVS Health and that much closer to the headline-grabbing figure of $100 billion.

The head of payments for the Bank of Japan (BOJ) has dismissed the possibility that China’s digital yuan could undermine the U.S. dollar’s status as the world’s reserve currency, according to a Bloomberg report.

  • “The dollar’s status as the key global currency won’t change so easily,” Kazushige Kamiyama was quoted as saying. “In fact, the dollar’s advantage may strengthen further if the U.S. goes with digitalization.”
  • On Sunday, the publication reported the Biden administration is troubled by the long-term effects a digital yuan may have on the dollar’s status.
  • U.S. officials have been ramping up their efforts to understand how the digital yuan will be distributed and how it may impact trade sanctions.
  • So far, China is leading major nations in the development of a central bank digital currency (CBDC), with the People’s Bank of China (PBoC) making rapid progress through pilot projects. 
  • Recently, PBoC Digital Currency Research Institute Director Mu Changchun openly discussed the digital yuan and the need to address privacy issues.
  • On April, 5 the BOJ announced it had kicked off the first phase of experimenting with its own CBDC.