A Look Into Our Partnership With Chelsea F.C.
BingX is the Official Crypto Exchange Partner of Chelsea F.C. This partnership marks BingX’s inaugural foray into sports and entertainment and a testament to shared commitments to excellence. It unites two industry powerhouses poised to shape the future.
Chelsea F.C. defeated West Ham 5–0 in the Premier League on Sunday and Tottenham 2–0 on Thursday, boosting their chances of qualifying for Europe next season. Check out some highlights from BingX at the matches below!
Understanding Bitcoin’s Retracing Pattern
Bitcoin dipped about 15% in April, making April 2024 its worst-performing month in nearly a year and a half. However, the monthly Bitcoin chart still looks attractive beyond the short term. There is a lot to look forward to within the ecosystem; beyond the United States Federal Reserve Bitcoin spot ETF trading, the Hong Kong ETFs have begun trading as well. Hong Kong’s new spot Bitcoin ETFs saw just $8.5 million volume on opening day.
Although these numbers were much lower than in the US, investors remain optimistic, with other regions expected to list more spot bitcoin exchange-traded funds. Bloomberg reported that the ASX stock exchange in Australia is anticipated to list its first batch of spot bitcoin ETFs by the end of 2024. According to sources who are familiar with the matter, several issuers, including VanEck, BetaShares, and DigitalX, submitted their ETF applications earlier this year.
Although this past month of April looks grim for Bitcoin, it is important to zoom out. April was Bitcoin’s worst-performing month since November 2022, but the asset is still up over 105% in a year’s timeframe.
Bitcoin is expected to experience a continued decline, with a support level of around $40,000 and a resistance level of $73,000. The negative volume balance suggests that trading activity is higher on days when prices are falling than on days when prices are rising, indicating reduced investor optimism. Consequently, Bitcoin is considered negative in the short term, although it remains neutral in the long term.
A mix of current global economic events is causing repercussions in the market, which are being felt in crypto as well. For example, the Japanese Yen is plummeting in value against the US dollar, affecting liquidity and various global asset classes. The Japanese yen was recorded to jump past 160 per dollar, which makes it the lowest level in 34 years.
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About Me
Check out my commentary on the impacts of the Bitcoin halving with Coinpost here.
Interview with Yurufuwa at TOKEN2049.
I had a fantastic chat with WU Blockchain about BRC20, BingX’s strategy in 2024, and my professional background. Check out the article linked here!
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