DAILY CRYPTO MARKET REPORT - April 28, 2023

Market Segments

Adoption and Use Cases

• A viral video of Gary Gensler saying three-quarters of cryptocurrencies are non-securities is being misinterpreted/misrepresented

• Vatican Library adopts blockchain and NFT technology

Regulation and Compliance

• CFTC Commissioner Christy Goldsmith Romero warns of risks in using digital assets for illicit finance

• Hamas announces that it will no longer use Bitcoin cryptocurrency for fundraising

• Mastercard will expand its cryptocurrency payment card program by seeking more partnerships with crypto firms

Exchange and Trading

• Golden Inu confirms new decentralized crypto exchange and Ethereum blockchain expansion

• OKX brings "Bitcoin Ordinals" to its wallet and NFT marketplace

• Crypto.com integrates WalletConnect v2.0 with its DeFi Wallet

Upcoming Events

• NA

Market Sentiment

• Bitcoin is king: Bitcoin performed better than 46 of top 50 altcoins over the past 90 days

• A typical money cycle in crypto is: FIAT --> Bitcoin --> large alts --> smaller alts

• People say that most people are in crypto for the money, but more people are actually benefiting from the tech than making money

Project Development

• Santiment: Ethereum ranks #8 among top developed blockchains

• Crypto industry is 'absolutely' at war against Gensler, Warren, Blockchain Association CEO says

Top 7 Trending Coins (From Coingecko)

• LTC, BTC, PEPE, CGPT, XEN, ARB, and DNX are among the top 7 trending coins according to Coingecko

Fear and Greed Index

Today's Fear and Greed Index: 60 (Greed). The Fear and Greed Index shows that the market sentiment is mostly bullish. While there are some bearish signals, the overall market trend remains positive with a majority of the coins trading above EMA200. Investors should continue to exercise caution while making investment decisions.

WingmanTrading Analysis 

The cryptocurrency market has been showing positive performance in the past 24 hours with 24h Bitcoin dominance performance and 24h TOTAL2 performance in the green. However, 24h ETH/BTC performance is negative, indicating a relative weakness in the Ethereum market against Bitcoin.

Out of the 40 tickers, 34 of them are trading above daily EMA200, which could be a strong bullish signal for the overall market. The increasing dominance of Bitcoin in the market is also noteworthy, as it could lead to a further surge in its price.

On the other hand, #Wingmanseyes spotted three tops in the market for $UPO, $INJ, and $LINK. Tops are considered bearish signals, indicating a potential reversal in the market sentiment. It is important to note that these tops could also be isolated incidents and not indicative of the overall market trend.

Investors should keep an eye on the market trends and sentiment while analyzing potential investment opportunities. While there are some bearish signals, the overall market trend remains bullish with a majority of the coins trading above EMA200. It is also worth noting that USDT.D performance is positive, which could indicate that investors are moving towards stablecoins as a safe haven amidst uncertainties.

Investors should also consider diversifying their portfolio with a mix of coins from various market metrics. Overall, the cryptocurrency market remains volatile and requires investors to exercise caution while making investment decisions.

Google Trends

The trend in interest for Bitcoin on Google Trends over the last 30 days has been volatile but generally positive. There have been some significant spikes in interest, such as the value of 98 on May 9th, which suggests that there are still many people who are interested in Bitcoin. However, there have also been some significant drops, such as the values of 58 and 57 on May 12th and 13th respectively.

Overall, it seems that Bitcoin is currently bullish based on the Google Trends data. The fact that there have been spikes in interest suggests that there are still many people who are interested in Bitcoin, and this could potentially drive up the price. However, it is important to note that Google Trends data is just one factor that analysts should consider when making investment decisions.