Bitcoin
BTC$69 187.87

-0.65%

Ethereum
ETH$2 486.25

-1.16%

Tether
USDT$0.999719

0%

Binance Coin
BNB$567.27

-1.13%

Solana
SOL$165.45

-0.87%

USD Coin
USDC$1.000009

-0.01%

Bitcoin sticks to bull trend on banks' woes


04 May 2023

#Bitcoin

Over the past 24 hours, the crypto market capitalisation rose 1.4% to $1.18 trillion. On Tuesday, Bitcoin recovered to $28.6K, over half of the previous day’s decline. Cryptocurrencies and gold gained momentum on the re-emerging woes of regional banks. This time it was PacWest Bancorp, Western Alliance and Metropolitan. However, we also note that the price stabilised before this news, suggesting that the selling momentum has subsided.

Bitcoin has steadily moved back above its 50-day moving average, proving that the break below was false. The upcoming Fed rate decision promises to increase volatility later in the day. A consolidation above $29.3K (the start of the sell-off) or a break below $28.2K (the 50-day moving average) could signal that the market has decided on a direction for the next few days or weeks.

News Background

According to CoinShares, investments in crypto funds fell by $72 million last week, continuing outflows for the second week. Bitcoin investments decreased by $46 million and Ethereum by $19 million (the largest outflow since September 2022). Bitcoin transaction volume reached an all-time high established in December 2017 amid a surge in activity related to the Ordinals project, enabling the NFTs issuance on the BTC blockchain.

The main factor behind the suspension of the Bitcoin rally was the sell orders of “new investors” near $30K, Glassnode noted. Unconfirmed rumours of sales by Mt. Gox customers, the US government, and the revival of “old” BTC only added to the volatility.

MicroStrategy posted a net profit of $461.2 million for the first quarter. The company increased its position in digital gold from 7,500 BTC to 140,000 BTC. “The conviction in our bitcoin strategy remains strong,” the press release said.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 78.4% 40 $69 187.87 -0.65% 3.36% $1 368 322 703 656 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 88% 21 $2 486.25 -1.16% 0.52% $299 369 696 897 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 90.8% 1 $0.999719 0% 0.10% $120 542 832 225 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 93.6% 4 $567.27 -1.13% -2.57% $81 744 111 407 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 69.2% 65 $165.45 -0.87% -2.98% $77 895 836 424 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 90.8% 1 $1.000009 -0.01% 0.01% $34 873 123 501 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 94.8% 5 $0.510368 -0.91% -0.36% $29 023 926 568 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 60.4% 77 $0.157946 -1.96% 15.80% $23 159 704 045 DOGE 7 days price change
9 TRON (TRX) TRX TRON predictions 90% 4 $0.165396 -1.20% -0.10% $14 299 090 322 TRX 7 days price change
10 Toncoin (TON) TON Toncoin predictions 86.8% 13 $4.87 -0.97% -0.72% $12 398 878 230 TON 7 days price change
11 Cardano (ADA) ADA Cardano predictions 93.2% 7 $0.345970 -4.09% 4.24% $12 107 228 142 ADA 7 days price change
12 Lido stETH (STETH) STETH Lido stETH predictions 91.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 80.4% 28 $0.000017 -1.95% 2.59% $10 229 752 246 SHIB 7 days price change
14 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 94% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change
15 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 94% 1 $65 806.83 0.78% -2.68% $10 083 957 608 WBTC 7 days price change

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