Bitcoin
BTC$69 135.35

0.39%

Ethereum
ETH$3 749.24

0.60%

Tether
USDT$0.999886

0.01%

Binance Coin
BNB$602.25

0.35%

Solana
SOL$168.45

0.39%

USD Coin
USDC$0.999984

-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 80.8% 34 $69 135.35 0.39% 3.32% $1 362 207 405 241 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 74.4% 49 $3 749.24 0.60% 20.06% $450 406 009 355 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.6% 1 $0.999886 0.01% -0.03% $111 924 580 011 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 90.8% 6 $602.25 0.35% 3.75% $88 883 758 375 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 70% 64 $168.45 0.39% -2.37% $75 703 178 826 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 93.6% 1 $0.999984 -0.01% -0.01% $32 725 200 351 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 94.8% 5 $0.541808 1.13% 3.92% $30 032 688 498 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 77.6% 35 $0.173961 6.20% 13.64% $25 127 052 131 DOGE 7 days price change
9 Toncoin (TON) TON Toncoin predictions 69.2% 69 $6.38 -0.23% -0.30% $22 158 372 384 TON 7 days price change
10 Cardano (ADA) ADA Cardano predictions 87.2% 20 $0.462085 0.56% -4.21% $16 491 451 331 ADA 7 days price change
11 Avalanche (AVAX) AVAX Avalanche predictions 75.2% 46 $38.29 0.79% 2.74% $15 044 254 301 AVAX 7 days price change
12 SHIBA INU (SHIB) SHIB SHIBA INU predictions 82.4% 33 $0.000025 2.87% 1.23% $14 782 406 602 SHIB 7 days price change
13 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 80.4% 34 $69 101.03 0.28% 3.28% $10 743 591 141 WBTC 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 80.4% 29 $7.34 1.56% 2.47% $10 558 252 393 DOT 7 days price change
15 Lido stETH (STETH) STETH Lido stETH predictions 95.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change

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