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If you haven’t heard the news, Bitcoin is rocking its highest price since May 2022. In a time where major moves weren’t expected, it has suddenly gone well back up. When we say up, we don’t mean the regular price jumps that put it close to $30,000. This time, the
Late last night, Bitcoin went on a major run that seemingly had no fuel behind it. But, the price jump occurred due to some fake Bitcoin ETF news. While optimism around Bitcoin ETF’s has grown considerably lately, there’s been nothing on that front so far. On Tuesday, some media outlets
No good or fresh news on the Bitcoin price front. The debilitating price drops continue with slight shoots up that aren’t enough to get Bitcoin over the $27,000 hump. It’s clear that the market isn’t headed in the right direction, and despite some positive signs, it seems there’s always some
The crypto market crashed overnight and Bitcoin took a dip along with other cryptos such as Ethereum. However, it has since rebounded in just a few hours, reaching its previous levels. At the moment, Bitcoin is hovering right around $28,500, but what’s more impressive is that it’s doing well in the midst of cold JOLTS job data.
The two largest cryptocurrencies by market volume have reacted positively to a reduction in job openings. Early on Tuesday, the Job Openings and Labor Turnover Surver—JOLTS for short—stated that job openings in the USA are on a decline. Still, Bitcoin and Ethereum have managed to respond positively, increase around 2% in the first hour after the statement. Things have gone a bit south from there, but the top cryptocurrencies have still managed to close the day in a positive manner.
Lowest Level of Job Openings in Two Years
The JOLTS report showed that job openings in the USA have declined by 9.6 million this March. Expectations were set at 9.775 million, so the numbers are far below. This is the lowest the number has been since April 2021. And, while it’s not a good thing for the economy, it is a great thing for cryptocurrencies. Historically, they’ve managed to raise prices when there was weakening jobs data. Why does that happen? There are quite a few factors involved in this.
First, when the number of expected job openings is lower than predictions, the Fed raises interest rates until inflation has been put under control. These increases are never a good thing for cryptocurrencies or asset prices in general. Labor markets should cool down for inflation to decline, but in the current economic climate, bad employment data is good for asset prices, crypto included.
Bitcoin and Ethereum responded great to this data before falling a bit. But, the recovery was quicker than expected. Crypto markets are most likely making an early move ahead of Wednesday’s US central bank interest decision, with an expected 25 basis point raise already banked in.
Surprisingly, other risk assets such as Nasdaq Composite, Dow Jones Industrial, or the S&P 500 didn’t react the same way. While correlations between risk assets and cryptocurrencies have been natural in the past few years, they have weakened this year. On-chain data shows that it’ll most likely be a few quiet days for cryptos. There shouldn’t be any major action until the Fed decides the rates.
Will There Be a Rate Mistake?
According to a survey conveyed by CoinShares in April this year, more than 64% of people believe the Fed has made a policy error. 22% of the surveyed people thought there was no mistake so far, but it’s coming soon. According to experts, the current appetite for altcoins is weaker, while Bitcoin and Ethereum continue to outperform everything.
If the economy weakens further, ETH’s price may be affected. Recession would result to the Fed pivoting and cutting down rates, which will be good for gold and Bitcoin.
Last week—and this week’s Monday—we saw the crypto market crash without any apparent reason. Bitcoin lost around $2,000 in value (or even more in stretches), falling from early last week’s $30K to below $28K. It was a bit of a wakeup call that reintroduced volatility to the table, although many saw it as a chance to invest. Those who did were lucky, as the rebound helped Bitcoin rise to the previous support levels.
While it’s still off the $30,000 mark and last week’s predictions, things are looking better. The real reason for the crash was the awakening of dormant whales. They were nowhere to be found as of late until they caused serious market turbulence last week which influenced Bitcoin’s prices. Another reason for the price crash is EU’s MiCA law which was passed last week after a year of discussions and plans.
Dormant Whales a Major Factor
One of the major factors that caused the market to crash down was the awakening of long-dormant whales. When saying long-dormant, we don’t mean addresses not used in the past year. Several wallets that have been dormant for 10+ years have suddenly popped up. More specifically, three whales with wallets that held 8,199 BTC have become active out of the blue. The total market value of those coins is just over $225 million.
More notably, a whale holding 79,957 BTC which is almost $2.20 billion has activated its account after 12 years. When this holder received his Bitcoins, their value was $0.93. It goes to show that many have waited for a long time, and they might now try and make a sale and turn billionaires. Wild.
The re-emergence of these whales has caused a stir in the Bitcoin market. Large sell orders could push the price further down, but luckily for everyone involved, Bitcoin managed to rebound nicely.
MiCA Is Finally Live
After years of negotiation and going back and forth, the European Union has finally passed the new regulatory framework for digital assets into law. Named MiCA, it will allow the EU to peek into any crypto transactions—including private crypto wallets and take action if necessary. Not everyone is thrilled about it, obviously, but the EU reassures investors that it’s only there to prevent money laundering and terrorist financing.
This is the first law of its kind that broadly regulates digital assets in particular. It’s nowhere to be seen in the USA and other countries, so the EU is somewhat a pioneer in the crypto space right now.
Of course, the new law can do a lot of damage to the crypto market, as it will regulated more than 10,000 digital assets. It’s set to go live soon, just 20 days after being published in the EU’s official journal. Once it does, companies will have to comply with MiCA, and each transaction will be under the EU’s watchful eye. It certainly was another major reason for the price drop.
Luckily, Bitcoin has rebounded and currently sitting in the mid-$28,000s. While the market is still in the red, calmer waters should be ahead of us, and with it, we may see it shooting over the $30K mark.
If you haven’t heard the news, Bitcoin is not nearly done and dusted. As a matter of fact, a few months ago it showed signs of life, almost doubling its price from the beginning of 2023. Every week it’s a new price record, with Bitcoin breaking past $30,000 last week and aiming higher this one. Of course, there might be a bit of a calm before the storm, but according to some experts, the current situation reminds everyone a lot of 2019’s price movement.
Bitcoin experienced a major surge that year, and if the same happens, it could very well be on its way to $45,000. If that happens, all the crypto doubts will be erased, even though the market is doing more than fine with other coins such as Ethereum regaining long-lost prices.
Markets Stabilizing as ‘Rotten Fruits’ Are Pushed Out
Crypto market analyst Vetle Lunde sees major parallels between Bitcoin’s current price surge and the 2019 situation. In a public statement, he said that the market is stabilizing as ‘rotten fruits’ are being pushed out. Think of it as weeding out the bad actors on the market, which include FTX’s demise, crypto hedge fund Three Arrows Capital, and more.
In an interview for CoinDesk, Lunde drew parallels between Bitcoin’s 2019 surge. He said that the recovery state is pretty similar in duration, price movement, and drawdown to that of a few years ago. He also said that Bitcoin might reach $45,000 soon. Currently, Bitcoin’s price is hovering over $30K after a year of distress and many troubles. The price has fallen way down since the 2021 highs, but, while it was down, Bitcoin never went out.
In a surprising turn of events, the price has recovered over 80% in 2023. The world’s top cryptocurrency started the year in a bad way, yet managed not just to consolidate its price, but to shoot over the moon, and experts believe it’s just the beginning of a new thrilling bull run.
Investor Caution Remains Key
Even with Bitcoin’s price down, Lunde has congratulates the way it stayed conservative due to investor caution. In the late months of 2022, there was a lot of forced selling. Investors who were cautious panicked and sold their coins too. However, the majority stayed put, adding exposure to the Bitcoin market which fed the current rally.
In a way, Bitcoin fed on short squeezes and went higher and higher. Neutral derivative sales show further signs of investor caution. While everything can change overnight, everyone’s celebrating the fact that Bitcoin’s price has stabilized and is poised to go higher.
How feasible is a run to $45,000? It won’t happen overnight, but Lunde believes it is coming soon. In fact, he predicts that this price jump could come as soon as mid-May, although those expectations could be too optimistic. Others believe that it might be in the summer or autumn at the very least. Whenever it comes, we’ll be waiting for it with open hands.
It’s been a while since we’ve heard very good news about Bitcoin’s price. Sure, the recent rally was a positive sign, but still, Bitcoin has been in a deadlock for the past few weeks. Until yesterday when it rushed to $30,000, showing once again that it can break through any support level if given enough time.
The Bitcoin rally continues, gaining over 80% this year which is incredible. No one expected such a jump late last year when FTX collapsed, with many calling it the harbinger of doom for the crypto market. Not only Bitcoin and cryptos persevered, the world’s leading cryptocurrency started to rise again, and we’re all happy for it.
A Sharp and Fast Rise
It’s been nearly two months as Bitcoin started growing after a particularly tough couple of years. FTX’s collapse nearly ended it all, but Bitcoin persevered and slowly started climbing back. Not just climbing. The fact that it persevered surely gave investors the reassurance it needed, with the demise postponed for a much later date.
Bitcoin climbed level after level in the past month, although no one expected it to reach these heights. On Tuesday this week, Bitcoin hit $30K for the first time in almost a year. The last time the price was that high was in June 2022. That was back when the Celsius lending company froze withdrawals, which was the reason for its collapse and the crypto market’s decline.
Things didn’t look great since then, but surprisingly, they’ve improved a lot this year. Bitcoin’s gains are over 80%, although it’s still far off its all-time record high. In November 2021, Bitcoin rose to $68,000 and it would have climbed higher if it wasn’t for Terra’s failure to launch the crypto winter.
Nearly two years later, Bitcoin’s over half that price down, yet the recent price jumps have refueled discussion of a new crypto boom. To be honest, we’re all waiting for it, and while things don’t jump as fast as they did before, everything’s going in the right direction.
Protection Against Traditional Economy
Recent banking troubles around the world have led cryptocurrency fans to turn to Bitcoin, the original coin in this sector. They turn to it as kind of a ward against fears that traditional finance will crumble. Although governments won’t let that happen, it’s good that people have at least an alternative.
The early rally this week was fueled by no catalyst, if Alex Adelman’s claims are to be believed. He’s the chief executive of Bitcoin rewards app Lolli, so he surely knows his business. According to Adelman, the price rally was a sign of Bitcoin’s newly-found market conditions and strong investor confidence. In short, the crypto market is emerging from the so-called crypto winter and entering a new phase of strength and renewed interest from investors that can only lead to positive things.
After years of uncertainty and market struggles, Bitcoin is back to where it belongs. We hope that this is an early sign of a bullish market which could see the previous records broken yet again.
The crypto market is further reinforcing its great position by staying put despite rampaging inflation and increased rates. While some experts believe that the current $28,000 threshold is a tough point, it’s a fact that the largest cryptocurrency by market volume goes from one rally to another. After a slight tumble below $28,000 on Monday, another rally saw Bitcoin jump over $29K.
Traders are rightfully optimistic, while also staying cautious about the future. Trading and volatility are light, but it’s great that Bitcoin manages to hold its ground in a tough market position which sees the Fed increasing rates and authorities contemplating action against Binance and its CEO Changpeng Zhao. To top it off, Bitcoin’s constant rallies are taking the market in the green, especially when it comes to Dogecoin which has grown significantly for another reason.
Doge to the Moon?
Everyone knows that Tesla and Twitter CEO is trying to take Doge to the moon. The premier memecoin has jumped to around $0.10 in price after Musk decided to replace Twitter’s blue bird logo with a Doge. It was a surprising change that rolled out globally and wasn’t previously announced. It’s another proof of how Musk runs Twitter, which has seen a lot of controversy in a span of just a few months.
No one knows if it’s a PR stunt to take Doge to the moon, but it surely helps its case. Dogecoin hasn’t seen a lot of action in the past few months, but this kind of activity can take its price further up. It’s a welcome change for investors, even if Twitter users are raging about getting the blue bird back. Elon Musk is not a man to be pressured into anything, so even if he runs Twitter like a local store, he’s managed to get the price of this unique coin up. That’s something to admire.
Stall Before the Storm?
For the past few weeks, Bitcoin stands firm at around $28,000. Some believe it’s not a bad thing, others think that it’s just a calm before the storm. It’s great that Bitcoin has been able to retake these levels all the time even after slight dips at the start of the week. It shows that it’s still as resilient as ever, and better yet, many believe it’s in a great spot to make a higher run.
According to on-chain data, the recent price action suggests a short-term rejection followed by a consolidation correction stage. This should happen in the next few days. Investors should monitor the direction, with resistance levels at $30K. Bitcoin still hasn’t tested that price, and some experts believe it’s coming soon.
What’s impressive that the rally that started a month ago is still holding up, and it might just truly be the calm before the storm. Bitcoin deserves new records after years of uncertainty, and it’s great that it’s coming right in the middle of a financial crisis, showing how awesome crypto can be.
