The crypto market is still struggling with its sentiment, so the price of Bitcoin (BTC) goes down, up and down again. Read more about Bitcoin and its “adventures,” main factors affecting it and other significant news that happened from April 23 to 29 in CoinsPaid Media’s weekly digest.
Bitcoin (BTC): Horizontal Volatility
Over the past seven days, nothing much has changed in the crypto market. Bitcoin is still highly volatile. Last Friday, April 22, the first cryptocurrency was trading around $40,700 but fell sharply by the end of the day, having lost about $1,500 in a few hours.
On Saturday, the quotes recovered at about $40,500 and stayed at the same level by the end of Sunday. However, on Monday morning, they slid below $38,500. The price grew above $40,500 by Tuesday morning, but it went down to $38,000 in the evening, fixing the local low of March 14. Nevertheless, after pushing off from $38,000, BTC grew steeply over the next two days. So, on Friday morning, April 29, the first cryptocurrency traded for around $39,500.
Bitcoin fell by only 3% over the last seven days despite the high volatility.
What Affects Bitcoin Right Now
Analysts highlight the dynamics around the S&P 500 and Nasdaq indexes among the factors strongly affecting BTC. The first cryptocurrency remains highly correlated with them and even grows stronger. However, some experts note that on long-term charts, the correlation between crypto and stock markets is about 4%. The coincidence of current trends is due to similar behavior of investors on both platforms, but not to any direct links between the markets.
Besides, the pressure on the Bitcoin exchange rate is made by the forthcoming US Federal Reserve meeting and the expectation of a probable hike in the interest rate.
We can also remember the growing crisis signs:
- rising inflation in developed countries;
- slowdown in economic growth in China due to another COVID-19 outbreak;
- disruption of logistics and industrial chains amid US and EU sanctions against Russia.
In the current situation, investors prefer to look for protective instruments, reducing investments in risk assets.
On April 27, a solo miner with 60 TH/s processing power successfully mined another block #733,739 in the Bitcoin network and received 6.25 BTC, worth approximately $247,000 at the current exchange rate. The Solo CK mining pool reported this.
Note that the wording “a solo miner found a block on their own” is incorrect since the block was found “on a public mining pool with a Solo payout.” So, all the miners in the pool were involved in finding the block, but only one of them received the reward in this payout mode.
Elon Musk Buys Twitter
The biggest news from the last week is that Elon Musk buys Twitter for $44 billion. That has a lot to do with the cryptocurrency market for several reasons:
- Firstly, Twitter sees very high activity from the cryptocurrency community, including experts and analysts, many of whom are anonymous. At the same time, Musk has already announced plans for mandatory authentication for all users.
- Secondly, Musk’s tweets significantly impact the price dynamics of crypto-assets: first of all, on Dogecoin, whose quotations showed a short-term growth of more than 30% due to the latest news.
New Trend: Move-to-Earn
Stepn (GMT) and Green Satoshi Token (GST) by STEPN, a gaming app promoting a healthy lifestyle that includes Game-Fi and Social-Fi elements, were listed on Coinbase. The entire gameplay is built around NFT sneakers. These NFTs allow users to earn in-game GST currency by jogging or walking.
The app’s operating model has already been labeled Move-to-Earn, and it sounds like a new trend in the Game-Fi segment. The GMT token has risen almost 4,000% in less than two months.
Cryptocurrencies in Cuba
Meanwhile, global crypto adoption is expanding. It was recently reported that the Central Bank of Cuba will begin issuing licenses to legal entities for using cryptocurrencies in economic activities. This was reported by Reuters, citing the regulator’s decree.
CAR to Legalize BTC
Moreover, another country in the world has adopted Bitcoin as an official means of payment. We are talking about the Central African Republic. The relevant law has already been signed by its President, as reported by Agence France-Presse. The practical implementation is being worked out by the country’s Central Bank, whose representatives said that the crypto circulation mechanism is expected to be approved in the near future.
Hedge fund SkyBridge Capital plans to move most of the assets under its management into crypto. At the moment, nearly $3.5 billion is already tied up in digital assets, including major cryptocurrencies and crypto companies’ stocks. Bloomberg reports this. In total, SkyBridge Capital has more than $7 billion ($7.3 billion) in assets under its management.
Anthony Scaramucci, the company’s CEO, claimed that the fund plans to build the largest portfolio of crypto-assets because the cryptocurrency market has the prospect of tremendous growth.
Note that this is not all the crypto news over the past week, but only a cursory overview of the most high-profile newsbreaks. More updates can be found on our website and social networks daily!