After last week’s remarkable rise, Bitcoin (BTC) showed a slight correction, rolling back to a local low. Once again, we are focusing on the first cryptocurrency and the events related to it. CoinsPaid Media has prepared for you a selection of the most significant news that happened from April 2 to 8.
Bitcoin (BTC) Rolled Back to Local Low
At the end of last week, Bitcoin regained some of its fall over that period. By Saturday morning, April 2, quotations of the first cryptocurrency came close to $47.000. During the weekend, BTC dropped. However, the first cryptocurrency rose above $47.000 on Monday morning. Following a small rebound on Tuesday, Bitcoin quotes rose above $47.000 again by Wednesday evening, but then there was a more solid rollback on Thursday — below $45.000, and by Friday morning, April 8 — below $43.000. Thus, BTC has recorded a local two-week low.
Experts highlight among the main factors that contributed to the Bitcoin price drop:
- Macroeconomic and geopolitical challenges that are not conducive to investing in risky assets.
- The consistent tightening of monetary policy and the ambiguous situation in fighting inflation in the United States.
- The seizure of Hydra’s servers and the confiscation of 540 BTC in its affiliated accounts.
- Gary Gensler, chair of the Securities and Exchange Commission, called for stronger regulation of crypto exchanges. The European Parliament passed an anti-money laundering bill that requires the identification of participants in every cryptocurrency transaction.
All of this creates an unfavorable background for the crypto market in general and Bitcoin in particular. Besides, a cycle between halvings, consisting of 46 months, plays a role. April 2022 is the 23rd month of the cycle, the middle of it, and there is always a decrease in BTC price in this period.
PayPal co-founder Peter Thiel listed an enemies list for Bitcoin during his speech at the Bitcoin 2022 conference. This is reported by CNBC. He called legendary investor Warren Buffett enemy No. 1. The list of “enemies” also includes JP Morgan chief executive Jamie Dimon and BlackRock CEO Larry Fink. In his opinion, prominent financiers are trying to slow down the development of Bitcoin as they refuse to accept the end of the fiat money era.
Extremely Optimistic Prediction for BTC
Despite the current fall and the presence of enemies among leading financiers, VanEck analysts admitted that the rate of the first cryptocurrency will grow up to $5 million, with only one caveat: Bitcoin needs to be recognized as the world’s reserve currency.
Investors Vote for Bitcoin with Dollars
MicroStrategy, which took out a Bitcoin-backed loan for $205 million last week, used it for its intended purpose, adding about 4.000 BTC to its investment portfolio.
Bitcoin Global Adoption
MicroStrategy CEO Michael Saylor and Ark Invest founder Cathie Wood shared at the ongoing Bitcoin 2022 conference in Miami that more and more institutions will accept Bitcoin. As the main arguments, they cited US President Joe Biden’s recent executive order concerning the crypto market regulation and the active development of the Lightning Network protocol, which allows the Bitcoin network to be used as a payment instrument.
The proof of the validity of this opinion appeared at the same conference, where it was announced that with the help of the Strike app based on the Lightning Network, Bitcoin will be accepted as a means of payment in major retail chains, among which such famous brands as McDonald’s, Walmart and Starbucks. This was reported by Zap CEO Jack Mallers. According to him, it will soon be possible to pay with Bitcoin in more than 400.000 stores around the world.
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!