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Market picture
The crypto market lost 1.4% overnight to $1.19 trillion. Bitcoin, down 1.6% at $28K, once again underperformed the market. Ethereum fell just over 1% to $1890. This Bitcoin dynamic can be attributed to its outperformance in the March episode of capital flight from banks. That money is now neatly parked elsewhere while Bitcoin is "resting".
Bitcoin's recent pullback has confirmed that the trading range of the past two weeks remains in place. The first cryptocurrency does not see any significant obstacles on the way down to levels near $27K. The deepening drawdown could be influenced by negative sentiment in traditional financial markets.
MicroStrategy additionally bought 1,045 bitcoins for approximately $29.3 million at an average price of $28,016 per BTC, according to company founder Michael Saylor. MicroStrategy now owns 140,000 BTCs worth $4.17 billion at an average price of $29,803.
According to Kaiko, the correlation index between bitcoin and gold has reached 50%. Meanwhile, BTC's dependence on the US stock market has fallen to 20%.
News background
The total capitalisation of gold-linked tokens has exceeded $1 billion. There are two major players in the market, PAX Gold, and Tether Gold, which account for 99% of gold tokenisation.
According to Lookonchain, the crypto whales, who control more than 10,000 ETH, are preparing to sell and have already started adding to exchange wallets. A coin reset is likely to take place when the altcoin exceeds $2,000.
Swiss state-owned bank PostFinance, the fifth largest by assets, has announced that it will offer a "full range of cryptocurrency services" to its 2.5 million customers.
According to Morning Consult, a majority of Latin American adults, unlike Americans, believe cryptocurrencies will become legal tender.
About the author
Alex Kuptsikevich is a financial market professional with 16-years’ experience and a senior financial analyst at FxPro. He is the author of daily reviews on the impact of economic events with comments featured in top international and Russian media. Alex covers fundamental analysis, global markets, the foreign exchange market, gold, oil, and cryptocurrencies in his analytical pieces. As the senior financial analyst at FxPro, Alex is a guest expert in 1-tier global media such as Forbes, Coindesk, Euromoney and Morning Star.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.