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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.
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.
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.
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.