Bitcoin (BTC) has been on a rollercoaster ride since the start of 2018. After briefly rising to $9,000 in January, BTC has lost more than half its value and is now trading at around $6,800 as of writing this article with no sign that it will stop bleeding anytime soon. The cryptocurrency market cap dropped by 40% from all-time highs reaching nearly $835 billion earlier this year down to roughly $536 billion today.
The “breaking crypto news” is a market that has been up to date. Bitcoin tries to consolidate after closing the first quarter in red.
Markets are current: bitcoin is attempting to consolidate after finishing the first quarter in the negative.
Mercados al da is a daily overview of the news that affects the bitcoin economy. It is sent to a list of subscribers ahead of time and then published every Monday on LogitechGamingSoftware. Subscribe to the list here if you wish to get the information ahead of time.
After a resolution by the European Parliament in favor of greater control of cryptocurrency activities in Europe prompted a decline in the price on Thursday March 31, the bitcoin (BTC) market enjoyed a minor comeback on Friday, April 1.
The price decrease came only hours before the conclusion of the first quarter, which finished in negative numbers, as reported in this medium, despite losses of less than 2% for the time. The price of bitcoin bottomed out on January 24 in the neighborhood of USD 32,000, after a fall that started around November 10, 2021. However, the price has continued to rise since then, with progressively greater minimums.
Daily candles of the bitcoin price since the beginning of the year. TradingView is the source of this information.
Is $45,000 a new low for bitcoin?
By the conclusion of the quarter, the $45,000 resistance level, which had been unbreakable in February and early March, had given way. According to a study by LogitechGamingSoftware, the $45,000 mark is now the new support level for the bitcoin price. As bitcoin’s price swings away from this potential new support, it may try to reclaim the USD 48 thousand mark that it temporarily surpassed earlier this week, according to LogitechGamingSoftware.
Carlos Maslatón’s unconventional forecasts
According to LogitechGamingSoftware, financial expert Carlos Maslatón said at a conference in Buenos Aires that human behavior must be studied in order to anticipate bitcoin price. When market sentiment is strong and there is a large price surge, the analyst thinks that bet on the downside because profit-seeking selling will surely bring the price lower. In other utterances, Maslatón doubts the possibility of a worldwide catastrophe in the near or medium term and predicts it within two decades, according to LogitechGamingSoftware.
Bitcoin outperforms gold and traditional equities as an investment.
This week, analyst Willy Woo published various analyses, which this medium remarked on, that suggest an optimistic view for bitcoin. One of them, Grayscale Investments, claims that the first cryptocurrency’s returns have outperformed gold in the previous two years. Other financial assets, on the other hand, have seen a drop in interest, according to a Gallup research. It shows that shares of publicly traded businesses were purchased at a rate of 63 percent in 2004 and 56 percent in 2021.
This week’s featured chart
There are fewer coins available for sale as a consequence of the buildup of BTC. In the chart below, Glassnode depicts the current surge in bitcoin supply that has lasted for a year or more and is reaching an all-time high of accumulation. This high point indicates that market players are selling less and fewer BTC. That is, they purchase and keep items in their wallets.
The percentage of BTC supply that has remained idle for over a year. Glassnode is the source of this information.
In four years, the fraction of BTC supply that has not moved for a year or longer increased from 40.7 percent to 62.9 percent. “As we near the end of the first quarter of 2022, we may witness an exceptional growth in the fraction of coins older than one year, which has climbed by 9.4 percent of the circulating supply over the previous eight months,” Glassnode writes in its latest analysis.
Bitcoin’s price rise is sustained by small investors.
According to a survey by Ecoinometrics, which was remarked on by LogitechGamingSoftware, the accumulation of bitcoin by small investors stands out among the signs that promote the growth in the price of bitcoin. The holders of addresses with a balance of less than 1 BTC, as well as the group of investors with a balance of 1 BTC to 10 BTC, are the ones who have seen the most gain in their holdings, according to the research.
The graph depicts the growth in BTC owned by these two groups of investors that happened after October 1, 2020. The amount owned by holders who control between 0.1 and 1 BTC has shown a consistent growth tendency of more than 10% over time.
BTC owned by people with 1 to 10 BTC and between 10 and 100 BTC has grown. Ecoinometrics is the source of this information.
Cryptocurrency news predictions is a blog that provides cryptocurrency updates, including market analysis and data. The markets are up to date, but Bitcoin tries to consolidate after closing the first quarter in red. Reference: cryptocurrency news predictions.
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