Bitcoin, the world’s largest decentralized cryptocurrency, has experienced a significant increase in its price, surging by approximately 70% this year. Currently trading above the $28,000 level, Bitcoin has seen a surge of more than 20% in just the last month.
Bitcoin price turns $28K to support, opening the door for ETH, MATIC, HBAR and EOS to breakout
BTC, ETH, MATIC, HBAR and EOS are likely to pick up momentum if they cross above their respective overhead resistance levels. pic.twitter.com/fehDZjhJO7— Christina (@Molly32605147) April 4, 2023
However, the ongoing spike in Bitcoin’s price may be attributed to a variety of factors, such as the US banking crisis, increasing adoption of digital assets, positive comments from prominent figures, and a weakening US dollar.
The Bitcoin $BTC price sits stable above $28k range right now.
That's a 25.58% increase compared to the beginning of the month.
As global banks face turmoil, #Bitcoin emerges as the ultimate champion.
Sentiment: #Bullish pic.twitter.com/FipRjjKITh
— Crypto Ape (@TheMoneyApe) March 31, 2023
In contrast, US regulators are continuously cracking down on the cryptocurrency sector, and the Commodity Futures Trading Commission (CFTC) has recently filed charges against Binance for breaking the law.
Hence, this has made investors concerned, but the crypto market is still growing, with a market capitalization of $1.17 trillion and a 1.09% increase in the last 24 hours.
Bitcoin Price
The current Bitcoin price is $28,346, and the 24-hour trading volume is $18 billion. Bitcoin has risen by less than 0.50% in the previous 24 hours. Bitcoin is now the market leader, with a live market cap of $545 billion.
It has a total quantity of 21,000,000 BTC coins and a circulating supply of 19,336,706 BTC coins.
Crypto Market Volatility: Binance Lawsuit and Elon Musk’s Tweet
The global cryptocurrency market has recently experienced fluctuations, which may be linked to the lawsuit against Binance. As previously mentioned, the Commodity Futures Trading Commission (CFTC) filed charges against Binance for violating the law.
Bitcoin price tested above $29,000, CFTC filed suit against Binance and Changpeng Zhao, MicroStrategy bought 6,455 BTC for $150 million pic.twitter.com/yd6oJFba6H
— Mykola Matveev (@MykolaMatveev) April 3, 2023
This prompted investors to sell their crypto, causing Bitcoin (BTC) to decline in value. BTC’s value dipped below $28,000 but didn’t remain low for long, rebounding to over $29,000 just a few hours later.
Breaking news! Twitter just got a doge-over! The Twitter logo has been replaced with the iconic Doge in dogecoin! #ToTheMoon #DogeFam #CryptoTwitter pic.twitter.com/4cKGFi8wyA
— Arslan B. (@forex_arslan) April 3, 2023
In addition, the value of Dogecoin (DOGE) surged by approximately 25% in just one day. This increase occurred after Elon Musk changed his Twitter logo to match the meme-based coin’s logo.
As a vocal supporter of Dogecoin, Musk holds significant sway over its value. His tweets and public statements have been known to substantially influence Dogecoin’s price.
CEO Twitter, Elon Musk, mengganti logo Twitter dengan gambar anjing Shiba Inu yang merupakan lambang mata uang kripto Dogecoin. pic.twitter.com/Onvwf6sTTo
— Asumsi (@asumsico) April 4, 2023
In the meantime, Bitcoin has been performing well this year, and its value has increased by 70%. But still, some experts believe it might go down in value soon.
At the same time, some experts showed a positive outlook and think that BTC will become even more valuable in the future.
Investor Balaji Srinivasan thinks it will be worth $1 million very soon, and another thinks it will reach $100,000 by the end of this year. As a result, these predictions have a mixed impact on Bitcoin prices.
Peter Schiff’s Criticism May Affect Investor Sentiment and Prices
Peter Schiff, an economist who always opposes Bitcoin, has projected that Bitcoin will lead to a decline in the value of risky investments. Schiff has been famous for his dislike for Bitcoin, believing that it would eventually go to zero.
Peter Schiff, an outspoken opponent of BTC, holds on to the belief that the value of the most popular cryptocurrency will one day be equal to zero. #BTC #Bitcoin #CryptoNews #cryptomarket #ChatGPT #openai Sentiment Result : Negative @crypto_talkies pic.twitter.com/7sPIJ2jyC4
— Crypto Talkies – Sentiment Analysis Tool (@crypto_talkies) March 27, 2023
Therefore, this pessimistic projection may have a negative impact on the Bitcoin price increase, as Schiff’s harsh statements about Bitcoin may deter some investors from buying or retaining BTC.
Hong Kong’s Crypto Hub Boosts Market Confidence
Hong Kong is changing its regulations to attract more crypto companies in their region. It should be noted that Hong Kong Securities and Futures Commission is about to provide operating licenses to eight Web3 companies before the end of the year.
JUST IN: Hong Kong to facilitate banking and financing for #Bitcoin and crypto firms in attempt to become a global hub – Bloomberg pic.twitter.com/my5oehl9z3
— Bitcoin Magazine (@BitcoinMagazine) March 28, 2023
Thus, this initiative will help Hong Kong to become Asia’s top cryptocurrency hub and encourage the development of the crypto sector. This is good news for the entire crypto market, including Bitcoin, as it increases investor confidence.
OKX is one of the organizations that will establish an office in Hong Kong and seek a virtual asset service provider license. This development demonstrates the increasing interest and recognition of Bitcoin and cryptocurrencies as legitimate assets.
Bearish USD Supports Bitcoin; Focus on US Nonfarm Payrolls
Another factor supporting the Bitcoin price has been the bearish US dollar, which touched a two-month low versus its main partners early on Tuesday, continuing under pressure after dismal manufacturing data on Monday.
The dollar was testing a two-month low against its major partners early on Tuesday, still under pressure after weak data from the manufacturing sector on Monday that encouraged hopes of an early 'pivot' from the Federal Reserve.
More news: https://t.co/SLplOrylRE#dollar pic.twitter.com/wllh7vMqoA
— DB Investing (@db_investing) April 4, 2023
It is worth noting that the manufacturing data from key economies, such as the U.S., Eurozone, UK, Japan, and China, showed contraction in March, raising concerns about global economic growth among investors.
In the meantime, the weaker-than-expected US data also led to doubts about the Federal Reserve’s hawkish stance. This, in turn, caused the dollar to drop to a two-month low on Tuesday.
Investors await US nonfarm payroll data on Friday for further insight into the labor market.
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This article was written for Business 2 Community by Arslan Butt.
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