Bitcoin traded above the $40,000 mark Thursday night; This is despite the world’s leading cryptocurrency and other major digital currencies on a daily decline. Meanwhile, the global cryptocurrency market cap shrank by 2.6% to $1.9 trillion.
| Currency | 24 hours | 7 days | price |
|---|---|---|---|
| Bitcoin (CRYPTO: BTC) | -2.4% | + 1% | $4,430.63 |
| Ethereum (CRYPTO: ETH) | -3% | -1.5% | $2984.80 |
| Dogecoin (CRYPTO: DOGE) | -3.3% | -5% | $0.14 |
| Cryptocurrency | Percentage change in the last 24 hours (+/-) | price |
|---|---|---|
| unacceptable (DCR) | + 14.5% | USD 70.37 |
| you can see (TRX) | + 13.4% | 0.0712 dollars |
| Kyber Network Crystal v2.0.1 (Unlocked) (KNC) | + 8.2% | $4.75 |
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Bitcoin reached an intraday high of $42893.58 but later failed to sustain the bullish momentum; At press time, it is down 5.7% from those levels. Meanwhile, Ethereum was below $3,000.
Overall, risky assets lost ground on Thursday, with the S&P 500 and Nasdaq in the red, down 1.5% and 2.1%, respectively.
“The Nasdaq week has been a bit more turbulent, but bitcoin has managed to shake it off; perhaps a sign of a move away from the correlation between the performance of the two,” the OANDA analyst said in a note. Craig Erlam.
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“We will see if they can back it up, because if there is one thing they still have in common, it is that they are both seen as risky assets, even though Bitcoin is at the higher end of the scale.”
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The Federal Reserve is becoming hawkish
Meanwhile, according to a CNBC report Jerome Powellpresident Federal ReserveOn Thursday, he claimed it was “absolutely necessary” to restore price stability.
“We are going to actually raise rates and quickly get to levels that are more neutral and then really tight … if that turns out to be appropriate,” Powell said.
Also based on Powell’s comments, the US central bank could choose to raise the interest rate by 50 basis points instead of just 25.
However, regardless of negative factors such as high interest rates and the ongoing war in Eastern Europe, money is pouring into cryptocurrencies; This is a factor that sets the stage for a ‘strong recovery’, according to the founders of Glassnode Jan Wyan.
Glassnode founders tweeted about it: “$17 billion in investments [crypto] of venture capital and more than 1,000 deals in 2022. This year there is the highest average deal size at $4.5 million.”
Alternatively, with regard to Ethereum, the activity of the crypto address could have increased this week, according to Emotion. In fact, the financial market data platform highlighted that 592,000 active addresses discovered on Wednesday represented “the largest number of unique interactions in more than a month.”
$17 billion in venture capital # encryption Investments and +1 thousand deals in 2022. This year saw the highest average deal size at $4.5 million. Capital flows to #BTC And #altcoinsAnd prepare for a strong recovery. https://t.co/3CIPmzPbad pic.twitter.com/zPH8twH81W
– nigenttropic_ (@nigenttropic_) April 21, 2022
Santiment also tweeted that social discussions about the world’s second largest cryptocurrency have reached a two-month high.
# EthereumHeadline activity has really rebounded this week, with Wednesday’s 592K headlines being the most unique interactions in over a month. Meanwhile, a social discussion of ETH dollar It reached its highest level in more than two months. https://t.co/4xsQLD8VaN pic.twitter.com/2pwlN1lXUa
– Santimentfeed April 22 2022
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