Bermuda

Rally

Wednesday

Bitcoin

Gary

<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
</div> 
<p class="has-drop-cap">After rising for over a month and breaking above $30,000 for the first time in 10 months, Bitcoin entered into a sharp decline earlier this week. The decline that nearly saw the world’s largest cryptocurrency fall below $28,000 started shortly after Gary Gensler, the SEC Chair, gave his <a href="https://www.youtube.com/watch?v=h_oAr4wn7M4" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">testimony</a> to the U.S. House Committee on Financial Services.</p> 
<h3 id="bitcoin-barely-stays-above-28k-after-two-day-decline">Bitcoin Barely Stays Above $28K After Two-Day Decline</h3> 
<p>After a fairly stable month-long rise that started with the <a href="https://tokenist.com/us-regulators-take-emergency-measures-as-three-banks-fail-in-a-week/" rel="dofollow" class="deco-link">collapse of three major US banks</a> within less than a week in early March, Bitcoin entered into a relatively sharp decline earlier this week. Wednesday and Thursday featured a particularly sharp drop as the world’s largest cryptocurrency fell from just above $30,000 to just above $28,000.</p> 
<p>While it would be hard to point toward a single event that could explain the sharp decline, the current week brought several pieces of bad news. The recent testimony of SEC’s Gary Gensler failed to offer any real clarity about the Commission’s stance toward cryptocurrencies with the Chair even avoiding opining on whether he considers ETH a security or a commodity.</p> 
<p>Additionally, the most recent data from the UK showed that <a href="https://www.cnbc.com/2023/04/19/uk-inflation-rate-surprises-again-with-march-figure-holding-above-10percent.html" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">inflation is still above 10%</a>—worryingly above the expected 9.8%. The news had ramifications across the markets and Bitcoin was far from the only asset to go into a decline. Ethereum, for example, lost the price of $2,000 it gained <a href="https://tokenist.com/ether-crosses-2000-as-shanghai-upgrade-completed/" rel="dofollow" class="deco-link">after the successful “Shapella” upgrade</a> and stood around $1,940 at the time of writing.</p> 
<p>Multiple cryptocurrency-related stocks were also notably in the red. Coinbase, which recently <a href="https://fortune.com/crypto/2023/04/19/coinbase-gets-bermuda-license-plans-to-launch-offshore-exchange-in-coming-weeks/" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">acquired a Bermuda license</a> as part of its strategy to intensify expansion outside the US, closed 6% down but remained relatively stable in the after-hours. The shares of Michael Saylor’s MicroStrategy performed very similarly also closing 6% in the red.</p> 
<div class="cta-referral"> 
 <img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async"> 
 <div class="cta-referral__text"> 
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noreferrer noopener nofollow">Telegram group</a>&nbsp;and never miss a breaking digital asset story.</p> 
 </div> 
</div> 
<h3 id="bitcoin-s-70-rally-in-q1">Bitcoin’s 70% Rally in Q1</h3> 
<p>Despite the recent downturn, Bitcoin has been having a very strong 2023 so far. After going through a significant, year-long decline last year that saw it fall from just above $40,000 in January, to just above $16,000 in December, the world’s largest cryptocurrency has been in a rally nearly constantly since New Year.</p> 
<p>January of this year proved to be <a href="https://tokenist.com/bitcoin-this-week-nigerias-60-premium-best-january-in-10-years-macro-outlook/" rel="dofollow" class="deco-link">one of the best for Bitcoin in around a decade</a> and was accompanied by a broader rally of other major cryptocurrencies and cryptocurrency-related stocks. Throughout February, its price remained mostly stable around $23,000, and even went into a slight decline at the beginning of March.</p> 
<p>The trend was, however, quickly reversed after three banks—Silvergate, Signature, and Silicon Valley Bank—collapsed shaking confidence and driving more investors <a href="https://tokenist.com/crypto-app-downloads-up-15-as-us-banking-crisis-drags-on/" rel="dofollow" class="deco-link">to seek refuge in digital assets</a>. Additionally, while Bitcoin entered another decline earlier this week, a recent report published by K33 Research suggests that <a href="https://tokenist.com/bitcoin-could-be-worth-45000-by-may-k33-research/">it might rise as high as $45,000 by May</a>.</p> 
<div class="cta-sub js__cta-sub"> 
 <div class="cta-sub__start" data-step="1"> 
  <div class="cta-sub__title">
   <strong>Finance is changing.</strong>
  </div> 
  <div class="cta-sub__subtitle">
   Learn how, with Five Minute Finance.
  </div> 
  <div class="cta-sub__excerpt">
   A weekly newsletter that covers the big trends in FinTech and Decentralized Finance.
  </div> <button type="button" class="btn">Try it out (for free)</button> 
 </div> 
 <div class="cta-sub__form" data-step="2" style="display: none;"> 
  <script type="text/javascript" src="https://app.getresponse.com/view_webform_v2.js?u=QcLhh&amp;webforms_id=zw3Wv"></script> 
 </div> 
 <div class="cta-sub__result" data-step="3" style="display: none;"> 
  <div class="cta-sub__title">
   Awesome
  </div> 
  <div class="cta-sub__caption">
   You’ve subscribed.
  </div> 
  <div class="cta-sub__greeting">
   You’re well on your way to being in the know.
  </div> 
 </div> 
</div> 
<p><strong><em>Do you think Bitcoin will rise to $45,000 by May despite the current downturn? Let us know in the comments below.</em></strong></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/bitcoin-finds-footing-just-above-28k-is-the-crypto-rally-over/">Bitcoin Finds Footing Just Above $28K After Two Day Drop</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Bitcoin Finds Footing Just Above $28K After Two Day Drop

Table of Contents

Tokenist

Outros artigos publicados em 20 de abr. de 2023

Ripple’s latest court response to SEC packs a punch

Shiba Inu Price Prediction, will SHIB reach new ATH this year, Experts believe this DeFi token wi...

Ethereum (ETH) and Uwerx (WERX) attract buyers as Zcash (ZEC) falls

Trezor Enables CoinJoin Privacy Feature for Bitcoin Users

Shido Wallet V1.7 is now launched!

Decentralized Perpetual Exchange PairEx Announces Beta Trading Competition with Up to 8,888 USD A...

Join our free newsletter for daily crypto updates!