Crypto Upvotes experts analyzed the situation in the Crypto market. And told how it can change in the short term, as well as what will happen to Bitcoin price

Last week was a hot one. Bitcoin rose in price by 7.63%, but this is no reason to panic. The growth of quotations began in the evening of April 9. Since the new week, purchases of the first cryptocurrency intensified amid the growth of U.S. stock indices. After the end of the holiday in the U.S. and strong Friday employment data. Investors raised the probability of another Federal Reserve rate hike in May by 25 basis points.

Since this pace of rate hikes has been factored in by the markets. Then buyers went on the offensive after a prolonged sideways trend. At first they took the level of $29,380, and on April 12 they tested the psychological level of $30,000. The price went up to $30,550.

The locomotive for the whole market was Ethereum (ETH). On the night of April 12-13, the Shapella update was successfully activated on the main Ethereum network, after which it became possible to withdraw blocked tokens from staking. There was no reaction to the network update. Apparently, investors wanted to see how staking would behave after coins were withdrawn. The effect was delayed. The Shapella update boosted trading volumes and supported the bullish trend of the major altcoins. The ETH/USDt pair was up to $2,128.

On April 12, the U.S. Labor Department released its inflation report. The consumer price index rose 0.1% month-on-month and 5% year-on-year. Although, of course, everyone was expecting inflation to match the 0.2% m/m and 5.2% y/y forecasts. The inflation report couldn’t stop Bitcoin’s rise. That’s because the rise was supported by the Ethereum rally. And then the dollar also fell to 101.16p after rising.

On April 14, the pair BTC/USDt was rising to the level of $31,000. It was not possible to move higher – the dollar turned up and the indices went down. The dollar rose at the end of the week on strong industrial production data, which rose 0.4% in March after rising 0.2% the previous month (the forecast was +0.2%).

Cryptocurrencies have gained a trump card.

By the end of the day U.S. stocks closed the day down. But they recorded weekly gains across the board. Investors appreciated the weak retail sales report. Which undermined the enthusiasm about the start of the quarterly reporting season.

Cryptocurrencies have gained a trump card. Democrats and Republicans continue to play the political game of who will do more damage to the United States. Congressmen are haggling and the Treasury Department is paying higher interest on debt service.

Democrats and Republicans continue to play a political game of who will do more damage to the United States. Congressmen are haggling and the Treasury Department is paying higher interest on debt service.

On April 11, the cost of U.S. default insurance jumped to the highest level in a decade. Default insurance on 5-year U.S. bonds rose to 42.91p.

In 2022, the U.S. paid $853 billion in interest on its government debt. This year, the amount of interest payments on government debt could reach $1.2 trillion to $1.5 trillion. Yellen warned that the government has enough money until June. The country could face default in July or August. Right now, it doesn’t matter if there is a default or not. Bitcoin and gold could act as protective assets against it. Gold in physical form and Bitcoin in digital form.

The technical picture for Bitcoin is favorable for continued upward movement. Now we can head to the area of $34-35 thousand. For ETH the nearest target is around $2,770.

Our experts told about the prerequisites for Bitcoin price growth. And assessed the prospects for further price movement of the first cryptocurrency

On April 11 Bitcoin rate exceeded $30.3 thousand for the first time since June 1, 2022. Within a day, the first cryptocurrency rose in price by $2 thousand. And its value increased by 7%.

Leading altcoins also rose in price, though not as much as the first cryptocurrency. Ethereum (ETH) price went up by 3.5%, to $1.91, BNB (BNB) – by 4.6%, to $327, Polygon (MATIC) – by 3.2%, to $1.13. Cardano (ADA) gained 4.7% to $0.4 and Ripple (XRP) rose 2.7% to $0.51.

The first goal for Bictoin is to fix it at $30,000

Bitcoin for the first time in 10 months broke through the key level of $30 thousand. The main trigger for the price increase was the investors’ confidence in the near completion of the US Federal Reserve’s tight monetary policy phase. In fact, the strengthening of BTC could happen a few days earlier. But most investors were absent in trading because of Good Friday and Easter in Catholic world.

On Monday traders returned to work and reacted to Friday’s set of statistics about employment market in the USA. And quite naturally – with a rise in prices. NFP employment data showed that employers feel confident and leave hiring rates high.

BTC has gained 6.74% since the beginning of April versus a 23% appreciation in March. The important thing now is to get a foothold above $30k. And the next ambitious goal is $35k, but it will take time to reach it.

Bitcoin price prospects

Bitcoin moved to the growth after a long period of consolidation between $27 thousand and $28.5 thousand. BTC accumulated momentum and was able to overcome the resistance level around $28.5 thousand. And then on a wave of “bullish” sentiment took a new top – the long-awaited mark of $30 th.

It is hard to say whether there will be correction, because the market is waiting for the publication of data on consumer price growth in the USA (CPI). Which will be unveiled on April 12. This index always influences the situation on the cryptocurrency market. Here we should understand that it can both push up. And it can also push down and stop the growth of Bitcoin. And the continuation of high inflation can have both effects. That is, if inflation is still quite high and fails to meet expectations for a decline. BTC rate may react with both decrease and growth in the short term.

In the long term high inflation will most likely help Bitcoin to grow. Because BTC is seen by some investors as an instrument to hedge against inflation risks. The collapse of the banking system, which is not expected to fully manifest itself yet, also contributes to the growth of bitcoin. Part of the deposits that have been withdrawn from U.S. bank accounts. It eventually settles on the crypto market, as retail investors in a panic are looking for tools to preserve value. And they’re also afraid of a repeat of the 2008-2009 crisis.

Our experts answering a possible question whether investors will have an opportunity to buy Bitcoin “cheaply” for $15 thousand. Our experts remind that between $15k and $25k Bitcoin was trading for 275 days. That means investors had almost a year to decide to buy this asset. If they didn’t do that, now they’ll have to buy bitcoin at $30k. In short and medium term the price of BTC will hardly go lower than $20k.

Expect inflation data

Bitcoin for quite a long time was in the “sideways position”, accumulating strength for a breakthrough to the level of $30 thousand. This happens today the coin has overcome this mark.

Now the US inflation data is expected to be released in March. A slowdown in price growth will be positive for the stock market. And BTC usually follows it. A decline in inflation gives the odds that the Fed will move to easing monetary policy. And this will also push indices and cryptocurrencies up.

Also amid forecasts of a global recession, more and more investors are moving into crypto as a way to protect funds. This explains the influx of capital into the crypto market. Now everything depends on inflation data. Because its decline will give a chance for Bitcoin to rise to $32,000-34,000. And the increase in prices will be negative – then we can expect a fall to $27-28 thousand. By the end of the week, these trends will manifest themselves in full force.

The number of BTC “hodlers” is increasing as fast as it did in the spring of 2021. When the asset first reached $64,000.

The number of long-term Bitcoin holders earlier this year is growing at its fastest pace since spring 2021. When the BTC exchange rate first rose to $64,000. The growth in the number of “hodlers” may be due to the fact that more and more traders stop operations and decide to just keep the asset.

Since the beginning of this year, Bitcoin’s exchange rate has increased by 71%. The asset was trading at $16.5 thousand on January 31, while on April 10, its price was around $28.3 thousand. The maximum value for this period was $29.1 thousand, which BTC crossed on March 30 for the first time since June 2022.

During the 2021 Bitcoin rally, the number of BTC holders rose from about 34 million to 39 million. The growth rate then slowed. And by early 2023, that number had risen to about 44 million. But then the number of “hodlers” started growing faster again. And by April, it exceeded 46.1 million.

Our experts note that over the past 24 hours, BTC rose in price  by 6%, to $30 thousand. Following the first cryptocurrency, prices for other digital assets are increasing.

PostFinance, Swiss national postal service’s bank division, will give customers access to buy, hold and sell Bitcoin and Ethereum

PostFinance, the Swiss post office bank, will partner with Sygnum Bank, a Swiss digital asset bank, to open up cryptocurrency transactions to more than 2.5 million customers. The cryptobank said in an announcement that PostFinance customers will be able to buy, store and sell cryptocurrencies such as bitcoin and Ethereum.

PostFinance is one of Switzerland’s largest retail banks. It is wholly owned by the Swiss Post, which in turn is owned by the state. According to the bank’s website, more than 2.5 million people use its services.

Bank Sygnum is licensed as a provider of cryptocurrency services in Switzerland. And it serves a range of institutions, including cantonal and private banks. PostFinance is integrating Sygnum’s b2b platform into its infrastructure.

According to the report, PostFinance has analyzed the investment needs of its customers. And it identified a high demand for digital investment services.

“Digital assets have become an integral part of the financial world. And our clients want access to this marketplace at PostFinance,” said PostFinance Chief Investment Officer Philip Merkt.

PostFinance’s decision to switch to cryptocurrency was driven in part by an outflow of funds from Swiss retail banks into the digital asset class.

PostFinance has noted a multi-million dollar outflow of funds to cryptocurrency exchanges in recent years. So not only did the bank see an opportunity to generate new revenue in its work with digital assets. But it also realized that it made a big difference in retaining existing customers.

Our experts note that in addition to Bitcoin and Ethereum, PostFinance will later add other cryptocurrencies.

Our experts have analyzed the situation on crypto market and told how it can change in the short term and what will happen to Bitcoin price

The final week of March on the crypto market began with a decrease in the pair BTC/USDt. Bitcoin fell by 5.81% to $28,484. The fall was caused by negative news in the crypto industry. The Commodity Futures Trading Commission (CFTC) filed a lawsuit against the head of Binance, Changpeng Zhao, and the heads of three other organizations that run the Binance platform. The regulator claims that the exchange failed to register as a platform that trades cryptocurrency derivatives. And therefore had no right to provide services to U.S. clients. However, it actively worked with U.S. investors, ignoring legal regulations.

In zone $26.5-26.6 thousand buyers regrouped and fought back on the positive news from the banking sector and the rise of American indices. The U.S. Federal Deposit Insurance Corporation (FDIC) announced that deposits and loans from bankrupt Silicon Valley Bank (SVB) are going to U.S. First-Citizens Bank.

On March 29, bitcoin recouped earlier losses, returning to the $29,184 level. Risk appetite returned for market participants as concerns about the banking sector eased following congressional hearings on the SVB bankruptcy.

Rising movement did not continue. The buyers, having met sellers’ volumes, started to fix profits from long positions. It was a purely technical factor, because this day external background was on the side of buyers. Also the dollar index was declining and S&P 500 futures were rising.

In the evening the buyers’ activity might have been low because of the speeches of the U.S. Federal Reserve representatives, who supported the further tightening of the monetary policy, despite the collapse of the three American banks.

On Friday (March 31), the price corrected to $27,511 and then went back to $28,656. Buyers have so far ignored the U.S. crackdown on Binance, Coinbase and TRON founder Justin Sun. This comes amid a rally in stock indexes and weakness in the U.S. dollar.

The S&P 500 index rose 3.23% to 4,109 points for the week and 6.88% for the quarter. Bitcoin in the first quarter of 2023 rose 72.08% against the dollar to $28,465.

Waiting for a level test of $30,000 for Bitcoin

In this week of April 3-9, the focus of market participants will be on U.S. statistics. These statistics will include: business activity in the manufacturing and services sectors, industrial production data, the labor market report for March. In Europe, it is a shortened week. Europeans will celebrate Good Friday on Friday (April 7) and Easter on Monday (April 10). Liquidity will affect the dollar, and through the currency market, the crypto market.

According to our experts’ estimates, the quarterly timeframe indicates a price recovery to $34,000. At the same time, the monthly – to $43,000 by August (with a very positive external situation). If the market gets stormy because of the actions of U.S. regulators or new bankruptcies, then by mid-September. Here we need to look at what wave structure of upward movement will be formed when the level of $34,000 is reached. Therefore, we are waiting for the test of $30,000 for Bitcoin this week.

Our experts talked about trends in the cryptocurrency market. And pointed out several altcoins worth paying attention to

Start of 2023 was positive not only for Bitcoin supporters, but also for almost the entire cryptocurrency market. The leading coin has risen in price by 36 % since the beginning of January. And some alternative coins rose in price by tens of percent.

However, not all assets linger at their peak values after significant growth. Often tokens both reach new ATH and fall off.

Our experts told us what affects altcoin rates. And which coins look promising at the moment. And also what risks an investor who wants to invest in cryptocurrencies may face.

Promising altcoins

Cryptocurrencies such as Ethereum (ETH), Litecoin (LTC), Ripple (XRP) and Monero (XMR) have the best long-term growth prospects among altcoins. At the moment, it is worth investing only in those assets that can grow in value over the long term.

Of altcoins worth considering for purchase, tokens related to artificial intelligence (AI) may be worth considering. He noted that the trigger news for this area was a statement from Bill Gates. Who said that AI is “a really big deal” and that AI projects are revolutionary.

Another trigger for the increased attention to tokens related to AI. Our expert pointed to a post by Elon Musk. The billionaire wrote on Twitter that 2023 will be the year of AI. However, such statements are partly provoked by the emergence of ChatGPT neural network. Although it does not meet the criteria of general artificial intelligence, it has created a lot of hype in a market.

In the opinion of our expert, it is worth looking at Ocean Protocol (OCEAN) and Fetch (FET) tokens. However, FET is already trading at local highs. And in order to enter it will be necessary to wait for its correction first. Which is likely to happen in February, our specialist warned.

Ocean Protocol is a data trading platform. Including those used in the work with artificial intelligence. The main goal of the Ocean network is to create a global data supply chain for AI. The OCEAN Protocol token rose 125% in a month, from $0.16 to $0.36. The current price is 81% below the all-time high of $1.93 shown in April 2021.

Fetch is a project to build a decentralized “economic Internet” infrastructure based on artificial intelligence and machine learning. The goal of the project is to optimize the use of resources, to automate processes. As well as the development of algorithms for collective learning of Internet of Things (IoT) devices. The FET token went from $0.095 to $0.28 in a month, up 194%.

Risky investments

Because there are no fundamental prerequisites for a long-term bullish cycle in crypto market yet. The current growth of altcoins is accompanied by high volatility. Our expert noted that this is the reason for their recent growth. We should expect the same significant correction in the next couple of weeks.

At the same time, the expert reminded that altcoins always have risks – it is even more risky asset than Bitcoin. When the market is nervous because of macro signals from regulators. The first thing investors do is to sell such excessively risky assets.

Growth in securities of mining companies in January reached the highest monthly level in at least a year. Crypto-Upvotes expert review

The MVIS Global Digital Assets Mining Index, which includes data on the 20 largest miners. Such as Riot Blockchain, Galaxy Digital, Bitfarms and Iris Energy, is up 64 percent since the beginning of January 2023. This month, the indicator posted its biggest increase since its inception in December 2021. In doing so, Bitfarms securities rose more than 140%. And shares of Marathon Digital Holdings were up more than 120%. And Hive Blockchain Technologies more than doubled.

The growth of miners’ shares was caused by the recovery of Bitcoin. The first cryptocurrency since the beginning of January rose in price by 26.5% – from $ 16.6 thousand to $ 21 thousand. And on January 16 Bitcoin rate updated its maximum for 4 months, exceeding the mark of $ 21.4 thousand.

Profits of miners also increased against the growth of the crypto market. Despite the fact that the complexity of Bitcoin mining has grown to record levels. And more and more miners are plugging in, increasing hash rates. Luxor Hashprice Index – showing how much income a Bitcoin miner can expect. With a certain amount of hashrate – up 21% this year.

However, our experts note that it is unknown how long the growth of mining companies’ quotes will last. Cryptocurrency mining companies faced financial difficulties in 2022 and were forced to sell the mined cryptocurrency. As well as to return the equipment, reduce costs and personnel.

Satoshi Nakamoto mined a Bitcoin genesis block on January 3, 2009

Bitcoin turned 14 years old. January 3, 2009 can be considered the real birthday of Bitcoin. That’s when the genesis block was mined with the date and a short excerpt from The Times article: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”.

On October 31, 2008, the creator of Bitcoin, known as Satoshi Nakamoto, published a white paper. Titled “Bitcoin: A Peer-to-Peer Electronic Cash System. However, the BTC network did not actually work until three months later, when Satoshi mined the first block.

The genesis block was mined on a small server in Helsinki. The reward for mining it was 50 BTC. The first transaction on the BTC network took place a few days later. On January 12, 2009, 10 BTC from Satoshi Nakamoto were sent to developer Hal Finney in Block 170.

Nine months later, on October 5, Bitcoin appeared on the New Liberty Standart exchange. Our experts note that for $ 1 you could buy 1,309 BTC (now their price is $21 million).

On February 9, 2011, BTC for the first time equaled in value to the U.S. dollar. And on April 16 of the same year a major publication – Time magazine published an article about Bitcoin, for the first time about the new asset. The currency reached a total capitalization of $10 million.

Since then, Bitcoin has experienced several ups and downs. It reached its peak in November 2021, rising to $69,000. In 2022, global economic problems and several major bankruptcies in the industry led to a significant decline in cryptocurrency rates and a prolonged crypto winter.

The asset currently has a market capitalization of $322 billion and a daily trading volume of $13 billion. Bitcoin’s stake in a crypto market is 38.2%.

Two exchange traded ETF funds raised a total of $73.6 million on the eve of their debut on Hong Kong Stock Exchange. Crypto-Upvotes expert review

Two exchange-traded funds (ETF) will begin trading on the Hong Kong Stock Exchange (HKEX) on December 16. They are based on cryptocurrency futures. These are the first funds of their kind in Hong Kong. CSOP Asset Management’s ETF invest in Bitcoin and Ethereum futures. Which are listed on the Chicago Mercantile Exchange (CME Group) in the United States. They are the only cryptocurrency assets allowed by the Hong Kong Securities and Futures Commission (SFC).

Two funds raised a total of $73.6 million before their debut on the Hong Kong Stock Exchange. The larger one, CSOP Bitcoin Futures ETF (3066.HK), raised $53.9 million, according to the management company. That’s more than the ProShares Bitcoin Strategy ETF, the first U.S. Bitcoin futures ETF. Which began trading on the New York Stock Exchange (NYSE) in October 2021 with an initial capital of $20 million.

Crypto-futures ETF demonstrate that Hong Kong remains open-minded about the development of virtual assets. This is despite recent problems in crypto-industry, said Yi Wang, head of quantitative investment at CSOP. He noted that since ETF do not invest directly in Bitcoin and are traded on regulated exchanges in the U.S. and Hong Kong. Investors will have more regulatory protections than tokens traded on unregulated platforms.

The first futures-based Bitcoin-ETF were approved in the U.S. back in 2021. However, the U.S. Securities and Exchange Commission (SEC) has so far rejected all applications to launch a spot exchange-traded fund (ETF). SEC head Gary Gensler attributed this to the fact that applications for such funds do not meet the Securities Act’s standards for cracking down on fraudulent or manipulative practices.

Crypto-Upvotes experts analyzed the situation with Bitcoin on crypto market and told how it can change in the short term

From December 5 to 11, the pair BTC/USDT traded in the price range of $16.7 ths – $17.4 ths. In the first half of the week Bitcoin was under pressure, in the second it got out in a small plus. Because Bitcoin got back in touch with the stock and currency markets. It was influenced by the dynamics of stock indices and the dollar index.

On Monday, December 5, investors were spooked by better-than-expected data from the U.S. service sector. The statistics changed market sentiment of the market participants. Because they are still afraid of the Fed’s continued tight policy to curb inflation. As a result, the S&P500 index was unable to break through the trend line on the daily and weekly section. The downward correction intensified amid closing long positions in technology sector stocks. The dollar index recovered to 105.79 points. BTC/USDT pair returned to the level of $16.8 ths.

On Tuesday, December 6, Bitcoin rate consolidated at $17 ths. On December 7, the pair BTC/USDT fell to the trend line of $16.7 ths on the background of risk aversion. Since Thursday, December 8, the situation in the markets has changed. Bitcoin gained 2.30% against the dollar to $17.2 thousand. The dollar index reversed downward and the S&P500 index recovered to 3,974 points. That was the end of the index’s rise, as well as Bitcoin’s strengthening.

On Friday, December 9, the S&P500 index fell 0.73% to 3934.39 points. The sell-off in risky assets resumed after the release of disappointing U.S. producer price data for November. Prices rose more than forecasted. The PPI index in November rose by 7.4% on an annualized basis and by 0.3% versus October. The average forecast was for a 7.2% growth for the former index and a 0.2% growth for the latter.

Investors fear again

Fears of tighter monetary policy from the Fed and a possible recession came to the fore. U.S. stock futures changed from rising to falling, while Treasury yields jumped.

The statistics are rocking the markets ahead of the U.S. Federal Reserve’s December 14 meeting. High volatility is needed for option sellers. To sell them at a high premium. Investors are expecting Wednesday’s rate hike of 50 basis points, to 4.5% per year. According to the latest CME FedWatch Tool, there is a 78.2% chance of a 50bp rate hike.

There is still uncertainty in the crypto market. The decline in the BTC/USDT pair on Friday was subdued. The level of $17.35K has not been passed, and the buyers can still pass it till Wednesday. The price pattern at 4H (time range on the chart) is favorable for an upward move.

Support is at the level of $16.9 ths, key – at $16.5 ths. We expect the denouement after the speech of the head of the US Federal Reserve Jerome Powell at the press conference, which will be held after the announcement of the rates decision.