Bitcoin (BTC), the world’s leading cryptocurrency, dropped from the $28,300 level to the $28,000 level on Thursday. Bitcoin’s previous upward rally has slowed after surging 20% in March, its biggest month since January.
Bitcoin reached a high of $29,173 in March, but it was a short-lived spike. Meanwhile, the price of Ethereum dropped from $1,941 to $1,870 on Thursday. However, it increased by 10.6% in March and 56% this year.
However, traders are hesitant to place any strong bids in BTC as investors await the release of US non-farm payrolls data, which is scheduled to be released later that day.
However, the release of US non-farm payrolls data will have a significant impact on the cryptocurrency market as it is considered a key economic indicator.
If US non-farm payrolls Data that shows the US country’s economy is creating jobs at a healthy rate will be seen as a positive indicator of the overall health of the economy. Thus, investors are likely to gain confidence in the economy and will increase their investments in various assets such as cryptocurrencies such as bitcoin.
Conversely, if the data shows weaker-than-expected job growth, it could lower investor confidence and lead to a selloff across various asset classes, including cryptocurrencies.
Furthermore, upgrading Ethereum to a more efficient “proof-of-stake” algorithm will have an impact on the cryptocurrency market, including bitcoin and ethereum.
If this upgrade is successful, it will lead to more people using Ethereum, boosting demand and driving up the cryptocurrency’s price.
Global cryptocurrency markets plunged amid investors’ fears of government action.
global cryptocurrency market Has been performing well in recent months, reaching a value of $1.20 trillion. However, it soon fell to $1.18 trillion as traders felt uncertain about the crypto future.
Investors are concerned that the government may take further action against the crypto market, which could lead to market volatility. Investors are watching closely for any news or event that may affect their investments.
The volatility of the banking sector boosts the performance of bitcoin.
As we said earlier, Bitcoin has performed extremely well in 2023, and this can be attributed to a number of factors including the volatility in the banking sector.
As the banking industry experienced turmoil, many investors began to view bitcoin and other cryptocurrencies as a more attractive alternative to centralized monetary systems.
Thus, the volatility of the banking sector has played a major role in the impressive performance of bitcoin in 2023. This trend is likely to continue as more people seek secure and decentralized financial options.
Grayscale Discount Recovers – All Eyes On BTC Price
We all know that the Grayscale Bitcoin Trust (GBTC) is almost doomed for 2022 after its sister company Genesis Trading filed for bankruptcy. This caused the GBTC discount to climb to almost 50%, meaning that the trust was trading at a fraction of BTC compared to the spot market price.
Interestingly, GBTC appears to be recovering in 2023, with discounts slowly but steadily reducing in the first quarter of the year. As of April 5, the discount stood at 36.9%, a significant improvement from the December 2022 high of around 50%.
However, the closing of the discount gap was seen as a good indicator for bitcoin as it shows that investor confidence in GBTC is returning. This is significant as GBTC holds over 600,000 BTC with Coinbase Custody Services, and the uncertainty surrounding the trust has hurt the price of bitcoin over the past year.
Thus, the recovery of the GBTC discount indicates that the crypto market is making a comeback, and investor interest in bitcoin is slowly rising. Therefore, this news is a positive development for bitcoin as it could lead to increased investment and growth in the cryptocurrency market.
bitcoin price
The ongoing struggle between the optimistic bulls and the pessimistic bears remains Bitcoin It remained confined within a tight trading range between $27,600 and $28,900.
According to the technical analysis, the BTC/USD pair is showing a bearish trend. Nevertheless, it may face resistance near $28,250.
If bitcoin manages to break above this resistance level, its price could rise to $28,900 or potentially to $29,250.
Conversely, if a descending trajectory prevails, a substantial support is expected near the $26,500 and $25,500 marks.
Top 15 Cryptocurrencies to Watch in 2023
To stay up-to-date with the latest ICO projects and altcoins, it is recommended to regularly consult our expert-curated list of the Top 15 Cryptocurrencies to Watch in 2023. This will help you stay well informed about emerging trends and opportunities. crypto market.
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