144 total views
Bitcoin price fluctuates around $41,000. Altcoins also rose slightly.
The topic of inflation continued to be mentioned in the media. Prices received by producers of goods and services rose in March at the fastest rate since records were kept. The producer price index (PPI), which measures the price paid by wholesalers, rose 11.2% from a year ago, the highest in a series of data dating back to November 2010. Monthly, the index is up by 1. .4%, higher than 1.1% of Dow Jones.
Prices are rising on everything from energy to food to accommodation, costing the average American household $327 more per month, according to Moody’s Analytics. This is higher than last month’s estimate of $296 per month.
Not just the US, UK inflation was at 7% annually in March, a 30-year high. High inflation due to rising food and energy prices continues to put pressure on consumers and poses a dilemma for policymakers. Consumer prices rose 1.1% month-on-month, beating expectations for a 0.7% increase in a Reuters poll of economists, which also expected an annual gain of 6.7%.
JPMorgan said it had paid a fee of $902 million to build credit reserves for previously anticipated loans, compared with $5.2 billion issued a year earlier. The bank also recorded a loss of $524 million due to discounts and the impact of Russia’s invasion of Ukraine. Overall, however, the bank still had revenue of $31.59 billion, higher than the $30.86 billion estimate. The bank also said that if the economic situation continues as it is, there is a risk of a financial crisis.
The financial and political situation is also highly involved. With a tough economy and high inflation will also affect the US House of Representatives and Senate elections in November. Pessimism is clearly dragging on Americans’ opinions about President Joe Biden. The president’s approval rating has dropped to a new low of just 38%, with 53% disagreeing, according to CNBC’s nationwide survey.
A prediction by BitMEX co-founder Arthur Hayes said that, as investors worry about inflation and the financial crisis sending stocks down, it could also drag the crypto market. He predicts Bitcoin could drop to $30,000 and ETH could drop to $2500. Although it is undesirable, he said that people need to be mentally prepared for this to happen.
The market price of $30,000 has also gone through a few times, so for long-term investors, this is not a price that makes them worry. The BTC market so far has also been very different from before, more mature and stronger. Countries also need to pay attention and there are countries that accept BTC as legal currency, companies that buy and accumulate BTC, …
In the history of BTC so far, there have been very few times when BTC on exchanges has dropped continuously. From May 2021 until now, BTC has been continuously withdrawn from the floor (orange line).
Another sharing by Will Clemente shows that the average amount of BTC leaving the exchange within 7 days is fast and increases often followed by a price increase.
Hay Santiment shared a chart of whales’ recent increase in the number of trades over $1 million, despite the price not being good.
The companies are also expanding into crypto-related developments. Apple recently posted on its website details about hiring for the position of senior legal counsel, Apple Pay & Wallet. The company sought more than seven years of legal experience advising on “digital identities, blockchains and digital assets, mobile wallets and payment platforms, and other related technology. Last year, Apple also called on personnel with more than 5 years of experience to join or with “alternative payment providers such as digital wallets, buy now-pay later, instant payments, cryptocurrencies, etc. ..
Some other information:
Although Bitcoin was originally designed as a cryptocurrency system, the slowness of the Bitcoin network in settling transactions led to layer 2 solutions. Lightning Network was launched in March 2018 to offers faster and cheaper BTC transactions. Cash and Chivo apps help drive Lightning payment volume up 400%.
The Ethereum Merge update continues to take longer than expected, the ETH developers are working on the upgrade estimated time to be completed in the third quarter of this year but the specific time is unknown.
At current prices, 82% of Cardano crypto holders are at a loss. The price of ADA has been falling steadily since peaking in November 2021 at $3.10 and is currently trading around $0.9.
► Join the most prestigious Exchanges with exclusive deals with CHK
#Crypto #Situation #Optimistic