The past week was filled with serious volatility, but unfortunately, a lot of it was to the downside. Bitcoin is currently trading at around $43,800, down 3.6% during the week. It’s interesting to note that this happens as the biggest BTC-focused event is currently taking place in Miami – Bitcoin 2022.
The first week of April was not very productive overall. For BTC, the price was sitting around $46,000 at this time last week, and it looked set to test $47,000. He failed a few times, and four days later – April 6, the bears finally took control.
Taking advantage of the buyers’ inability to produce meaningful gains, bears pushed the price down, and by the next day, BTC was trading below $43,000 for a brief period. It managed to recover and is currently trading slightly below $44,000.
The rest of the market followed a similar path as most altcoins also corrected. Ethereum lost some of the gains it had previously made, but ultimately ended the week flat with a slight increase of 0.3%. BNB is up 1.1%. SOL and XRP are down around 4%, while AVAX and ADA are down around 6%.
It’s worth noting that Terra, the protocol behind the popular UST stablecoin, announced plans to buy $200 million worth of AVAX today. This happens shortly after Do Kwon started buying massive amounts of BTC to build up a considerable reserve for UST.
Top of Form
Overall, the market looks rather undecided, and this could also be due to the general uncertainty in traditional markets. It is interesting to see how things will develop in the coming weeks and whether the geopolitical tension will take its toll.
Market Data
Market Cap: $2,130B | 24H Vol: $101B | BTC Dominance: 39.1%
BTC: $43,850 (-3.6%) | ETH: $3,291 (+0.3%) | ADA: $1.08 (-5.2%)
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