Wednesday, April 20, 2022

Bitcoin May Consolidate Further Before Rising

Bitcoin May Consolidate Further Before Rising

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Hi Crypto Academy Network,

Bitcoin and Nasdaq 100 have been clobbered in 2022 as both are down about 15% but in the same period, gold has risen about 10%. This shows that in a high inflation, rising rate environment, investors have shunned assets erceived as risky and are sticking to gold, which is a proven inflation hedge.

Another positive sign has been that Bitcoin balances on the crypto exchanges have continued to decline. Data from on-chain analytics firm CryptoQuant shows that the cumulative balance of Bitcoin at 21 major exchanges has declined to its lowest level since July 2018. This suggests that investors have been withdrawing their Bitcoin to HODL for the long term.

Bitcoin’s price has increased 1.75% from $40,050 last week to around $40,750 and Ether’s price has increased by 0.99% from $3,020 last week to $3,050 Bitcoin's market cap is $775 Billion and the altcoin market cap is $1.14 Trillion.

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