Bitcoin’s Weekly Performance
Bitcoin (BTC-USD) is poised to see a slight decrease of approximately 1.7% on a weekly basis, coinciding with a tumultuous week in Wall Street’s major market averages and a surge in volatility to its highest levels this year.
Market Volatility Hits Record High
On Friday, the VIX, known as Wall Street’s “fear gauge,” skyrocketed by 22.3%, marking its highest level since October 31, 2023. The index has surged by 58% from its 52-week low in December, reflecting the increased market turmoil.
Bitcoin’s Price Movements
The leading cryptocurrency commenced the week strongly, hitting $72K on Monday after touching around $65,000 the previous week. However, BTC dipped below the $70K mark on Tuesday amidst ongoing market instability.
Prices remained relatively stable around $70K on Wednesday, reacting to a higher-than-expected consumer price index for March that reverberated through traditional markets.
Expert Insights and Regulatory News
“Despite this week’s volatility driven by US inflation reports and the SEC’s lawsuit threat against Uniswap, Bitcoin’s stability around $70K indicates ongoing market confidence,” noted Nick Ruck, COO of ContentFi Labs.
Uniswap Labs faced SEC legal action notification for potential regulatory violations, adding to the market’s scrutiny alongside the approaching halving event.
Anticipated Cryptocurrency Developments
Concerns about the halving event’s impact on Bitcoin and its pricing dynamics persist, as historical patterns indicate surprises in supply-demand dynamics despite investor expectations.
Notable Market News
- Citi’s downgrade of Robinhood Markets (HOOD) amid concerns over its crypto business.
- Expected approval of spot Bitcoin exchange-traded funds applications in Hong Kong.
- Ripple CEO Brad Garlinghouse’s forecast of crypto market value doubling to $5T by year-end, attributed to increasing demand and regulatory approvals.
Bitcoin and Ether Price Fluctuations
Bitcoin (BTC-USD) experienced a 5.2% daily drop to $66.4K, erasing weekly gains, while Ether (ETH-USD) plummeted by approximately 8% to $3.2K.
“Bitcoin’s evolving role in energy infrastructure, especially in mining, showcases its ESG potential and sustainable impact, reinforcing its longevity,” shared SA analyst Stony Chambers Asset Research.
