Market Picture
Bitcoin
gained 1.9% over the past seven days to $28.3K. Ethereum gained 4% to $1860.
Other top ten altcoins showed mixed dynamics, ranging from a 1.4% decline (XRP)
to a 6.2% gain (Dogecoin).
The total
capitalisation of the crypto market, according to CoinMarketCap, rose 2% over
the week to $1.185 trillion.
Bitcoin has
been consolidating sideways, around $28K, for three weeks now. On Monday
morning, the price briefly spiked above $28.5K in a thin market. On the daily
timeframe, the range has narrowed since the beginning of the month, forming a
bullish triangle. It is believed that the price will continue to move toward
the breakout, with a rise above $29K opening the way to $35K, while a break
below $27.5K may pave the way to $25.5K.
The latest
recalculation of Bitcoin’s mining difficulty showed a new record, up 2.23% to
47.89T. The average hash rate for roughly two weeks since the last
recalculation was also a record 342.16 EH/s. The 25% increase in the hash rate
since the beginning of the year indicates growing confidence in the network.
New Background
SkyBridge
Capital founder Anthony Scaramucci confirmed his bullish prediction that
Bitcoin would reach $100,000 within three years. He has put BTC at $1 million
by 2030, as has Ark Invest CEO Katie Wood.
Tether, the
issuer of the first USDT stablecoin, announced that its SimpleSwap exchange
service users can now trade pairs with Euro Tether (EURT) and Tether Gold
(XAUT).
At the end
of 2022, only 0.53% of investors worldwide paid taxes from digital asset
transactions, Divly calculated. Finland (4.03%) and Australia (3.65%) had the
highest percentage of these taxpayers.
According to
CertiK’s report, blockchain projects lost more than $320 million to hacking and
fraud in the first quarter of the year.
According to
BitRiver, Russia became the world’s second-largest cryptocurrency mining
country for the first time in Q1, with 1GW of mining capacity in operation. The
US remains the leader with 3-4GW.
This article was written by FxPro’s Senior Market Analyst Alex
Kuptsikevich.