Bitcoin (BTC) turned down sharply on April 21, maintaining its tight correlation with the U.S. equity markets, which reversed direction after U.S. Federal Reserve Chair Jerome Powell hinted that a 50 basis point rate hike was “on the table” in May. The selling has continued on April 22 as investors trim risky assets in expectation of an aggressive stance from central banks to curb surging inflation. Veteran trader Peter Brandt said in a tweet recently that the Nasdaq 100 (NDX) was showing a formation similar to the one it had made before plunging in the year 2000. If history repeats …

The U.S. dollar currency index (DXY) turned down sharply after rising above 101 on April 20 but this weakness in the dollar has not helped Bitcoin (BTC), possibly because the S&P 500 is struggling to build upon its strong rally on April 19. This indicates that Bitcoin remains tightly correlated with the U.S. equity markets. Irrespective of the lackluster price action, research projects several positives for Bitcoin this year. A report by Insider Intelligence shows that the number of adult crypto users in the U.S. could surge from 28.3 million in 2021 to 33.7 million in 2022. Along with the …

Bitcoin (BTC) and most major altcoins have started the new week on a soft note and the Crypto Fear and Greed Index has dropped into the “extreme fear” zone, suggesting that investors are still nervous. Bitcoin has declined about 17% year-to-date while the Nasdaq 100 has dropped about 16% during the same period, indicating a tight correlation between the two. In comparison, gold has risen more than 10% in 2022 and its 50-day correlation coefficient with Bitcoin “is around minus 0.4, the lowest since 2018," according to journalist Colin Wu. Although the crypto price action has remained bearish, the declining …

Bitcoin (BTC) remains closely correlated with the S&P 500 but the institutional investors do not seem to be waiting for a turnaround in the United States' equities market or decoupling to happen before buying more Bitcoin. Notably, 30,000 Bitcoin moved out of Coinbase Pro in a single day, suggesting strong institutional demand. MicroStrategy, the publicly listed company, which is the largest single-wallet holder of Bitcoin, does not seem to be content with its stash of 129,219 Bitcoin. In a letter to shareholders, the firm’s CEO Michael Saylor said that the company aims to “vigorously pursue” and “increase awareness” about its …

According to a report published by Bloomberg on Thursday, Ava Labs is en route to raising a new round of funding for $350 million at a valuation of $5.25 billion. Details of the agreement have not been made public. Ava Labs is the lead developer of the Avalanche (AVAX) blockchain. The total value locked, or TVL, on AVAX currently sits at $14.6 billion, according to data from DeFi Llama. Decentralized finance, or DeFi, borrowing and lending protocol Aave accounts for 33.72% of the market share on the blockchain. AVAX has become one of the most popular blockchains, surpassing a market …

Bitcoin (BTC) and major altcoins are attempting a recovery after the sharp fall on April 11. According to Glassnode’s recent weekly report, Bitcoin has witnessed a “modest volume of profit-taking by investors” since mid-February which could “be providing sufficient headwinds to prices.” While some investors are booking profits, the Luna Foundation Guard, the nonprofit organization attached to Blockchain protocol Terra, has continued to grow its stockpile of Bitcoin. Terra added 2,508 Bitcoin on April 13 to take its total holding to 42,406 Bitcoin, just shy of Tesla’s corporate treasury at 43,200 Bitcoin. Larger investors do not seem to be perturbed …

Bitcoin (BTC) and most major altcoins have broken key support levels to start the week on a weak note. The crypto markets seem to be following the U.S. equity markets lower which are being pulled down as investors reduce exposure to risky assets because of rising rates. Arthur Hayes, ex-CEO of derivatives giant BitMEX, said that with rates moving higher and the Fed tapering its asset purchases, the equity markets could witness a meltdown. If that happens, Hayes expects the crypto markets to continue lower and Bitcoin to drop to $30,000 and Ether (ETH) to $2,500 by June of this …

The outlook for projects in the decentralized finance (DeFi) sector has begun to improve in recent months as a combination of global events have highlighted the benefits of holding funds outside of the traditional financial systems. One project that has rallied over the past few months is Kyber Network (KNC), a multi-chain cryptocurrency trading and liquidity hub that aims to offer users the best trading rates. Data from Cointelegraph Markets Pro and TradingView shows that after bouncing off a low of $2.83 on April 6, the price of KNC jumped 55.4% to hit an all-time high of $4.04 on April …

Bitcoin (BTC) and most major altcoins are attempting to defend the immediate support levels, indicating that bears sense an opportunity and are looking to take control of the price action. The short-term price action does not seem to worry the long-term Bitcoin bulls who expect a massive return in the next few years. While speaking at the Bitcoin 2022 conference in Miami, ARK Invest Chief Executive Officer Cathie Wood reiterated her Bitcoin price target of $1 million by 2030. Meanwhile, telecom billionaire Ricardo Salinas said during the conference that BTC and Bitcoin equities form 60% of his liquid investment portfolio. …

Bitcoin (BTC), the entire crypto sector and the S&P 500 index are correcting on April 6, which highlights the tight correlation between the two sectors. Despite the weakness, institutional investors do not seem to be halting their purchases, suggesting that they remain bullish in the long term. Terra used the dip to buy an additional 5,040 Bitcoin, which takes its total holding to 35,768 Bitcoin. Terra was not alone in this venture. MicroStrategy, the treasury with the largest Bitcoin reserves, also increased its holdings by 4,197 Bitcoin through its subsidiary MacroStrategy. After the latest purchase, the business intelligence firm holds …

Bitcoin (BTC) has been stuck between $45,400 and $47,500 for the past two days, indicating a tough tussle between the buyers and sellers as both attempt to establish control over the trend. Data from on-chain analytics firm Glassnode showed that 100,000 Bitcoin left exchanges in March. These large quantities of withdrawals have only happened twice in the history of Bitcoin with the largest being in March 2020. However, this does not mean the price will rally immediately. In 2020, the momentum picked up only by the fourth quarter of the year. For the near term, analysts remain divided with some …

Avalanche (AVAX) jumped 43.8% between March 14 and March 31 to a $97.50 daily close, which is the highest level since Jan. 5. This layer-1 scaling solution uses a proof-of-stake model and has amassed $9 billion in total value locked (TVL) deposited on the network’s smart contracts. Subnet adoption propels the recent price rally Some analysts attribute the rally to Avalanche’s incentive program to accelerate the adoption of subnets which was announced on March 9. According to the Avalanche Foundation, subnets enable functions that are only possible with “network-level control and open experimentation.” The program will allocate up to four …