Bitcoin Bounces as AAVE, Alpha Finance, MOBOX Lead Altcoin Rebound on April Fool’s Day; What Data Shows
Bulls returned to the cryptocurrency market on Apr. 1 after an earlier dip in the day. Bitcoin earlier fell to lows of $44,244 before rebounding to intraday highs of $46,739. At the time of publication, Bitcoin traded up 1.86% at $46,363.
The big winners on April 1 include defi related projects such as Aave (AAVE, +21.08%), Alpha Finance (ALPHA, +45.49%), Biswap (BSW, +81.23%), Synthetix (SNX, +11.23%), MOBOX (MBOX, +37.23%) which posted significant gains as the altcoin market rebounded.
The cryptocurrency market dipped after the European Parliament voted in favor of prohibiting anonymous crypto transactions. It’s been a week of mixed developments for Bitcoin.
The 19th millionth Bitcoin (BTC) was mined on April 1, marking a watershed moment for the world’s most popular cryptocurrency. There is currently 19 million Bitcoin in circulation, with only 2 million more to be created (or mined) until about the year 2140. Terraform Labs has been on a Bitcoin buying spree in recent days.
On March 30, the wallet address, which is thought to be Terra’s, received $139 million in Bitcoin, bringing its total to almost $1.5 billion in BTC. Since mid-March, buying has intensified, and LFG’s balance has surpassed 30,000 BTC in just a few weeks.
MicroStrategy appears to have accepted the challenge taking cues from Terra. The business intelligence firm’s subsidiary MacroStrategy has secured a $205 million loan from Silvergate, which will be used to purchase Bitcoin, cover general corporate expenses and pay the necessary fees and interest on the loan.
What Data Shows
Analysts are split on whether Bitcoin will rise or consolidate after hitting new lows of $44,244. BTC and Altcoins may go through a brief consolidation period before retesting their breakout levels, indicating that the current price action could be a buying opportunity.
Bitcoin’s (BTC) advance is taking a breather near the MA 200 at $48,308, resulting in a modest pullback or consolidation in BTC and a few altcoins. Institutional investors injected $193 million into digital asset investment products last week, the highest influx since early December 2021, according to CoinShares statistics.
Per IntoTheBlock data, Bitcoin’s long-term investors or ”hodlers” now hold a record amount of nearly 12 million Bitcoin. This is positive as the long-term conviction of these addresses helps ease selling pressure and might help reinforce the belief of Bitcoin as a store of value
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