Bitcoin and Ethereum rose on Wednesday night, but still traded below key psychological levels as the global market capitalization of the cryptocurrency rose 2.1% to $ 1.8 trillion in the press.
Coin efficiency of major coins Coin 24-hour 7-day price Bitcoin BTC / USD 2.9% -5.3% $ 39 289.74 Ethereum ETH / USD 2.5% -6.1% $ 2,890.95 Dogecoin DOGE / USD 2.8% 0.03% of 0.03% of $ 2. CoinMarketCap) Cryptocurrency 24-hour% change (+/-) Secret Secret (SCRT) + 16.5% $ 4.80 STEPN (GMT) + 15.3% $ 3.80 Convex Finance (CVX) + 12.3% $ 27, 48
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Why it matters: On Wednesday, the President of the Central African Republic, Faustin Archang Tuadera, passed a law that officially makes bitcoin a legal tender in the country, according to a Washington Post report. The National Assembly of the African Nation passed a bill to that effect earlier this week.
Major coins were traded green as stocks tried to rally on Wednesday. Futures on the S&P 500 and Nasdaq rose 0.6% and 1.1% respectively during the press release.
Equity investors were optimistic about the strong gains from a number of technology names, and the abundance seems to have spread to cryptocurrencies. Edward Moya, a senior market analyst at OANDA, said the bitcoin rebound was somewhat subdued and below the $ 40,000 level as the dollar continued to gain strength.
“If the risk appetite remains strong on Wall Street, bitcoin may continue to rise if profits continue to impress, but shortly after Thursday’s technology gains, markets could enter a trade range until next week’s FOMC decision,” Moya wrote. in a note seen by Benzing.
Cryptocurrency trader Justin Bennett wrote on Twitter that “the chances of separating bitcoin from stocks during periods of risk reduction are minimal to zero.”
“I do not think it will ever happen, nor was it foreseen. And the arguments for digital gold make no sense, because even gold suffers in fear, “Bennett said.
The chances of separating bitcoin from stocks during periods of risk exclusion are minimal to none.
I don’t think it will ever happen, nor was it intended.
And the arguments for digital gold make no sense, because even gold suffers in fear.
– Justin Bennett (@JustinBennettFX) April 27, 2022
Meanwhile, the number of bitcoin addresses has been rising since the start of the war between Russia and Ukraine, according to a tweet from Santiment.
“Since then, there have been 1,629 addresses of sharks and whales with between 10,000 and 100,000, which are either new or have returned to this millionaire (or higher) status,” the market data platform said.
The number of #Bitcoin addresses has been increasing since the beginning of the #Russian-Ukrainian War. Since then, there have been 1,629 addresses of sharks and whales with between 10,000 and 100,000 that are either new or have returned to this millionaire (or higher) status. pic.twitter.com/9Ts70gdfHJ
– Santiment (@santimentfeed) April 27, 2022
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