Bitcoin Corrects Below $44K as Markets Bleed $70 Billion: This Week’s Crypto Recap

This week was full of volatility, but much of it was to the negative. Bitcoin currently trades at $43,800, a drop of 3.6% over the past week. This is interesting because the largest Bitcoin-focused event currently taking place in Miami, Bitcoin 2022, is happening.

The first week in April was not productive for all. BTC was at $46,000 last week and was poised to reach $47K. The bears took control of the market four days later, on April 6, after it failed to succeed on several occasions.

Bears took advantage of buyers’ inability produce meaningful gains and drove the price down. BTC traded below $43,000 for a short time. The price is now trading at slightly less than $44,000.

The market followed a similar pattern as many altcoins. Ethereum lost some gains but ended the week flat with an 0.3% gain. BNB is up 1.1%. SOL and XRP are down about 4%, while AVAX is down around 6% and ADA is down around 6%.

It is worth noting that Terra (the protocol behind the popular UST stablecoin) announced plans to purchase $200 million worth AVAX today. Do Kwon began buying large amounts of BTC in order to build up a substantial reserve for UST.

Overall, the market seems indecisive. This could also be due to uncertainty in traditional markets. It will be interesting to see how the market develops in the coming weeks and whether the geopolitical tension takes its toll.

Market Data

24H Vol: $101B
BTC: $43,850 (-3.6%) | ETH: $3,291 (+0.3%) | ADA: $1.08 (-5.2%)

Strike announces integration with Shopify to facilitate Bitcoin payments via the Lightning Network. Strike, a digital payment platform, has announced integration with Shopify, the e-commerce giant. Merchants will be able to accept Bitcoin payments as easily as they can with USD.

Near Protocol raises $350M through a Tiger Global Funding Round (Report). Near protocol raised $350 million through a Tiger Global funding round. Alameda Research and Three Arrows Capital are also participants.

Terra’s Plans to Buy $200M of AVAX. Terra announced its intention to purchase up to $200M worth of Avalanche, (AVAX), through a token swap. It is aiming to create a strong reserve that will support its stablecoin, UST.

UFC Fighters will start receiving Bitcoin bonuses. The Ultimate Fighting Championship (UFC), has announced that it will distribute new bonuses to athletes in Bitcoin. The award will be given to the top three fighters voted for by fans. It is worth between $10,000 and $30,000.

Terra adds $230M worth of Bitcoin to its Bitcoin stash as BTC dips to $44K. Terra, the protocol behind the UST stablecoin (and LUNA cryptocurrency), has added $230 million to its Bitcoin stash. Terra launched BTC in March and aims to create a reserve for UST.

HSBC will allow wealthy Asian customers to invest in the Metaverse (Report). Multinational bank HSBC will allow its wealthy clients in Hong Kong, Singapore and other countries to invest in a new range of products. These funds will be mainly focused on the Metaverse.

Charts

We have this week a chart analysis for Ethereum, Cardano and Solana. Click here to see the complete price analysis.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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