Bitcoin and ether was up Wednesday night but was still trading below key psychological levels as the global cryptocurrency market cap rose 2.1% to $1.8 trillion at press time.
| coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 2.9% | -5.3% | $39,289.74 |
| ether ETH/USD | 2.5% | -6.1% | $2,890.95 |
| Dogecoins DOGE/USD | 2.8% | 0.03% | $0.14 |
| cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| secret (SCRT) | +16.5% | $4.80 |
| STEP (MEAN GREENWICH TIME) | +15.3% | $3.80 |
| Convex finances (CVX) | +12.3% | $27.48 |
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Why it matters: On Wednesday, President Faustin Archange Touadera The Central African Republic has validated legislation officially making Bitcoin legal tender in the country, according to a Washington Post report. The African nation’s national assembly passed legislation to that effect earlier this week.
Major coins traded in the green as stocks attempted to rally on Wednesday. Both the S&P 500 and Nasdaq futures are up 0.6% and 1.1%, respectively, at press time.
Equity investors have been optimistic amid strong gains from a number of tech names, and the exuberance appears to have extended to cryptocurrencies. Edward Moyaa senior market analyst at OANDA said bitcoin’s recovery is somewhat muted and below the $40,000 mark as the dollar continues to exercise strength.
“If risk appetite remains strong on Wall Street, Bitcoin could continue to rise if earnings continue to impress, but shortly after Thursday’s mega-cap tech gains, markets could range into next week’s FOMC decision” , Moya wrote in a note seen by Benzinga.
cryptocurrency trader Justin Bennett tweeted that “the likelihood of bitcoin decoupling from stocks during risk-averse times is low to non-existent.”
“I don’t think it will ever happen, nor was it intended. And the digital gold argument makes little sense as even gold suffers in times of fear,” said Bennett.
The likelihood of bitcoin decoupling from stocks during times of risk aversion is slim to nonexistent.
I don’t think it will ever happen, nor was it intended.
And the digital gold arguments make little sense as gold suffers in times of fear too.
— Justin Bennett (@JustinBennettFX) April 27, 2022
Meanwhile, the number of bitcoin addresses has increased since the start of the Russia-Ukraine war, Santiment said in a tweet.
“Since then, there are 1,629 shark and whale addresses with between 10 and 100,000 that are either new or have returned to (or above) that millionaire status,” the market data platform said.
The number of #Bitcoin addresses has increased since #RussianUkrainianWar started. Since then there have been 1,629 shark and whale addresses ranging in size from 10 to 100,000 that are either new or have returned to (or above) millionaire status. https://t.co/08ytC3aMhW pic.twitter.com/9Ts70gdfHJ
— Santiment (@santimentfeed) April 27, 2022
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