Search
Close
  • Home
  • Business News
  • Crypto News
    • Binance
    • Bitcoin
    • Cardoso
    • Dogecoin
    • Ethereum
    • NFT X Metaverse
    • Shiba in
    • Other alt coins
  • Market News
  • Technology News
  • Tools
    • Crypto Table
    • Exchange Rate
    • Currency Converter
Menu
  • Home
  • Business News
  • Crypto News
    • Binance
    • Bitcoin
    • Cardoso
    • Dogecoin
    • Ethereum
    • NFT X Metaverse
    • Shiba in
    • Other alt coins
  • Market News
  • Technology News
  • Tools
    • Crypto Table
    • Exchange Rate
    • Currency Converter
Search
Close
Home Crypto News Bitcoin

Bitcoin․com Exchange Market Insights Report for April 2022

by
April 18, 2022
in Bitcoin, Business News, Crypto News
152
SHARES
1.9k
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

This is the inaugural monthly market insights report by Bitcoin.com Exchange. In this and subsequent reports, expect to find a summary of crypto market performance, a macro recap, market structure analysis, and more.

Crypto market performance

In late March, BTC tested $48,000, a key resistance level which had not been reached since September last year. After failing to push through, the marquee crypto saw a reversal to the $40-42,000 level. This had been acting as new support, notably higher than the previous support of $36-38,000 seen in the first quarter of 2022. However, at the time of writing, BTC had dropped below the $40,000 level.

Layer-one protocols led the outperformance over the last 30 days, with NEAR as the best performing large-cap coin. At the time of writing, it was up 64% on the back of a capital raise of $350M led by Tiger Global. Other top performers in the large-cap category included SOL and ADA, up 37.5% and 31.16% respectively over the last 30 days.

Despite a strong 30-day performance, the beginning of April has shown weakness, with the largest sectors experiencing losses across the board. Gaming saw the largest drawback, at -13.3%, followed by Web3 and Defi at -10% and -9% respectively.

Macro Recap: Hawkish Fed And Yield Curve Inversion Point To Gloom Ahead

April has seen some easing from the headwinds seemingly caused by the conflict in Ukraine, although U.S. monetary policy continues to be the main driver of financial markets. The month started with the release of the core U.S. CPI data from March 2022. At 8.5%, the number was slightly below expectations, which provided some relief to markets.

Nevertheless, 8.5% was the largest month-to-month increase in the core inflation metric since 1980. Federal Reserve Board of Governors member Christopher Waller stated he expects interest rates to rise considerably over the next several months given the current inflation numbers and the general strength of the economy.

RelatedPosts

Sharps Technology Announces Pricing of $3.8 Million Private Placement Priced at the Market

AMC Works Around Shareholder Opposition For Capital Raise Via Dilutive Stock Sale

Global Open Radio Access Network [O-RAN] Market to Cross $15.6 billion by 2027, growing at a CAGR of 70.5%: Report by MarketsandMarkets™

Meanwhile, 2-year and 10-year Treasury yields inverted for the first time since 2019, which is commonly seen as a sign of recession on the horizon. This inversion has correlated with seven out of eight recessions historically.

Two-year Treasury yields are said to signify the cost of borrowing by banks while 10-year yields signify the potential to invest it in long-term assets. A tightened or inverted Treasury yield rate may force banks to restrict access to money, leading to a slow down in the economy.

Market Structure: Pricing Weakness Contrasts With Historically High Accumulation

BTC gains were erased over the last week after the previous breakthrough of a multi-month price range. Subsequent to the recent upside price action, there has been some profit taking in the market along with a decrease in activity in the network. However, some market metrics show all-time-high BTC accumulation providing support to the market.

We have seen this accumulation become public with the use of BTC as collateral. Notably, Luna Foundation Guard declared it is using BTC as collateral for its algorithmic stablecoin, but we’ve also seen inflows of BTC on Canadian Exchange Traded Funds (ETFs) as well as an increase in Wrapped BTC (WBTC) on Ethereum.

As shown in the graph below, exchanges have experienced a high volume of BTC outflows per month from their treasury, which can be interpreted as an indication of accumulation by BTC holders. The amount of Bitcoin leaving exchanges totalled 96,200 BTC in March, a rate similar to what we saw before the bull runs in 2017 and March 2020.

Another interesting metric that points to market accumulation is the ageing supply of BTC, defined as BTC not moved for at least one year. The below chart indicates an increase in ageing supply of 9.4% over the last eight months. This is similar to what we experienced in the 2018 bear market, when the ageing supply increased by 11.6% over a comparable time frame. This metric is important because it highlights the willingness of market participants to continue holding BTC despite experiencing drawbacks (53% in 2018 and 53.5% in 2022).

As mentioned, Luna Foundation Guard (LFG) is one of the most outspoken public organisations showing its interest in obtaining BTC supply. LFG increased its BTC balance sheet by 3x over a 9-day period, reaching 30k BTC held by their treasury.

Meanwhile, demand for BTC in the DeFi market is indicated in the growth of WBTC held by custodian Bitgo. This has also brought some buy pressure to the outstanding supply of BTC. Below we can see an increase in the supply of WBTC by 12,500 units in January, which will be deployed primarily in DeFi.

Lastly, we look at realized losses. This metric shows when holders prefer to sell and realize losses rather than hold the token with unrealized losses. During bear markets, we see an increased number of daily realized losses. The market is currently absorbing about 8.5k in BTC sales daily.

Overall one can argue that despite macroeconomic headwinds, BTC continues to find strong historical accumulation across a range of market participants. The realized losses numbers demonstrate that the weakness of some market participants is being absorbed at the current price levels. The resiliency of the market continues to prove strong. Along with an improving macro economic environment, this could provide positive price action in the near future.

 

 

Tags: BitcoinbusinessBusiness AnalysisBusiness TipsGold PriceInvestment LossMarket StoriesOil MarketSillicon ValleyunUnited StatedVenture CapitalWall StreetWater deep
Share61Tweet38Send

Related Posts

Sharps Technology Announces Pricing of $3.8 Million Private Placement Priced at the Market

February 1, 2023

AMC Works Around Shareholder Opposition For Capital Raise Via Dilutive Stock Sale

February 1, 2023

Global Open Radio Access Network [O-RAN] Market to Cross $15.6 billion by 2027, growing at a CAGR of 70.5%: Report by MarketsandMarkets™

February 1, 2023

Next Move Strategy Consulting Report Predicts Global E-Mobility Services Market Will Generate USD 65.81 Billion by 2030

February 1, 2023

Medical Affairs Outsourcing Market will worth USD 5.48 billion by 2030 : GreyViews

February 1, 2023

‘Rich Dad, Poor Dad’ Author Tells Why Bitcoin, Gold, Silver Are Rising: ‘Please Don’t Get Poorer’

February 1, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

No Result
View All Result
  • Trending
  • Comments
  • Latest

Is The Ethereum Merge About To Have A Confirmed Delay?

April 15, 2022

Data Leak At Unchained Capital, NYDIG, Swan & BlockFi. At The Same Time

March 21, 2022

Fantom Foundation Responds To Andre Conje’s Departure

March 6, 2022

The Andy Milonakis NFT Show, EP. 20 – Goat Soup’s Dark Night Of The Soul

April 26, 2022

IRA Financial Breach: Hackers Snatch $36 Million From US-Based Fintech Startup

0

Bitcoin Hash Rate Balloons To Record High — Will Price Go Up As Well?

0

Ethical Blockchain: Are Crypto, NFTs And DeFi Bad For The Environment? Here’s Why They’re Not

0

Mexican Billionaire Says It Again: Buy Bitcoin Today — And Thank Him Later?

0

Sharps Technology Announces Pricing of $3.8 Million Private Placement Priced at the Market

February 1, 2023

AMC Works Around Shareholder Opposition For Capital Raise Via Dilutive Stock Sale

February 1, 2023

Global Open Radio Access Network [O-RAN] Market to Cross $15.6 billion by 2027, growing at a CAGR of 70.5%: Report by MarketsandMarkets™

February 1, 2023

Next Move Strategy Consulting Report Predicts Global E-Mobility Services Market Will Generate USD 65.81 Billion by 2030

February 1, 2023

Categories

  • Binance (49,344)
  • Bitcoin (92,178)
  • Business News (97,578)
  • Cardoso (40,838)
  • Crypto News (48,631)
  • Dogecoin (40,838)
  • Ethereum (41,212)
  • Market News (85,494)
  • NFT X Metaverse (40,838)
  • Other alt coins (40,884)
  • Others (2)
  • Shiba in (40,838)
  • Technology News (84,926)

Coin Tori is the #1 Crypto and business blog you can always trust to feed you with the necessary infomation.

Facebook Twitter Linkedin Instagram

Categories

  • Business News
  • Crypto News
  • Technology News
  • Bitcoin
  • Binance
  • Cardoso
  • Other Alt Coin
  • Dogecoin
  • Ethereum
  • NFT X Metaverse
  • Shiba in
  • Market News
  • Others

Tool

  • Crypto Table
  • Exchage Rate
  • Currency Converter

All right reserved - Cointori

Designed By Gentry Stack

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent. Read More
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT
bitcoin
Bitcoin (BTC) $ 23,167.21 0.05%
ethereum
Ethereum (ETH) $ 1,590.00 0.26%
tether
Tether (USDT) $ 1.00 0.10%
usd-coin
USD Coin (USDC) $ 1.00 0.21%
bnb
BNB (BNB) $ 310.35 0.54%
xrp
XRP (XRP) $ 0.404851 0.46%
binance-usd
Binance USD (BUSD) $ 1.00 0.02%
cardano
Cardano (ADA) $ 0.384126 0.62%
dogecoin
Dogecoin (DOGE) $ 0.091977 1.58%
matic-network
Polygon (MATIC) $ 1.10 0.64%
  • Home
  • Currency Converter
  • Business News
  • Crypto News
  • Binance
  • Bitcoin
  • Cardoso
  • Dogecoin
  • Ethereum
  • NFT X Metaverse
  • Other alt coins
  • Shiba in
  • Market News
  • Others
  • Technology News
Menu
  • Home
  • Currency Converter
  • Business News
  • Crypto News
  • Binance
  • Bitcoin
  • Cardoso
  • Dogecoin
  • Ethereum
  • NFT X Metaverse
  • Other alt coins
  • Shiba in
  • Market News
  • Others
  • Technology News