Crypto Currency News

Bitcoin price rebounds after a red day and returns to exceed USD 40K

BTC Rebounds and Exceeds $40,000

Bitcoin (BTC) quickly recovered above $40K after a brief pullback that alerted the crypto ecosystem. While many believed that a breakout of the lower level would quickly lead to a drop, the leading cryptocurrency has held above support and is priced at $40,341 at press time.

Yesterday was a red day for the crypto market, with liquidations exceeding 439 million dollars in just 24 hours, of which almost 160 million were BTC alone? The Fed’s confirmation that work will begin to raise the interest rate in May had a negative impact on alternative assets such as stocks or cryptocurrencies.

This correlation between both markets alerted many ecosystem specialists. One of them was Arthur Hayes, co-founder of Bitmex, who suggested that BTC could drop to $30K due to that strong link to tech stocks.

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Anyway, in the last hours the bullish factor that led to the brief recovery of BTC was the new inflationary data from the United States. As expected, the Consumer Price Index (CPI) reached 8.5% year-on-year and alternative assets stopped their fall.

Altcoins

The rest of the crypto market had some interesting gains in the last 24 hours. Ether (ETH) is up 1% and showing resistance above $3,050, while XRP and Litecoin (LTC) are up by the same amount and are trading at $0.70 and $104 respectively.

Binance coin (BNB), Solana (SOL), and Cardano (ADA) are up more than 2% and climb to $411, $106, and $0.95, while Dogecoin (DOGE) is virtually unchanged and remains above $0.16.

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