net_left Kdata Phương Thức Thanh Toán
Phương Thức Thanh Toán

Bitcoin is Back to Top $40K: Possible Reasons Why

Bitcoin users started to suffer from FOMO after rumors surged about Amazon (NASDAQ:AMZN) becoming interested in cryptocurrencies. The price of Bitcoin increased by 15% in...
Bitcoin is Back to Top $40K: Possible Reasons Why Bitcoin is Back to Top $40K: Possible Reasons Why

  • Bitcoin users started to suffer from FOMO after rumors surged about Amazon (NASDAQ:AMZN) becoming interested in cryptocurrencies.
  • The price of Bitcoin increased by 15% in a matter of hours, indicating a “short-squeeze.”
  • Elon Musk has proven Bitcoin holds value despite his previous Twitter and media antics

Bitcoin has rallied towards the $40,000 level after more than six weeks of trading between two price poles. In addition, cryptocurrency sentiment briefly improved as it reached 32 out of 100 on the Fear and Greed Index, while the idea of FOMO (fear of missing out) is starting to circulate among retail investors as Bitcoin posted a 15% price increase. Still, Bitcoin’s price hasn’t been heavily impacted since it digressed due to China’s crackdown on cryptocurrencies and mining.

Every Piece Of News Helps

Bitcoin volatility is not conditioned by “US macroeconomic news“; yet, as per an American Institute for Economic Research study, scalability news matches Bitcoin’s price movement. Thus, the cryptocurrency market is a slave to its own influence. As Nikolaos A. Kyriazis argued, negative information towards Bitcoin has a higher impact on the price of Bitcoin rather than any optimistic news.

While both negative and positive news impact Bitcoin unevenly, current cases indicate the magnitude of the news influences Bitcoin. Amazon’s bid to increase exposure towards cryptocurrencies through their “digital assets” job posting briefly stimulated investors’ interests. However, the already debunked rumor that Amazon will start accepting Bitcoin and other cryptocurrencies, along with an affirmation that Amazon will start developing their digital currency, was the primary catalyst for bullish news.

As Crypto Banter highlighted, the rumor has more profound implications as Amazon continues to flout global payment providers such as Visa (NYSE:V) or Mastercard (NYSE:MA). Truly, Amazon’s take on cryptocurrencies would fully leverage their use cases by cutting out the middleman. In doing so, Amazon would increase its profit margins. However, a spokesperson for Amazon quashed any market rumors claiming “the speculation that has ensued around our specific plans for cryptocurrencies is not true.”

Elon Musk Boosts Positive Momentum

Elon Musk’s influence on the crypto market earned him the “most hated” person in the crypto “prize.” Yet, his latest incursions and discussions about Bitcoin helped boost positive momentum for the currency. During his appearance at the B-Word conference, Musk highlighted that he, Tesla (NASDAQ:TSLA), and SpaceX own Bitcoin and that Tesla will resume accepting it once mining becomes more reliant on greener energy.

Furthermore, Tesla’s $1.5 billion bitcoin purchase from Q1 is still intact on the company’s balance sheets. Therefore, their Q2 earnings indicate they incurred a $23 million impairment due to Bitcoin’s price. Still, as the report suggests, Tesla’s income quadrupled whilst in Q1 and they flipped some of their Bitcoin when the price surged.

On The Flipside

  • The current price action of Bitcoin bears a resemblance to the previous bull run cycle, which could help predict the price in the coming weeks.
  • Bitcoin failed to hold the above $40,000 mark, denoting it was just a longer short hunt.
  • Crypto investment outflows continue to surge as investors removed $28 million, with Bitcoin amounting to a total of $24 million in outflows.

Tether The Shorts

The cumulative news regarding cryptocurrencies pushed Bitcoin above the previous resistance level. Jim Cramer, a CNBC analyst, indicated Bitcoin “feels short-Squeeze-ish” as the news around Tether and Amazon surged. Additionally, Glassnode confirmed the short reports as the extent of the jump was credited to over-leveraged positions.

Furthermore, Bloomberg reported Tether could face formal charges over bank fraud which gave Bitcoin market confidence as it contradicts the standards of USDT. Still, Humphrey Yang emphasized Bitcoin remains a volatile asset and, despite the current surge, investors should not change their strategy after a sudden price increase.

EMAIL NEWSLETTER

Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7] You can always unsubscribe with just 1 click.

Continue reading on DailyCoin

Hot Auto Trade Bot Phương Thức Thanh Toán
BROKERS ĐƯỢC CẤP PHÉP
net_home_top Ai VIF
29-03-2024 13:58:50 (UTC+7)

EUR/USD

1.0776

-0.0010 (-0.10%)

Summary

Neutral

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (1)

Sell (4)

EUR/USD

1.0776

-0.0010 (-0.10%)

Summary

Neutral

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (1)

Sell (4)

GBP/USD

1.2619

-0.0003 (-0.02%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (7)

USD/JPY

151.41

+0.04 (+0.03%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (6)

Sell (2)

AUD/USD

0.6507

-0.0008 (-0.13%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

USD/CAD

1.3553

+0.0014 (+0.11%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (7)

EUR/JPY

163.01

-0.24 (-0.15%)

Summary

Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (3)

Sell (1)

EUR/CHF

0.9723

-0.0004 (-0.04%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (6)

Gold Futures

2,254.80

-0.10 (0.00%)

Summary

Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (0)

Silver Futures

25.100

+0.002 (+0.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Copper Futures

4.0115

-0.0003 (-0.01%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (0)

Crude Oil WTI Futures

83.11

+1.76 (+2.16%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Brent Oil Futures

86.99

+0.04 (+0.05%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (3)

Natural Gas Futures

1.752

+0.034 (+1.98%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (0)

Sell (6)

US Coffee C Futures

188.53

-2.12 (-1.11%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Euro Stoxx 50

5,082.85

+1.11 (+0.02%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (6)

S&P 500

5,254.35

+5.86 (+0.11%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (3)

Sell (8)

DAX

18,504.51

+27.42 (+0.15%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

FTSE 100

7,952.62

+20.64 (+0.26%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

Hang Seng

16,541.42

+148.58 (+0.91%)

Summary

Neutral

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (1)

US Small Cap 2000

2,120.15

+5.80 (+0.27%)

Summary

Neutral

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (5)

Sell (4)

IBEX 35

11,074.60

-36.70 (-0.33%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (5)

BASF SE NA O.N.

52.930

-0.320 (-0.60%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (6)

Sell (1)

Bayer AG NA

28.43

+0.01 (+0.04%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (7)

Sell (1)

Allianz SE VNA O.N.

277.80

+0.35 (+0.13%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

Adidas AG

207.00

+2.30 (+1.12%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

Deutsche Lufthansa AG

7.281

+0.104 (+1.45%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (6)

Siemens AG Class N

176.96

+0.04 (+0.02%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

Deutsche Bank AG

14.582

-0.030 (-0.21%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

 EUR/USD1.0776Neutral
 GBP/USD1.2619↑ Sell
 USD/JPY151.41↑ Buy
 AUD/USD0.6507↑ Sell
 USD/CAD1.3553↑ Sell
 EUR/JPY163.01Buy
 EUR/CHF0.9723↑ Sell
 Gold2,254.80Buy
 Silver25.100↑ Buy
 Copper4.0115↑ Buy
 Crude Oil WTI83.11↑ Buy
 Brent Oil86.99Neutral
 Natural Gas1.752↑ Sell
 US Coffee C188.53↑ Sell
 Euro Stoxx 505,082.85↑ Sell
 S&P 5005,254.35↑ Sell
 DAX18,504.51↑ Buy
 FTSE 1007,952.62↑ Sell
 Hang Seng16,541.42Neutral
 Small Cap 20002,120.15Neutral
 IBEX 3511,074.60↑ Sell
 BASF52.930↑ Buy
 Bayer28.43Buy
 Allianz277.80↑ Buy
 Adidas207.00↑ Buy
 Lufthansa7.281↑ Sell
 Siemens AG176.96↑ Buy
 Deutsche Bank AG14.582↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank7,910/ 8,080
(30/ 30) # 1,361
SJC HCM7,900/ 8,100
(0/ 0) # 1,381
SJC Hanoi7,900/ 8,102
(0/ 0) # 1,383
SJC Danang7,900/ 8,102
(0/ 0) # 1,383
SJC Nhatrang7,900/ 8,102
(0/ 0) # 1,383
SJC Cantho7,900/ 8,102
(0/ 0) # 1,383
Cập nhật 29-03-2024 13:58:52
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$2,232.75-1.61-0.07%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V24.69025.180
RON 95-III24.28024.760
E5 RON 92-II23.21023.670
DO 0.05S21.01021.430
DO 0,001S-V21.64022.070
Dầu hỏa 2-K21.26021.680
ↂ Giá dầu thô thế giới
WTI$82.82+5.390.07%
Brent$86.82+5.180.06%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD24.610,0024.980,00
EUR26.047,4527.476,69
GBP30.507,5531.805,49
JPY159,05168,34
KRW15,9119,28
Cập nhật lúc 13:52:49 29/03/2024
Xem bảng tỷ giá hối đoái
Phương Thức Thanh Toán