Mooners and Shakers: Bitcoin fights for support as April fools and bulls take to Twitter
Coinhead
Coinhead
Bitcoin dipped below US$45k after the European Parliament voted to clamp down on crypto privacy yesterday, but is finding support back above that level as we head to the weekend.
And despite the negative regulation news from Europe being a potential industry setback, several analysts are predicting a bullish month ahead.
That’s partly based on historically strong April market performance for Bitcoin, as well as recent positive sentiment and the massive Bitcoin 2022 Miami event happening about five days from now.
As we highlighted earlier today, Jack Mallers, CEO of Bitcoin Lightning Network payments app Strike, will be delivering a keynote speech at the event, and the rumour is he could have something juicy to reveal.
Meanwhile, it’s April Fool’s Day, and crypto Twitter sure knows it…
— naiive (@naiivememe) April 1, 2022
— cercatrova⚡️ (@cercatrova_21) April 1, 2022
Nice inverted chart from technical analyst “Crypto Rover”…
Here is why I am selling all my #Bitcoin pic.twitter.com/irpHdPlnuV
— Crypto Rover (@rovercrc) April 1, 2022
And a decent comeback from “Scotty Solana” here…
This April fools tweet cost me $40 in gas to read
— Sc◎tty S◎lana {313} (@ScottDogSOL) April 1, 2022
Meanwhile, Canadian venture capitalist Adam Cochran is clearly no Cardano fan…
2/6
🤣🤣🤣🤣🤣🤣
— Adam Cochran (adamscochran.eth) (@adamscochran) April 1, 2022
… although rapper Snoop Dogg clearly doesn’t mind it, judging by his new collaboration with Cardano NFT project Clay Nation. (And that one’s a day old, so guess it must be for reals…)
This will be fun 🎥 #Cardano https://t.co/rxgYimMQW7
— Snoop Dogg (@SnoopDogg) March 31, 2022
Anyhoo, here’s what’s happening with the crypto price action right now…
With the overall crypto market cap at about US$2.25 trillion, up roughly 1% from this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.
The market’s recovering at the time of writing after yesterday’s dip. Most eyes have been on Bitcoin (BTC) to see if it could quickly reclaim the US$45k support level. Level achieved and so far, so good.
In fact, in the time between beginning this article and reaching this point, Bitcoin has reclaimed another level, cracking the US$46k mark again.
Very good bounce of #Bitcoin, that's what you want to see.
— Michaël van de Poppe (@CryptoMichNL) April 1, 2022
There’s still a lot work to do to even think about reaching the US$69k boss level again, but here’s what venture capitalist Dan Morehead, CEO of Pantera Capital, thinks about the market at the moment…
I am wildly bullish on #Bitcoin right now!
– Pantera Capital CEOYes, me too… 😎
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) April 1, 2022
Morehead was speaking with Yahoo Finance this week and indicated he thinks the market is “either at the lows or very close to it”. He also expects it, for various reasons, to “decouple” from traditional markets: “I think stocks and bonds may keep going down potentially for years, whereas blockchain assets can go up.”
And he’s not the only wildly bullish big player out there. The fundies over at New York’s VanEck have grabbed their calculators and somehow figured out that Bitcoin could one day hit… wait for it… US$4.8 million (per BTC) if it were to become a global reserve asset.
That’s a pretty big if, but these are pretty crazy times. Guess we wouldn’t be completely ruling it out.
VanEck Says Bitcoin Could Reach $4.8 Million If It Becomes a Global Reserve Asset!🤔
If that's true, we should be able to retire.#BTC #Bitcoin #cryptocurrecy pic.twitter.com/ZNDAIK4j06— FAT CAT Capital (@FATCATCapital) April 1, 2022
Sweeping a market-cap range of about US$24 billion to about US$1.2 billion in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.
DAILY PUMPERS
• STEPN (GMT), (market cap: US$1.75 billion) +26%
• Aave (AAVE), (mc: US$3.3 billion) +13%
• Zilliqa (ZIL), (mc: US$2.9 billion) +12%
• Lido DAO (LDO), (mc: US$1.2 billion) +9%
• Arweave (AR), (mc: US$1.95 billion) +5%
DAILY SLUMPERS
• Waves (WAVES), (market cap: US$5.4 billion) -7%
• THORChain (RUNE), (mc: US$3.56 billion) -4%
• Humans.ai (HEART), (mc: US$1.46 billion) -3%
• Decentraland (MANA), (mc: US$3.99 billion) -3%
• The Graph (GRT), (mc: US$3.2 billion) -3%
Moving below the crypto unicorns (in some cases well below), here’s just a selection catching our eye…
DAILY PUMPERS
• dotmoovs (MOOV), (market cap: US$48 million) +181%
• Cult DAO (CULT), (mc: US$71m) +74%
• Biswap (BSW), (mc: US$236m) +65%
• Reserve Rights (RSR), (mc: US$281m) +15%
• Acala (ACA), (mc: US$596m) +15%
DAILY SLUMPERS
• CoW Protocol (COW), (mc: US$49m) -31%
• Shyft Network (SHFT), (mc: US$40m) -25%
• DeFi Kingdoms (JEWEL), (mc: US$685m) -20%
• Adventure Gold (AGLD), (mc: US$136m) -19%
• Wilder World (WILD), (mc: US$129m) -13%
To finish the week, some random bits and pieces of interest floating about crypto Twitter this arvo. Have a great weekend…
Central banks make April fools out of everyone. https://t.co/nHWeuTJMc6
— Sven Henrich (@NorthmanTrader) April 1, 2022
SEC REJECTS CATHIE WOOD'S SPOT BITCOIN ETF -COINDESK
— FXHedge (@Fxhedgers) April 1, 2022
This one below reminds me… must catch up with the Perth Heat again at some point to see how their Bitcoin Standard is going…
This is #Bitcoin Baseball. pic.twitter.com/EJWyyIR9Zh
— Perth Heat ₿ase₿all (@PerthHeat) April 1, 2022
#Bitcoin pic.twitter.com/cjKht5V5kn
— naiive (@naiivememe) April 1, 2022