Bitcoin and Ethereum are the crypto majors to watch right now. As ever, really. While several analysts seem divided about what happens next on the charts, at least two prominent figures are bullish.
One of them is MicroStrategy. You know, the US software company founded by the absolute bull goose of all Bitcoin moon boys, Michael Saylor.
It’s announced yet another large purchase of everyone’s favourite orange-coloured crypto – 1,045 coins, which is about US$29.3 million worth of the asset.
MicroStrategy has now spent a total of US$4.1 billion on Bitcoin, which makes it the public company with the largest stash of BTC globally.
MicroStrategy has acquired an additional 1,045 #bitcoin for ~ $29.3M at an average price of $28,016 per bitcoin. As of 4/4/2023 @MicroStrategy holds 140,000 bitcoin acquired for ~$4.17 billion at an average price of $29,803 per bitcoin. $MSTRhttps://t.co/IBufTxalnv
Jan van Eck, the CEO of US$69 billion New York-based global investment manager Van Eck, certainly believes holding both gold and Bitcoin is a good idea right now, proposing that both are at the early stages of a multi-year bull cycle.
In an interview with CNBC (see below), Van Eck said:
“I think we’re at the very beginnings of what could be a several-year cycle and gold and I also put Bitcoin in that category as well. I mean you have to love that finally as a gold investor, you’ve been rewarded over the last couple of weeks. Weakness in the banking system and gold rally. That’s why you own gold.”
“At some point, the Fed will start this easing cycle and you will want [Bitcoin] in your portfolio,” added the CEO. “Short term there might be pullbacks and it might be a sideways year for this asset as well. But I do think when the cycle turns, it could be pretty exciting.”
“PlanB”, the creator of the well-known Bitcoin Stock-to-Flow chart, agrees with him.
Bitcoin is hanging in there above US$28k still, although it has pulled back a jot since late last night (AEDT) when it was threatening to make a break for the $29k checkpoint. It wasn’t to be, which now has some analysts shaking their heads and muttering something about a “double top” formation.
Here’s one, the widely followed “Credible Crypto”, urging caution right now, and pointing to past “bearish divergence” formations and slowing momentum that ended in a Bitcoin dip.
$BTC is showing some of the same signs that we saw before our drop from 25k to 19k. I urged caution then and am urging caution now. Watch the 6 minute vid below where I've shared my thoughts: pic.twitter.com/8wSLcnKKwk
Hmm, Bitcoin has been performing well all year, up near +70% in 2023… and now Ethereum has been outperforming BTC over the past week in the lead-up to the April 12 Shanghai network upgrade. So far so good for that chart above, then.
It’s clearly a tough market to read right now, however, and whodahell knows (apart from Jerome Powell and pals) what the US Federal Reserve is going to do next? A cautious approach might not be the worst tactic, still.
Uppers and downers: 11–100
Sweeping a market-cap range of about US$8 billion to about US$446 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)
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