Finally, good news for the crypto tribe. The market might not show big positive strides. However, BTC is up by 3.77% on 8th Apr, after a tardy Monday scene. The price of the coin has gone up to $80,251.25.
Meanwhile, the net market cap of the coin has also shot up to $1.59 trillion. Meanwhile, the trading volume also shows signs of revival (currently: $85.55 billion).
According to exchange data from CoinMarketCap, BTC has witnessed price growth from $74,436.68 to $81,119.06. On that note, you must remember that BTC was down under $75,000 till a few days ago. However, the silver lining is that the coin is back to its resistance level of $80,000.
Some Issues Still Remain
BTC’s intraday trade dropped to $74436, followed by a dynamic rebound to $80,000, showing that the market is still highly volatile. Riya Sehgal, from Delta Exchange, observed in this regard that:
“The elevated volatility in the market, poised by a spike in the implied volatilities, now at 85 for BTC and 130 for ETH, will make situations worse.”
Most retail investors would want to follow the wait-and-watch policy; they will want safer investment options, and crypto is not that, certainly.
Sehgal also observed that the PoV of the institutional investors is shifting as well. Meanwhile, US-pegged bitcoin ETFs are recording $172.89 as net outflows.
Effects on The Broader Market
The broader market, including the US equity sector, has shown a decline of 17% since the middle of February. The early signs of stabilization are quite apparent, with March and now April showing a stable recovery.
However, experts feel that upcoming market data will be defining. We will have to wait for the US CPI data on April 10. Let’s check how the market behaves!
