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Bitcoin hype spikes as bull signals emerge and altcoins make a move

The Week in Crypto

High level Bitcoin hype flourished this week in response to major events in regulation and mining, with bull indicators and plenty of FUD in the mix.

The Crypto Week in Summary




  • Exxon doubles down on BTC mining
  • Countries everywhere look at crypto regs
  • Rubles vs. Fiat
  • NFT giant raises $450 million


Top Market Trends:

  • Favorable regulation news this week included Japan enabling Bitcoin trading on all exchanges and US regions vying to be the “most crypto friendly”, including Florida, Texas, Wyoming, Colorado, and NYC.
  • Billions in ETH and BTC moved off exchanges in the past fourteen days, possibly signaling that investors are hoarding BTC in expectations of an upward trend.
  • Russia made the wartime decision to require their oil and gas trades to "unfriendly" countries to settle in rubles or Bitcoin.
  • Exxon Mobile pilot using flared methane to mine Bitcoin in North Dakota is expanding to 4 countries & Alaska, according to Bloomberg.

Technical Summary

Bitcoin
On Thursday, Bitcoin (BTC) had climbed to its highest level since March 3rd, posting 3 straight days of gains while trending above the 20-day moving average for much of the week. BTC/USD closed out the week +7.42% and with a new hash rate all-time-high to signal network strength.

BTC_USDT_5_Day_20_Week_Moving_AverageBTC-USDT Trending Above 20-Week Moving Average

  • Bitcoin’s rise follows a recent breakout of the $42,500 resistance level.
  • With Bitcoin ranging in an ascending triangle pattern, analysts suggest we could see a massive BTC pump in the coming weeks, and a subsequent altcoin season.
  • Bitcoin difficulty has tapered after a steady accumulation phase since mid-July 2021, signaling a trend of less competition (and more potential profit) for retail miners.
BTC_Difficulty_ChartBitcoin Mining Difficulty

Altcoins
Ethereum (ETH) recaptured and held the $3000 level for a 5-week high and the 14-Day RSI Ceiling of 59.73 was broken through for the first time since Feb 9th.

ADA_USDT_Surge_Staking_on_CoinbaseADA Reacts to Staking News

  • Terra Blockchain purchased its first $125 million of BTC for its UST stablecoin reserves. Terra announced they would be creating a Bitcoin reserve of $11 billion in total, marking an historic stablecoin migration from pegging to fiat currencies to Bitcoin.

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Newsworthy:

  • Bored Ape Yacht Club Creator Yuga Labs raised $450 million at $4 billion valuation to build an NFT Metaverse. Read more.
  • Bitcoin 2022 Miami Conference has a roster that is heating up. Slated for April 6th-9th, the all-star lineup includes Michael Saylor, Jack Maller, and Cathie Wood. Read more.
  • Cashio algorithmic stablecoin suffered an “infinite mint glitch” exploit, which drained $28 million from Cashio’s TVL (total value locked). Read more.

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Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.