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Home Markets

Bitcoin Shows Potential to Reach $30,000 Amid Volatile Market Conditions

29 April 2023
in Markets
Reading Time: 7 mins read
146 1
Bitcoin Shows Potential to Reach $30,000 Amid Volatile Market Conditions

Source: dailyhodl.com

Contents

Toggle
  • Bitcoin’s Price Drop and Arkham’s ‘False’ Alert
  • Can Bitcoin Recover and Reach the $30,000 Mark?
    • Standard Chartered’s 2024 Bitcoin Prediction: $100K Milestone
    • Is Bitcoin Poised for a Price Surge Amidst Growing Concerns of a Third Banking Crisis?
  • Crypto Community Reactions to the First Republic Bank Crisis & BTC’s Rally

Bitcoin (BTC) has been experiencing significant fluctuations lately. On April 26, 2023, BTC plunged significantly, falling by over 7% within just one hour.

Based on CoinGlass figures, traders incurred enormous losses of approximately $310 million in the last 24 hours due to extensive liquidations triggered by the rapid changes in cryptocurrency values. The market turbulence liquidated several long and short positions, leading to a major sell-off.

Bitcoin’s Price Drop and Arkham’s ‘False’ Alert

Media reports suggest that the Bitcoin price drop occurred due to an error by Arkham Intelligence, a blockchain analytics firm. The company had erroneously issued an alert indicating a significant transfer of BTC linked to Mt.Gox and the US government. This triggered a short period of uncertainty among investors, leading to a sell-off of BTC and causing the price to drop from $29,800 to $27,780. However, this dip was short-lived, and the market has since stabilized.

Arkham acknowledged the mistake and confirmed that a technical error led to the transmission of false alerts to a limited number of users. The company attributed the error to a “bug fix” which triggered the alerts.

Today we fixed a bug related to Bitcoin alerts that caused us to no longer under-send alerts to a small subset of user’s private labels. This was one of them. This fix won’t affect any additional users, and was unrelated to labels generated by Arkham — we understand the impact… https://t.co/VqbX04J2bM

— Arkham (@ArkhamIntel) April 26, 2023

However, Arkham believes external factors beyond social media announcements could have contributed to the abrupt price drop, noting that the drop occurred before the alerts and subsequent tweets were posted.

In the past hour, Jump Trading deposited a total of $26.6M of BTC to various exchange deposit addresses.

The main exchange deposited to was Binance, with Jump sending $23.7M to their BTC deposit address there.

However, they also sent $2.18M BTC to OKX and $720K BTC to Bybit. pic.twitter.com/AzoSeQMF55

— Arkham (@ArkhamIntel) April 26, 2023

Arkham noted that further investigation revealed a concerning tendency that existed prior to the sudden BTC dip. Jump Trading, a well-known crypto trading firm, had deposited a substantial sum of BTC, totaling $26.6 million, onto multiple exchanges. Such deposits usually indicate a willingness to sell, and the timing of the deposit raises concerns about Jump Trading’s outlook on the cryptocurrency market.

Can Bitcoin Recover and Reach the $30,000 Mark?

Bitcoin currently trades at $29,315, with a 24-hour trading volume of 21.64%. BTC is showing determination to hit the $30,000 mark, but its unpredictable price movements create a highly volatile market, posing both risks and opportunities for investors.

Source: Coinmarketcap

Standard Chartered’s 2024 Bitcoin Prediction: $100K Milestone

Standard Chartered Bank recently predicted that Bitcoin could potentially reach an impressive $100,000 by 2024. The bank’s analysis highlighted some factors that could contribute to this remarkable ascent.

Geoff Kendrick, an analyst at Standard Chartered, stated that the ongoing disruption in the traditional banking sector presents an excellent opportunity for Bitcoin to excel and reinforces its original concept as a scarce, decentralized, and trustless digital asset. 

Kendrick especially noted that the ongoing crisis in the banking industry is one of the critical factors that could assist in re-establishing Bitcoin’s position as a scarce and decentralized digital asset.

Bitcoin’s decentralized nature and limited supply have led many to view it as a viable store of value. As such, the continued turmoil within the banking sector could drive more investors toward Bitcoin, leading to its growth and eventual valuation of $100,000 by 2024.

Is Bitcoin Poised for a Price Surge Amidst Growing Concerns of a Third Banking Crisis?

First Republic Bank’s financial results have raised concerns about the bank’s stability since mid-March, following the failures of other notable banks such as Silicon Valley Bank and Signature Bank. 

The bank’s recent report of a $102 billion withdrawal in deposits in Q1 2023 raised valid concerns, considering it held only $176 billion at the end of last year. The bank’s shares plummeted almost 50% on Tuesday following the disclosure of the withdrawals.

These events have heightened apprehension that First Republic Bank could become the third major bank to fail this year. The extent of deposit withdrawals, combined with the recent track record of other banks in the sector, is cause for significant concern about the bank’s overall financial health. Many fear that if First Republic Bank collapses, it could send shockwaves throughout the US and international financial markets.

The news has sparked diverse reactions within the US stock market, with many investors worried about a potential financial crisis in the United States. Interestingly, amidst all these concerns, BTC has surged.

#Bitcoin $BTC is up 2.4% in the last 90 minutes after @CGasparino breaks the news that bankers working with First Republic Bank $FRB “expect eventual govt receivership.”

Price was $27,500 at the time of the tweet and is now $28,150. pic.twitter.com/aSjzFXiip6

— Matt Willemsen (@matt_willemsen) April 25, 2023

This market response indicates a heightened level of scrutiny and apprehension among investors towards traditional banking systems, leading to increased investment in cryptocurrencies as a potential hedge against economic uncertainties. This trend reflects a shift in investor sentiment, which could potentially impact the future trajectory of the financial markets.

Crypto Community Reactions to the First Republic Bank Crisis & BTC’s Rally

There’s concern among investors in the US that a banking crisis may be on the horizon. This event will likely heighten investor uncertainty and fuel the scramble for alternative assets. This sentiment is shared by Twitter user @AlfredoFrankin, who recently pointed out BTC’s sharp rally as evidence of growing unease among investors. They tweeted, “Choosing Bitcoin may just be the right choice.”

@BitcoinNewsCom also chimed in, noting that Bitcoin saw a significant price surge of almost 10% after reports of renewed challenges faced by First Republic Bank. The user went on to suggest that Bitcoin could serve as a reliable hedge against a failing banking system, effectively positioning the digital asset as a form of insurance against traditional financial institutions. 

#Bitcoin is up nearly 10% since news broke of renewed problems at First Republic Bank ‼️

Bitcoin is insurance on a failing banking system 🙌 pic.twitter.com/jZzcHISB40

— Bitcoin News 🌴 Rooftop Meetup May 19th (@BitcoinNewsCom) April 26, 2023

In conclusion, Bitcoin and other cryptocurrencies have gained substantial traction among investors as a promising asset class. This trend can be attributed to the unprecedented potential of cryptocurrencies in diversifying portfolios and decreasing reliance on conventional financial institutions. With the rapid evolution of blockchain technology and increasing institutional adoption, cryptocurrencies are poised to maintain their upward momentum in the investment landscape.

 

Disclaimer: This piece is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.

 

If you would like to read more market analysis articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram and CoinMarketCap Community.

“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”

 

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Tags: BitcoinFirst Republic BankStandard Chartered Bank
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Favour Udeo

Favour Udeo

Favour is a writer, who is interested in blockchain, DeFi, and Web3 in general. She finds machine learning and emerging technologies interesting.

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