BTC took the long-awaited $30,000 level early this morning. At the same time, other cryptocurrencies also showed growth. The leader in growth on a 24-hour scale among digital assets with the largest market capitalization was Solana, which rose nearly 11 percent over the day.

As a result, Bitcoin’s interim exchange rate growth in April is 5.7 per cent. Here’s the corresponding table.

It is important to note that despite the surge in the value of the first cryptocurrency, its investors are in no hurry to get rid of their digital assets. As Glassnode analysts reported the day before, 53 per cent of all BTC in circulation has not moved for at least two years.

At the same time, nearly 40 percent of all BTC have been in circulation for at least three years without movement.

Which means investors continue to walk and wait for the bull run to come. And the more cryptocurrency holders follow this strategy, the faster the growth phase of the market will come, because there will be fewer people willing to sell coins.

What’s happening with inflation in the US

An account under the Twitter handle The Kobeissi Letter has published a calendar of upcoming important events in the US economy. Here is the corresponding list.

• The publication of inflation data (CPI) for March on Wednesday;
• US Fed meeting on Thursday;
• Publication of producer price index (PPI) on Thursday too;
• Consumer sentiment and retail sales data on Friday.

In other words, this week is going to be an eventful week. It will also provide insight into the direction of the US Federal Reserve’s future course of action on the benchmark lending rate. CPI data will have a huge impact on the Fed’s stance – if inflation is lower than expected, we should expect a loosening of the Fed’s strategy. In theory, this will create a good environment for risk assets, including cryptocurrencies, to grow in popularity.

This means that the Fed could soon start to “call it a day” with constant credit rate hikes. As a reminder, rate hikes have a negative impact on most markets, including the price of Bitcoin. According to the FedWatch tool, most experts now agree that the Fed will raise the rate again by 0.25 per cent or 25 basis points in early May.

Stock market analyst James Choi noted another important consequence of a possible positive inflation report – a fall in the dollar index (DXY).

It could last up to three months, which would give markets more fuel for a new rally by the end of April. At least that is the view held by some experts.

Bitcoin’s volatility has started to rise

According to Cointelegraph sources, Bitcoin has once again begun to outperform the US stock market in terms of volatility after a lull in trading. Last month’s events – and especially the US banking crisis – were enough to make the “gap” between BTC volatility and the Nasdaq index’s 30-day moving line volatility reach its highest level in a year.

That means that Bitcoin's exchange rate today is changing much more actively than the value of stocks. And in 2023, this predominantly ends up being an upside for the cryptocurrency.

Meanwhile, BTC’s correlation with gold compared to the cryptocurrency’s correlation with the S&P 500 stock index is increasing.

Bitcoin’s price correlation with the dollar index has also increased slightly recently, although in this case the indicator is still negative. That is, the value of BTC reacts predominantly upwards to a fall in DXY.

Given the upcoming events in the US economy, Bitcoin volatility could jump to new local highs by the end of this week. And that could lead to liquidation of traders’ positions one way or another, so it is worth exercising caution when trading.

Shanghai upgrade on the way

In the middle of this week, an upgrade called Shanghai will be activated on the Etherium network. Its main feature will be the ability to withdraw funds from stacking, which has not been possible since December 2020, when the PoS chain of Etherium called Beacon Chain was launched.

After the coin switched to Proof-of-Stake, withdrawals became a top priority in the ETH community. In order not to increase panic, the Ethereum Foundation developers decided to focus on Shanghai and thus allow those wishing to withdraw their coins quickly.

The first to sell the coins will be those who have converted to a smart contract before anyone else. This is to ensure that the value of Etherium does not collapse immediately after unlocking.


We believe that the March events in the banking sector were indeed a catalyst for the rise in popularity of cryptocurrencies. Today, the connection to digital assets seems much more attractive to ordinary people because of the independence from the authorities and the "genius" bankers who have somehow brought the world to the current economic conditions. And because crypto looks like an interesting investment tool, it's being used more and more.


What do you think about it? Share your opinion in our cryptochat of former rich people. There we remember how good the bullrun turned out to be in 2021.