Bitcoin Price Rises for Second Day on Hopes for Soft Landing

The largest cryptocurrency continues to rebound from a five-week low.

Apr 19, 2022 at 6:44 p.m. UTC

Angelique is a market contributor at CoinDesk.

Bitcoin (BTC) is up 2.8% in the past 24 hours, continuing its recovery from a five-week low around $38,700 on Monday.

As of press time, the largest cryptocurrency was changing hands at $41,373, still well off the high around $48,000 a few weeks ago.

  • “The macro landscape is looking positive in my opinion,” wrote Marcus Sotiriou, analyst at the U.K.-based digital asset broker GlobalBlock in a newsletter. “I am not concerned whether there is a 50-basis point rate hike or not. What matters is how strong the consumer is. The University of Michigan consumer sentiment index is flat, showing that we do not have unanchored inflation expectations, meaning that people do not think inflation is going to run away. This was not the case in the 1970s, which led to a recession.”
  • Sotiriou said he thinks the economy will have a soft landing despite many analysts forecasting a recession. He is bullish on bitcoin and equities even though there might be a 50 basis point rate hike.
  • Ether (ETH) rose 6.8% in the past 24 hours, trading just above $3,000. U.S. stocks were higher on Tuesday. The S&P 500 is up 1.3% today and the Nasdaq is up 1.7%.
  • “It appears that there’s strong selling pressure in the $BTC perpetual swaps market,” IntoTheBlock Insight said in a Telegram message. There is a negative funding rate across all major exchanges and a rising open interest, which means that shorts are being opened.

Read more about
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Angelique is a market contributor at CoinDesk.

CoinDesk - Unknown

Angelique is a market contributor at CoinDesk.

Trending

1
CoinDesk - Unknown
Portuguese Congress Rejects Two Bills Seeking to Tax Crypto

The proposals were submitted by two leftist parties. The government, which also seeks to apply taxes, hasn’t submitted a proposal so far.

The proposals were submitted by two leftist parties. The government, which also seeks to apply taxes, hasn’t submitted a proposal so far.

CoinDesk - Unknown
2
CoinDesk - Unknown
First Mover Asia: Regulatory Attention on Terra Could Change South Korean Trading Environment; Bitcoin Goes Sideways

The founders of two prominent crypto-related organizations said tightened restrictions could make it difficult for foreign tokens to list on Korean exchanges, discouraging projects from trying.

The founders of two prominent crypto-related organizations said tightened restrictions could make it difficult for foreign tokens to list on Korean exchanges, discouraging projects from trying.

CoinDesk - Unknown
3
CoinDesk - Unknown
A16z Doubles Down on Crypto Investments Despite Market Downturn, and NFL Launches Play-to-Earn NFT Game

The most valuable crypto stories for Wednesday, May 25, 2022.

The most valuable crypto stories for Wednesday, May 25, 2022.

CoinDesk - Unknown
4
CoinDesk - Unknown
OCC: ‘No Contagion’ Post-Terra Collapse

A surprisingly measured set of comments from Acting Comptroller Michael Hsu.

A surprisingly measured set of comments from Acting Comptroller Michael Hsu.

CoinDesk - Unknown