Bitcoin has continued to trade between $29000 and $30000, showing minor signs of further movement in April, with a static crypto market in sight.
The crypto market would likely end the month on a flat note, as Bitcoin and several other crypto tokens don’t seem to display much volatility currently. Even though the US Personal Consumption Expenditure (PCE) data indicated no change, inflation remained a nagging pressure on the US and other global economies.
The Fed might try increasing interest rates in the upcoming week to cool down inflation, but the negative effect on a slowing economy may reflect on the tight crypto market. An urgent influx of liquidity could come in handy in boosting the static crypto market.
Considering the present rate, investors and traders in the crypto market have likely held on to their holdings until further data on interest rates start making an impact.
The market capitalization of the static crypto market stayed constant at around $1.25 trillion, while major tokens like ETH are trading above $1900, with a capitalization of $230 billion. Most other altcoins like Cardano, Dogecoin, Solana, and XRP stayed calm over the weekend. Bitcoin’s market cap has swelled to over $567 billion in the last 24 hours, with a seven-day average return of about 5%.
BTC/USD 1D price chart
Bitcoin is currently trading at around $29200 on April 30, 2023, with BTC/USD up by almost 0.16% in the previous 24 hours. The static crypto market could change gears as the next week reveals April’s inflation numbers coupled with the incoming news on interest rate hikes. BTC/USD is trading higher than its 20-day EMA (28,867.40) as its 24-hour volume went down to around $9 billion.