Bitcoin Surges above $28K after a Late Rally
Bitcoin has made a comeback and has once again crossed the $28,000 mark. Ether also experienced a rally, and the cryptocurrency industry is excited about the future prospects of the sector. The annual Consensus conference, hosted by CoinDesk, will bring together industry leaders to discuss regulatory policies and other vital topics that will shape the industry in the future.
Bitcoin’s recent surge was surprising, and the origins of the rally are hard to pinpoint. After five days of trading below $28,000, BTC rose to $28,300, a 3.7% increase in 24 hours. The market surge started less than 24 hours after First Republic Bank announced a $100 billion loss in deposits during its first quarter earnings presentation on Monday, causing concerns about the stability of the banking sector. Investors sought refuge in assets that hold their value, leading to the rise of cryptocurrencies.
Jake Boyle, director of Caleb & Brown, a retail crypto brokerage, wrote in an email to CoinDesk that Bitcoin’s rally had more to do with liquidity injections and the rising expectations that the Fed’s tightening will probably end soon, or else even greater turbulence in the banking sector could ensue.
Data from Coinglass analytics firm shows that some $11.3 million of BTC short positions have been liquidated since 4 p.m., and short squeezes have historically tended to accelerate price jumps. Other major cryptocurrencies are also doing well, with SOL and ADA both recently rising more than 3%, and the CoinDesk Market Index up 2.6%.
What to Expect at Consensus 2023
The CoinDesk annual Consensus conference is set to take place in Austin, Texas, this week. It will bring together crypto industry leaders, government officials, and Web3 professionals to discuss the current state of the industry, the challenges it faces, and what the future holds.
The industry took a beating last year, but things are looking up in 2023. Regulatory uncertainty has given way to the certainty that crypto will be regulated in the U.S. and Europe. The MiCA regulations have been voted into law in the European Union, and even China, which banned crypto officially in 2019, seems to be warming up to Web3.
The conference will cover a range of topics, including the impact of regulations, Web3, DeFi, and the metaverse. The industry will discuss how to rebuild consumer confidence, which has been shattered by fraud and contagion. The opportunity at the feet of today’s builders, regulators, and decision-makers is to regain that trust, and they will share their views at Consensus.
The conference will also showcase the latest trends, projects, and developments in the crypto industry. With so many influential figures in attendance, attendees will learn about the industry’s future direction and how to capitalize on new opportunities.
Conclusion
The recent surge in bitcoin and other cryptocurrencies is encouraging, but the industry still faces significant challenges. The annual Consensus conference is an excellent opportunity to discuss these issues and explore potential solutions. Attendees will learn from industry experts, and they will have a better understanding of the future direction of the industry.
- Bitcoin has surged above $28,000 once again
- CoinDesk’s annual Consensus conference is taking place in Austin, Texas
- The conference will cover various topics, including regulations, Web3, DeFi, and the metaverse
- The conference will showcase the latest trends
Ecosystem
Research
News Network
About