The gravity pull on the markets is strong this week, with cryptocurrencies feeling the pressure as they go through their volatile rollercoaster trends in quick succession.
Bitcoin has jumped back into the green since Friday morning, up by 1.5% after falling as low as $50,856 in the last 24 hours, according to CoinMarketCap. Currently, BTC sits comfortably in the $53,000s.
What Is The Market Reacting To?
The crypto streets appear to be reacting to two bits of developments. Microsoft has officially deployed its highly anticipated decentralized identifier network on blockchain, which also supports Bitcoin.
BREAKING: @Microsoft is launching the first decentralized infrastructure implementation by a major tech company to be built directly on the bitcoin blockchain. Report by @La__Cuen https://t.co/89zl92Lt3H
— CoinDesk (@CoinDesk) May 13, 2019
This project began a little over 4 years ago, and has been designed to assist firms and individuals who hate relying on a third party.
Another bit of news that helped Bitcoin jump was New Zealand government’s announcement that it had invested 5% of its $350 million pension fund in BTC.
While the recovery feels promising for most investors, another dip is expected over the weekend, according to the co-founders of analytics firm Glassnode.
— Jan & Yann (@Negentropic_) March 24, 2021
The dip is expected to be similar to other weekends for crypto that we saw in the past month or so, but there’s speculation that April is going to be another big month for Bitcoin. The world-famous coin may open for as little as $80,000 mid-week in April, which might double as institutional demand drives towards the apex once more.