The bitcoin price seemed to be in a bullish way until it wasn’t. During March, this currency experienced an increase of over 29%, but now we’re in bearish territory again. Since the beginning of April, it’s lost around 12% [CoinMarketCap]. The community hasn’t reacted very well to it, because, according to the Bitcoin Fear & Greed Index, we’re now into “Extreme Fear”.
Sin embargo, we need to remember this isn’t the first time that the “extreme fear” takes over the market —and, probably, it won’t be the last one either. Bitcoin (BTC) still has a highly volatile price, but some good signs are on the road. Some analysts creer that the rising dollar inflation, the ongoing war on Ukraine, and the recent monetary plans by the U.S. Federal Reserve might be the culprits behind the bearish crypto market now.
As for the good signs, more territories are adopting Bitcoin como moneda de curso legal, despite the current fear. After Ukraine, Prospera, an enhanced Special Economic Zone located on the Island of Roatan (Honduras), empezado to accept the first cryptocurrency as legal tender. Also, the autonomous region of Madeira (Portugal) is planning to do the same.
This implies that the crypto users won’t need to pay income taxes there, and they’ll be able to pay for any service required with cryptos. Additionally, Prospera is planning to allow Bitcoin bonds to attract foreign investors. Likewise, Indira Kempis, a senator in Nuevo León (Mexico), is aiming to create more friendly Bitcoin laws and even, if possible, make Bitcoin legal tender in her country.
In the meantime, the bitcoin price lost its support at $40,000 and it’s now at $39,800, after a minimum of $39,300 this week. That could be an early sign of recovery.
Beyond Bitcoin fear, Shiba and Monero shine
Generally, the market didn’t perform very well last week, but there are always some exceptions. This time, the winners are the memecoin Shiba Inu (SHIB) and the privacy coin Monero (XMR). The first one earned over 16%, while the second one gained at least 6% in the last seven days.
The bullish trend on Shiba might have to do with its recent adoption by the popular trading app Robinhood, along with other altcoins. Besides, the “Shib Army” just burned 258 million SHIB, and the whales in the community are buying large amounts of the token. Currently, it has a price of over $0.000026 per coin.
Por otra parte, existen some guesses about Monero being used to evade sanctions or simply as an anonymity tool in times of war. The recent avalanche of crypto regulations worldwide might be pushing investors to look for more privacy as well. As a result, XMR sits now at $230 per coin, and Zcash (ZEC) is also turning bullish.
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