Bitcoin drops to around $27,700 ── maintains $28,000 over the weekend | coindesk JAPAN | Coindesk Japan

Will it be sunny or rainy for Bitcoin (BTC) in April?

Bitcoin entered the new month at its late-March level with no new moves over the weekend, but bank failures, inflation, and tighter regulation could be factors that could drive price volatility.

Bitcoin is down 1.3% in 24 hours at time of writing, near $28,045. Bitcoin rose about 21% in March. Although the price continued to fluctuate over the past two weeks, it has always recovered to $28,000 (it fell to around $27,700 at around 14:30 on March 3, Japan time).

“Bitcoin has maintained its resilience over the past week or so, resulting in an overall improvement in market sentiment,” Joe DiPasquale, CEO of cryptocurrency manager BitBull Capital, told CoinDesk in an email.

He noted that Bitcoin is trading above its 200-day moving average, a “historically bullish indicator.”

Ethereum (ETH) is also down 1.6% over the 24-hour period to close to $1,788, but remains within the range of the past two weeks. The Ethereum blockchain is about to undergo a major upgrade “Shanghai” on April 12th. Fully transitioning to Proof of Stake (PoS), allowing staked Ethereum withdrawals.

Other crypto assets in the top 25 by market capitalization generally fell.

Layer 2 Blockchain Arbitrum (ARB) is down 7.4% in 24 hours near $1.19. The drop comes after the Arbitrum Foundation, which is responsible for promoting the decentralized ecosystem that Arbitrum is aiming for, voted for “approval” of decisions it has already made, including sending itself about $1 billion in ARB. amidst the uproar in the community about On April 2, the foundation announced that, following community pressure, it would split the series of resolutions in question into separate votes.

Popular memecoins Dogecoin (DOGE) and Shiba Inu Coin (SHIB) dropped 5.5% and 4.8%, respectively. The CoinDesk Market Index (CMI), which measures the performance of the entire cryptocurrency market, fell 1.2%.

Equity markets ended the quarter positive with the Nasdaq up 1.7% and the S&P 500 and Dow Jones Industrial Average up 1.2% and 1.4% respectively.

This week, the US will release durable goods orders and nonfarm payrolls. A strong job market is a key indicator by which the Federal Reserve judges the continued strength of the economy, which has historically led to higher inflation.

“The financial stress we saw in early March is receding,” Marc Chandler, managing director and chief market strategist at Bannockburn Global Forex, said on CoinDesk TV. , markets have been able to focus on two things that existed before the bank stress,” he continued. .

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
| Image: CoinDesk
｜Original: First Mover Asia: Bitcoin Holds Above $28K as Investors Await Fresh Productivity, Jobs Data