Bitcoin Recovers $28,000 | coindesk JAPAN | Coindesk Japan

Bitcoin (BTC) rebounded to $28,000 on Wednesday after tech giants Alphabet and Microsoft reported better-than-expected first-quarter results and the liquidation of many short Bitcoin positions.

At the time of writing, Bitcoin rose 2.8% over a 24-hour period near $28,250. It was mostly flat until it rose around the time the U.S. stock market closed.

Bitcoin’s 25th afternoon rally came after both Google parent Alphabet and Microsoft’s first-quarter earnings slightly beat analyst expectations, and data from analytics firm Coinglass showed about $11.3 million after 4 p.m. It happened amid indications that a sizeable BTC short position had been liquidated. This kind of short squeeze usually tends to accelerate price increases.

Ethereum (ETH) also gained 1.8% near $1,869. According to CoinDesk data, it had fallen to $1,804 on the morning of the 25th.

Stock market fell. The S&P 500 fell 1.5%, the Nasdaq 1.9% and the Dow Jones Industrial Average 1%.

“With earnings season in full swing, the outlook does not look too bad. Edward Moya, senior market analyst at Oanda, wrote in a note.

“What everyone can agree on after the results and the latest consumer confidence report is that consumer spending is going to be pretty weak going forward,” Moya said.

Stefan Rust, CEO of data aggregator Truflation, said in an email to CoinDesk that current macroeconomic uncertainties, including discussions about monetary policy, have re-emphasized the potential of crypto assets. rice field.

“Now is the time for crypto assets to shine against adversity, regulation and compliance, while fiat currencies suffer from debt and banking concentrations, the transition to a multipolar world, and distrust of big financial institutions, regulatory and political They suffer from a lack of leadership in the house,” said Last.

He added, “Even though it is not now, crypto-assets have become a new technology that provides new means to existing systems that require compliance. It will allow us to make a meaningful transition,” he added.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: TradingView
｜Original: Bitcoin Regains $28K Amid Mildly Encouraging Tech Earnings, Liquidation of Short Positions