As we settle into Q2, let's take a look at a recap on crypto's first quarter of 2022 ⤵️
Cryptocurrencies' significant role in investors’ decisions was no longer ignored in Q1 2022. US Treasury Secretary Janet Yellen recognized that cryptocurrencies have “grown by leaps and bounds.” As a result, many nations, including the U.S., made strides to regulate this new asset class to support the continuous growth of the blockchain industry.the “Executive Order on Ensuring Responsible Development of Digital Assets.
Each time BTC dropped to the 200-day moving average, it found enough buying pressure to rebound toward the 100-day moving average. From this resistance point, Bitcoin usually got rejected and dropped back to support. A decisive quarterly close below the support could trigger panic selling among investors, leading to a correction to $30,000 or lower. But if BTC slices through resistance, sidelined investors could be encouraged to get back into the market, sending prices to $60,000 or even new all-time highs.The number of new addresses created on the Bitcoin network every day provides insights into the behavior of retail investors.
The rising demand from retail and institutional investors coincides with a significant decline in the number of BTC sitting on exchanges. Roughly 93,378.18 BTC were withdrawn from known cryptocurrency exchange wallets, representing a 3.63% decline between Mar. 4 and Mar. 31.Ethereum opened Q1 2022 at $3,671.01 and saw its price decline by more than 40% during the first 24 days of the year to hit a quarterly low of $2,151.00.
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