Decentral Block Post

Bitcoin (BTC) preserved new 10-month highs at the April 14 Wall Street open as analysts kept hoping for further gains.

$31,000 revealed as make-or-break trend line

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD consolidating around $30,700 after spiking past the $31,000 mark.

The pair saw no major retracement as it headed further into grounds it originally lost in June 2022.

Now, market participants eyed the potential for bulls to capitalize on existing momentum with the help of positive macro trends.

United States equities opened higher, with the S&P 500 and Nasdaq Composite Index both up 0.3% at the time of writing.

The price of Bitcoin (BTC) has grown by more than 50% since Tesla unveiled its approximately $1 billion BTC sales in July 2022. In other words, the Elon Musk-owned electric carmaker would have made an additional $500 million if it had waited until today to sell. 

Are Tesla's Bitcoin trades profitable? 

Tesla infamously dumped nearly $936 million of its total Bitcoin holdings in Q2/2022, accounting for 75% of its remaining reserves, to secure a $64 million profit. At the time, Bitcoin was trading about 70% lower than its record high of $69,000 in November 2021.

Originally, Tesla purchased $1.50 billion worth of Bitcoin in February 2021 at an average price of $36,000. The company then sold BTC worth $272 million to boost its Q1/2021 accounting by $101 million.

The company has nevertheless held on to its remaining BTC as of Q4 2022 despite the price of Bitcoin sitting at bear-market lows of around $16,000 at the time. Today, Tesla holds 10,725 BTC worth around $330 million, almost 15% below the procurement value from February 2021.

Overall, Tesla made roughly $165 million in profit from two separate Bitcoin sales. As of April 14, it sits atop an unrealized loss of around $56.6 million on its remaining BTC holdings. While its net profit to date sits at around $108 million. 

Bitcoin (BTC) broke through $31,000 on April 14 as bulls hoped that altcoins would soon follow.

Analyst eyes potential dip under $30,000 

Data from Cointelegraph Markets Pro and TradingView captured new ten-month highs of $31,035 for BTC/USD on Bitstamp.

The pair had risen gradually the day prior after a consolidatory period around new macroeconomic data prints from the United States.

These had furthered the bullish risk asset narrative, with both the Consumer Price Index (CPI) and Producer Price Inflation (PPI) prints showing inflation slowing faster than expected.

While Bitcoin did not react immediately, the latest uptick reinforced market participants’ convictions over continued strength and a break with the long-term downtrend.

Bitcoin (BTC) broke through $31,000 on April 14 as bulls hoped altcoins would soon follow.

Analyst eyes potential dip under $30,000 

Data from Cointelegraph Markets Pro and TradingView captured new 10-month highs of $31,035 for BTC/USD on Bitstamp.

The pair had risen gradually the day before after a consolidatory period around new macroeconomic data prints from the United States.

These had furthered the bullish risk asset narrative, with the Consumer Price Index (CPI) and Producer Price Inflation (PPI) prints showing inflation slowing faster than expected.

While Bitcoin did not react immediately, the latest uptick reinforced market participants’ convictions over continued strength and a break with the long-term downtrend.

Decentralized exchange (DEX) Uniswap is seemingly set to launch on the new zero-knowledge Ethereum Virtual Machine (zkEVM) roll-up solution from scaling solution provider Polygon.

While Uniswap (UNI) token holders have until April 14 at 9:05 pm UTC to vote on the proposal to launch Uniswap v3 on the zkEVM, the 40 million vote threshold needed for the proposal to pass it has already been reached — with over 42.4 million votes recorded in favor of the integration.

All 191 Ethereum addresses voted in favor of the proposal with financial modeling platform Gauntlet and Ethereum infrastructure provider ConsenSys leading the voting tally with over 7 million votes each according to Tally, a voting dashboard for decentralized finance projects:

The author of the proposal, Polygon Business Development Lead Jack Melnick, explained that now is the “right moment” to make Uniswap v3 available on Polygon’s zkEVM because it is “EVM equivalent” — meaning that there is no need to recompile EVM smart contracts:

“There’s significant value in Uniswap being available on an EVM compatible ZK rollup. Deploying early on zkEVM helps solidify Uniswap’s place as the number one DEX and a thought leader.”