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Bitcoin price holds $29K as US PCE data sparks 90% Fed rate hike bets

Bitcoin (BTC) stayed choppy at the April 28 Wall Street open, while United States macro data conformed to expectations.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

PCE offers “nothing to shock”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD fluctuating around the $29,000 mark on Bitstamp.

U.S. Personal Consumption Expenditures (PCE) Index data, tipped as the macro event of the week, failed to deliver a performance catalyst as numbers broadly conformed to what markets had already priced in.

“The trend is our friend, however core sticky for now - hovering at 4.6% since December,” financial commentator Tedtalksmacro responded, adding in Twitter comments that the latest numbers were “overall nothing to shock the market.”

U.S. equities thus showed little movement at the open, while for Bitcoin, Binance order book data showed modest bid liquidity moving toward spot price, compressing potential volatility.

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Market Analysis

Crypto Stories: Tim Draper tells how his family moved into Bitcoin

Billionaire venture capitalist Tim Draper made a turning point in his family’s path to Bitcoin and other cryptocurrencies.

Bitcoin

Where crypto can grow: Digital asset regulations around the world

While many countries have sped up their efforts to regulate cryptocurrencies following a crisis-filled 2022, most still lack a clear framework for the industry to build around.

Regulations

Google Cloud to optimize Polygon zkEVM scaling performance

Polygon Labs and Google Cloud will team up in a multi-year agreement to drive the development and adoption of the Ethereum scaling protocol’s infrastructure and developer tools.

Blockchain

Google Cloud to optimize Polygon zkEVM scaling performance

Polygon Labs and Google Cloud will team up in a multi-year agreement to drive the development and adoption of the Ethereum scaling protocol’s infrastructure and developer tools.

Ethereum

The Bitcoin Transition: How HODLers can become changemakers and drive adoption

“When you think about Bitcoin, it's potentially the largest country or one of the largest countries today. But it's digital in and it's spread out everywhere,” Jeff Booth told Cointelegraph.

Bitcoin

ChatGPT, Midjourney, other AI tools to make their way into EU legislation

The bill will classify the risk of AI tools and force developers of generative-AI applications to disclose the use of any copyrighted materials.

Regulations

Binance to reenter Japan via acquired regulated exchange SEBC

Although no official date is mentioned for the launch of Binance Japan, the notice stated that the exchange could start after June.

Blockchain

Binance to reenter Japan via acquired regulated exchange SEBC

Although no official date is mentioned for the launch of Binance Japan, the notice stated that the exchange could start after June.

Regulations

European bankers on digital euro: 'ECB has no interest in users’ personal data'

While anonymity still stands as the core issue of European CBDC, the inevitable competition with private banks also raises questions.

Regulations

Revolut taps Koinly for cryptocurrency tax reports

Digital bank Revolut has partnered with Koinly to integrate cryptocurrency tax report services for users.

Bitcoin

Revolut taps Koinly for cryptocurrency tax reports

Digital bank Revolut has partnered with Koinly to integrate cryptocurrency tax report services for users.

Ethereum

Revolut taps Koinly for cryptocurrency tax reports

Digital bank Revolut has partnered with Koinly to integrate cryptocurrency tax report services for users.

Regulations

Analysts at odds over Fed, US debt ceiling impact on Bitcoin price

A political deadlock over the U.S. debt ceiling and its potential impact on the price of Bitcoin, which is already up 75% in 2023.

Bitcoin

Analysts at odds over Fed, US debt ceiling impact on Bitcoin price

On April 26, House Republicans scarcely passed their bill to increase the U.S. debt ceiling. This led to analysts already weighing its potential impact on the price of Bitcoin (BTC), ranging from extremely bearish to overly bullish.

Ultimately, U.S. dollar liquidity is the key to both of these opposing viewpoint.

"Deflationary recession" to produce 2020-like BTC rally?

Some analysts, including Jesse Meyers, the COO of investment firm Onramp, believe raising the debt ceiling would prompt the Federal Reserve to print more money, thus boosting capital inflows into "risky" assets like Bitcoin.

BTC/USD daily price chart vs. dollar liquidity. Source: TradingView.com

The debt ceiling represents the maximum amount of money the U.S. government can borrow to pay its bills.

Related: Fed balance sheet adds $393B in two weeks — Will this send Bitcoin price to $40K?

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Market Analysis

Hong Kong regulator requires banks to open accounts for crypto firms

Hong Kong’s central bank has urged banks to provide services to crypto firms even before they receive the license.

Bitcoin

KuCoin confirms an exchange user is behind alleged daily rug pulls

A community member identified a wallet address that allegedly launched several memecoin rug pulls daily for almost two years.

Blockchain

Bitcoin sell-off next? Binance BTC balance shoots up $1.5B in one month

Binance is up over 50,000 BTC in a month, in sharp contrast to other major exchanges, while data suggests the market is going short BTC at $30,000.

Bitcoin

Bitcoin sell-off next? Binance BTC balance shoots up $1.5B in one month

Bitcoin (BTC) traders may be gearing up for a sell-off as data shows tens of thousands of coins moving to exchanges.

The latest figures from on-chain monitoring resource Coinglass confirm that global trading volume leader Binance’s BTC balance rose by over 50,000 BTC ($1.5 billion) in the past 30 days.

Binance takes lion’s share of exchange BTC balance increase

With BTC/USD setting multimonth highs regularly since mid-March, the temptation to sell for both long-term and short-term holders has undoubtedly increased.

As Cointelegraph reported, actual selling pressure has thus far remained muted by historical standards, but on-chain data suggests this could easily change.

According to Coinglass, Binance alone now has 51,000 BTC more on its books than 30 days ago. Compared with March 10, when BTC/USD briefly challenged $20,000 support, its balance is up by almost 100,000 BTC, separate data from analytics platform CryptoQuant confirms.

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Market Analysis

Ex-CFO that stole $5M to trade crypto and ‘meme stocks' gets 3 years prison

Cooper Morgenthau embezzled $5 million from three different companies and lost almost all of it trading cryptocurrencies and "meme stocks."

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