Four months into 2023 and a year’s worth of events already happened! The beginning of the year started with a massive pump then flop in NFT sales. Now, Bitcoin hit 30K, and Ethereum is 1.9K – I bet you missed seeing that- but what does it all mean?
Is the Bull Run back?
Why is Bitcoin suddenly soaring high?
What Does this mean for the NFT Market?
Let’s figure it out.
Why Is Bitcoin At 30K?
Last month, Bitcoin dropped below $20K and pumped to $28K in a matter of 10 days. It has been steady at around 28K till finally today, on April 11, it reached 30K. As you can see per the chart from Coingecko, Bitcoin hasn’t reached this mark since June of last year. So what the hell is going on, and why is Bitcoin pumping suddenly?
First of all, it’s not very sudden, we’ve been in a bear market for over a year now. Long story short, the actual banks are F-ing up really bad, and people are resorting to Bitcoin.
Briefly, these are the events that lead to Bitcoin reaching 30K:
Silicon Valley Bank Collapse → People lost trust in banks → United States Federal Reserve pumped $300 billion into the economy → more liquidity in the global market → benefits crypto market → our beloved Bitcoin pumps with the altcoins.
Another reason Bitcoin might be pumping is the most anticipated Bitcoin Halving, scheduled next year in 2024. Investors usually get excited about it 15 to 18 months before it happens, one of the reasons why the Bitcoin buying activity is high.
Robert F. Kennedy’s Statement on Bitcoin
Maybe this is far-reaching, but it definitely relates one way or another to why Bitcoin hit 30K. US Presidential Candidate Robert F. Kennedy Jr. shared his opinions on the ongoing bank crisis via Twitter yesterday. One day after his statement, Bitcoin finally broke above 28K, after it has been steady for a month.
The claim that FedNow is not the first step toward a CBDC would be more easily digestible were we not aware of the Biden administration’s steady barrage of hostile broadsides against cryptocurrencies.
Between 2008-22, the Fed partnered with a handful of big banks to print $10…
— Robert F. Kennedy Jr (@RobertKennedyJr) April 10, 2023
It’s these exact lines wreaking havoc:
“Cryptocurrencies like Bitcoin give the public an escape route from the splatter zone when this bubble invariably bursts. So the White House is colluding with the banksters to keep us all trapped in the bubble of profiteering and control.”
It’s all very interesting, it seems as though Bitcoin is finally being treated as a good thing- somehow. This poses a bigger question: Is Bitcoin slowly becoming the voice of people? There’s this illustration on Twitter of people riling up to become Bitcoin and stomp over authorities…surely gets one’s thoughts running wild. Imagine that kind of world. Given the nature of the blockchain…is it a good or bad thing?
— 2037 (@btc2037) April 10, 2023
What Does This Mean for NFT Market?
Bitcoin finally hit 30K, so are we out of the bear market? As you know, when Bitcoin soars, altcoins follow (Solana is at $22), and Ethereum flies – at the time of writing it’s at 1.9K. Mark Yusko, founder and CEO of Morgan Creek Capital Management, anticipated the crypto bull run, or “crypto summer” as he calls it, in the second quarter of 2023. His reasoning for this was the banks’ messed up policies and the upcoming Bitcoin halving.
As you know crypto and NFTs are directly linked, since we obviously asses an NFT’s worth via Ethereum, etc. Despite March’s sales, given the recent circumstances, it really makes sense that a Bull is on its way. You may also hear people telling you to buy some Bitcoin or Ethereum and not miss out on “generational wealth”- whatever that means. BUT DON’T RUSH INTO THINGS. Do your own research, learn about the market, and don’t let FOMO get the best of you. Stay safe, and stay chained!