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Solana relied on meme narratives to carve out its own niche, but after the ecosystem flourished, it once again faced the "old problem" of downtime. On April 2nd, ORE was deployed for mining on Solana, attracting a large number of ORE miners to the Solana network. On April 7th, miners created millions of transactions within a day, accounting for 14.3% of the total transactions on the Solana network. The surge in transaction orders led to a decrease in the success rate of transfers on the Solana network, and SOL consequently performed poorly, with its price starting to decline.
Is the cryptocurrency market going up or down in April?
The circulation of Bitcoin ETFs is an important indicator for assessing market developments. Although there have been net outflows for two consecutive days, the outflow amount has slowed down. Therefore, the community generally believes that the cryptocurrency market will experience an upward trend after April.
The halving is already a certainty and a bullish factor. Last week, Laurent Benayoun, CEO of hedge fund Acheron Trading, stated that in the current bull market cycle, the price of Bitcoin may rise by another 150%. Based on factors such as the spot Bitcoin ETF and the upcoming reduction in supply due to the halving, the potential peak may reach $180,000.
Matrixport analyst Markus Thielen also conveyed optimism about the April market in a post on March 29th. He believes that Bitcoin, which has risen significantly for seven consecutive months, may continue to rise by 12% to $84,000 in April, following the $70,000 price trend.
However, there are also dissenting voices. Arthur Hayes, co-founder of BitMEX, believes that the market may experience extreme weakness in mid-April, and the real bull market will start in May.
From mid-April to early May, tax payments in the United States will drain market liquidity, coupled with the continued reduction of the balance sheet by the Federal Reserve, the market may experience extreme weakness. However, starting from May 1st, with the Federal Reserve slowing down the pace of balance sheet reduction and the US Treasury using funds to stimulate the market, a new round of cryptocurrency bull market is expected to begin.
Hayes pointed out that the Federal Reserve has indirectly provided "blood transfusions" to the banking system by relaxing bank capital requirements, allowing them to hold more government bonds. The US Treasury has also been issuing short-term bonds to absorb trillions of dollars in idle funds in the Federal Reserve's reverse repurchase tools. Both measures are conducive to improving market liquidity.
Hayes advised investors to be cautious in April, but to deploy aggressively after May. He revealed that he has already closed positions and made profits on tokens such as MEW, SOL, and NMT, and transferred funds to the USDe stablecoin on the Ethena platform for collateral. Hayes said that if he can avoid losses in April, he will have sufficient ammunition to establish various cryptocurrency positions in May and fully enjoy the benefits of the bull market. |
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Post time 19-4-2024 06:39:21