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Bitcoin’s price retracing -10% on this move when greater than -30% corrections are normal during bull runs. “Over the past few months, all the price action has distracted attention from the fundamentals,” she said. “However, the work on improving the Web3 space has continued unabated. This week, we saw the successful completion of the ETH Dencun upgrade, which has already resulted in a sharp fall in gas fees across several ETH L2 chains.”
“These developments are similar to the previous bull runs but only a lot earlier in the cycle. It's important to remember that Bitcoin halving is still a month away, and the new all-time highs have already been hit,” Lin concluded. “This suggests that this cycle is different; however, Bitcoin looks very bullish even if it witnesses a much-delayed correction in the coming days.”
In a move reminiscent of gold storage, El Salvador has moved a “big chunk” of its Bitcoin holdings to a cold storage wallet, which was then stored in a physical vault within the country’s “national territory.”Gold at session lows after New York manufacturing index declines beyond expectations in March
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Source: CryptoAmb - 🏆 22. / 68 Read more »