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First Mover Americas: Bitcoin Ending Week on Positive Note

The latest price moves in crypto markets in context for April 28, 2023.

Updated Apr 28, 2023, 1:05 p.m. Published Apr 28, 2023, 12:08 p.m.

Bitcoin's price has risen 7% in the past seven days.

This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

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Despite some volatility in price, bitcoin has risen 7% in the past seven days, trading in a range of between $27,000 and $30,000. The world’s largest cryptocurrency by market value rose 1.2% over the last 24 hours to $29,307. Some analysts say instability in traditional banks has helped bitcoin, which is seen as an alternative to traditional finance. One troubled bank is San Francisco-based First Republic Bank (FRC), whose shares dropped 50% on Tuesday after it revealed its deposits fell by $100 billion in the first quarter. That comes as the broader economy is slowing down. On Thursday, the Commerce Department said the U.S. economy grew at a 1.1% annualized rate in the first quarter, below analysts’ estimates of 1.9%.

The European Central Bank wants its centralized-financial settlement systems to better interact with distributed ledger technology, as it seeks to keep pace with technological developments in financial markets. The ECB is pondering whether to issue a retail central bank digital currency for use by regular traders and citizens – but it also wants to be able to interact with innovations in wholesale financial markets, including those that use the technology that underpins cryptocurrencies.

Binance, the world's largest crypto exchange by trading volume, is set to begin operations in Japan, according to a notice published on Friday. In November, Binance acquired the regulated Sakura Exchange BitCoin. Existing services on SEBC will be terminated on May 31, and Binance will start a new service called "Binance Japan" after June. SEBC now supports 11 trading pairs. Listing tokens on exchanges in Japan requires vetting by the Japan Virtual Currency Exchange Association.

Chart of the Day

The chart shows bitcoin's single-day price movements and the trajectory of its 50-day simple moving average of the cryptocurrency's price since December.
Bitcoin bounced up from its 50-day SMA this week, defying expectations for a deeper decline and keeping the uptrend intact.
"The bulls have managed to push the price above the 50-day moving average, which is pointing up from $27,000 on Monday to $27,400," Alex Kuptsikevich, senior market analyst at FxPro, said in an email.
"At the end of March, the market bought bitcoin near this level. In other words, we have strong indications that the first cryptocurrency maintains its uptrend," Kuptsikevich added.

Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds a master's degree from New York University in Business and Economics and an undergraduate degree in Political Science from the University of East Anglia. Lyllah holds bitcoin, ether and small amounts of other crypto assets.

Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.