Bitcoin still has negative factors.

In the past quarter, it has been shown that the cryptocurrency market has returned to the trend again, after the heavy decline in 2022. The market value of the cryptocurrency market increased by 48.9% to $1.2 trillion, indicating that the added value came from the uncertainty of the monetary system.

The performance of Bitcoin in the past quarter has shown that it is more efficient than almost all types of assets, increasing by 72.4% from quarter to quarter. It is considered one of the most efficient investments in the market.

In addition, the volume of spot trading of cryptocurrencies increased by 18.1%, reaching $2.8 trillion. It is worth noting that the volume of trading that occurred in decentralized exchanges (DEX) grew faster than centralized exchanges (CEX). The average daily trading volume increased by 30% compared to the first quarter of 2021, reaching its peak in early March due to the banking crisis before declining in the following month.

Furthermore, MicroStrategy, a large corporation, invested in BTC directly without needing a Bitcoin exchange-traded fund (ETF) in the United States.

Currently, MicroStrategy holds 140,000 BTC worth $4.26 billion, which is the largest amount of BTC held by a publicly traded company. The decision to purchase a large amount of BTC was made by MicroStrategy's own strategists, who predicted that the US central bank would soon stop raising interest rates.

Meanwhile, the amount of money transferred via BTC and other digital currencies to El Salvador has decreased by 17.8% in the first two months of 2023 compared to 2022, according to the latest data released by the country's central bank (BCR) and reported by Agencia EFE.

According to the report, this year, transfers through El Salvador totaled $15.98 million, with cryptocurrencies valued at a decrease of $3.47 million compared to the same period last year, when the value of transfers was over $19.45 million.

BCR data shows that transfers using digital currencies account for only 1.34% of the total value of all payments and transfers, which are almost $1.2 billion according to the latest report.

This shows that the economic policy regarding BTC proposed by President Nayib Bukele has not yet been embraced by the people of El Salvador, as most people still prefer fiat services, despite the high transaction costs and other disadvantages.

Technical analysis data (5H)