Bitcoin Consolidates Near 200-Day Average

There’s more and more good news about Bitcoin despite the massive volatility in the crypto market. Check out the latest reports below.

At the moment of writing this article, BTC is trading in the red and the king coin is priced at $47,291.

Bitcoin consolidates near 200-day average as LFG slows rate of cryptocurrency accumulation. reports @godbole17https://t.co/xcj2pPlwJk

— CoinDesk (@CoinDesk) March 30, 2022

CoinDesk just noted that Bitcoin’s ascent stalled near the 200-day average level as Luna Foundation Guard (LFG), a non-profit organization focused on UST, slowed its rate of buying the largest cryptocurrency.

The same online publication said that LFG has purchased 5,773 BTC worth $272 million so far this week, the foundation’s confirmed bitcoin address showed at 09:42 UTC.

It’s also worth noting the fact that almost half of those were purchased on Monday and the rest a few minutes before press time. Last week, it acquired about $125 million of BTC each weekday.

“The foundation had a trading hiatus after Monday’s big purchase. It is back today [snapped up 2,942 BTC],” Arcane Research’s Vetle Lunde told CoinDesk in a Twitter chat. “Last week, LFG sent $125 million worth of USDT across all weekdays and $160 million on Saturday to Jump Trading, who executed the BTC trades quickly thereafter.”

An important digital assets manager says crypto investment products focused on Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) rebounded in a huge way last week. It’s important to note that the inflows were over $190,000,000.

According to the latest CoinShares Digital Asset Fund Flows Weekly report, the European markets helped boost crypto investment products. These reached limits at the highest inflows since late last year.

“Digital asset investment products saw inflows totaling US$193m last week, the largest since mid-December 2021…”

The optimistic predictions about the price of Bitcoin continue despite the multiple market correction. Stay tuned for more news.