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Bitcoin’s Bounce Stalls Below $40,000
Rising alongside bitcoin are equity markets, with the Nasdaq higher by 4% from its worst levels on Thursday morning.
By Brian Evans
Updated May 11, 2023, 3:52 p.m. Published Feb 25, 2022, 8:18 p.m.
After tumbling to a one-month low just above $34,000 early Thursday, bitcoin charged as high as $39,600 Friday before slipping back to its current $38,700.
- “Risk markets have surprisingly taken the [Russian invasion of Ukraine] news in stride,” said Lux Thiagarajah, head of trading at BCB Group. “Whilst BTC and [altcoins] have rallied, they haven’t been able to break back above levels before the invasion.”
- Thiagarajah says that Western powers declining to send troops into Ukraine is comforting for bitcoin, but cautions there are “still too many unknowns to say if we haven’t seen the bottom yet.”
- Looking ahead, the next focus point for bitcoin, said Oanda’s Edward Moya, is Federal Reserve Chair Jerome Powell’s semi-annual testimony before House and Senate committees next week. So far, there's been no signal from Fed speakers this week that the Ukraine invasion has pushed the U.S. central bank off of its anticipated plan to hike interest rates by at least 25 basis points in March.
- Traditional markets also continue to rally since the invasion, with the Dow Jones Industrial Average up another 2%, the S&P 500 up 1.7% and the Nasdaq up 1%.
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- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Bitcoin jumps above $87,000, yen slides as Bank of Japan hikes interest rates
The Bank of Japan raised its short-term policy rate by 25 basis points to 0.75%, the highest in nearly 30 years.
What to know:
- The Bank of Japan raised its short-term policy rate by 25 basis points to 0.75%, the highest in nearly 30 years.
- Despite the rate hike, the Japanese yen fell against the U.S. dollar, while bitcoin saw a slight increase in value.
- Market reactions were muted as the rate hike was anticipated, with speculators already holding long positions in the yen.
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