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Bitcoin Price Rises for Second Day on Hopes for Soft Landing
The largest cryptocurrency continues to rebound from a five-week low.
Updated May 11, 2023, 3:34 p.m. Published Apr 19, 2022, 6:44 p.m.
Bitcoin (BTC) is up 2.8% in the past 24 hours, continuing its recovery from a five-week low around $38,700 on Monday.
As of press time, the largest cryptocurrency was changing hands at $41,373, still well off the high around $48,000 a few weeks ago.
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- “The macro landscape is looking positive in my opinion,” wrote Marcus Sotiriou, analyst at the U.K.-based digital asset broker GlobalBlock in a newsletter. “I am not concerned whether there is a 50-basis point rate hike or not. What matters is how strong the consumer is. The University of Michigan consumer sentiment index is flat, showing that we do not have unanchored inflation expectations, meaning that people do not think inflation is going to run away. This was not the case in the 1970s, which led to a recession.”
- Sotiriou said he thinks the economy will have a soft landing despite many analysts forecasting a recession. He is bullish on bitcoin and equities even though there might be a 50 basis point rate hike.
- Ether (ETH) rose 6.8% in the past 24 hours, trading just above $3,000. U.S. stocks were higher on Tuesday. The S&P 500 is up 1.3% today and the Nasdaq is up 1.7%.
- “It appears that there’s strong selling pressure in the $BTC perpetual swaps market,” IntoTheBlock Insight said in a Telegram message. There is a negative funding rate across all major exchanges and a rising open interest, which means that shorts are being opened.
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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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Bank of Japan Set to Hike Rates to 30-Year High, Posing Another Threat to Bitcoin
Rising Japanese rates and a stronger yen threaten carry trades and could pressure crypto markets despite easing U.S. policy.
What to know:
- According to the Nikkei, the Bank of Japan (BoJ) is set to increase interest rates to 75bps, the highest level in 30 years.
- Rising Japanese funding costs, alongside falling U.S rates, could force leveraged funds to reduce carry trade exposure, increasing downside risk for bitcoin.
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