The crypto markets have been buoyant, with Bitcoin rising by 2.5% to above $29,000. The increase may have been driven by the positive earnings from tech companies such as Apple, which exceeded expectations, and Coinbase, which posted a better-than-expected first-quarter report, with a growth of 22% quarter-on-quarter in revenue. However, week-on-week, Bitcoin is down around 1.5%.
Billy Farrington, a cryptocurrency expert, explained that trading volumes have been low, and Bitcoin is struggling to exceed $30,000. Furthermore, most of the activity is in Bitcoin and Ethereum, with 40 of the top 50 cryptocurrencies experiencing negative growth.
Coinbase's earnings were boosted by the surge in cryptocurrency trading in 1Q, with Bitcoin surging by 60%.