Bitcoin gains 3% as World Economic Forum 2022 commences

Posted: 23 May 2022 2:16 am
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Leading economists and head of various nations have convened in Davos for the 2022 iteration of the World Economic Forum (WEF).

  • The total market capitalization of the digital asset sector stands at $1.2 trillion while Bitcoin’s market share has risen to 44.6%.
  • The S&P 500, Dow and Nasdaq have registered massive losses since the start of 2022.
  • May 22 marks the day when computer engineer and Bitcoin miner Laszlo Hanyecz exchanged 10,000 BTC for two pizzas.

Volatility continues to persist across markets, including crypto and stocks, forcing Bitcoin (BTC) to remain range-bound between $28,500 and $30,500 for over a week. The asset’s monthly losses currently lie at -24% while trading at $29,621.

Experts claim that BTC is currently operating within a solid supply and demand wedge, suggesting incoming price action. The crypto could rise as high as $31,000 or dip to $28,000 in the near term. Michaël van de Poppe sees Bitcoin being in the green for the coming week, at the very least.

The 2022 edition of the WEF is currently underway but has largely been overshadowed by the prevailing market turmoil. The S&P 500 has shed approximately 20% of its value from its peak and is now in bearish territory. Nonetheless, data suggests that Bitcoin’s correlation to the stock market is finally on the decline compared to previous months.

The Nasdaq Composite and Dow have registered massive losses this past week. The former registered a drop of 275 points (for a 2.42% loss) and the latter slid 362 points, marking a dip of 1.28%.

How to buy Bitcoin

Celebrating Bitcoin Pizza Day

May 22 is celebrated as the day when Laszlo Hanyecz, a software engineer and early Bitcoin miner, spent a whopping 10,000 BTC for two pizzas over a decade ago. At the time, his BTC haul was worth $41. However, last year when the asset scaled up to its all-time high of nearly $65,000, the net worth of his holdings increased by 1.38 billion times. Data from dedicated monitoring resource the Bitcoin Pizza Index shows that Hanyecz’s purchase is currently worth approximately $294 million.

Interested in cryptocurrency? Learn more about the basics with our beginner’s guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.

Disclosure: The author owns a range of cryptocurrencies at the time of writing.

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