Bitcoin Gains 3% as World Economic Forum 2022 Begins

Prominent economists and leaders from various nations gathered in Davos for the 2022 iteration of the World Economic Forum (WEF).

  • The total market cap of the digital asset industry stands at A$1.75 trillion, while BTC’s market share has grown to 44.6%.
  • The S&P 500, Dow and Nasdaq have all posted massive losses since the start of 2022.
  • May 22 marks the day computer engineer and Bitcoin miner Laszlo Hanyecz traded 10,000 BTC for 2 pizzas.

Volatility continues to persist across all markets, including crypto and stocks, causing Bitcoin to once again remain in the range between AU$40,000-43,000 for over a week. The asset’s monthly losses currently sit at -24% as it trades at AUD$42,517.

experts complaint that BTC is currently operating in a strong bid-ask gap, suggesting incoming price action. The crypto could hit AU$43,500 or drop to $39,500 in the near term. Michael van de Poppe sees Bitcoin being in the green for the week ahead, at the very least.

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

The Nasdaq Composite and Dow posted massive losses last week. The former recorded a drop of 275 points (for a loss of 2.42%) and the latter slipped 362 points, marking a drop of 1.28%.

How to buy bitcoins

Bitcoin Pizza Day Celebration

May 22 is celebrated as the day Laszlo Hanyecz, software engineer and first Bitcoin miner, spent 10,000 BTC instead of 2 pizzas over a decade ago. At the time, his BTC transport was worth AU$58. However, last year, when the asset reached its all-time high of A$97,000, the net worth of his holdings jumped $1.38 billion. Data from dedicated monitoring resource, the Bitcoin Pizza Index, shows Hanyecz’s purchase is currently worth around AU$415 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.

This information should not be construed as an endorsement of the cryptocurrency or any specific provider, service or offering. This is not a trade recommendation. Cryptocurrencies are speculative, complex and carry significant risk – they are highly volatile and susceptible to secondary activity. Performance is unpredictable and past performance is not indicative of future performance. Consider your own circumstances and seek advice before relying on this information. You should also check the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the websites of relevant regulators before making a decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Melvin B. Baillie