The "My First Bitcoin" program, a nonprofit initiative in El Salvador, has raised over 1 BTC in donations from Bitcoin education advocates worldwide through a crowdfunding campaign. The donations were sent over the Lightning Network, a layer-2 solution that costs a fraction of legacy payment services. The crowdfunding campaign was boosted by Bitcoin Beach, a circular community in El Salvador that declared it would match all donations to the project until April 27. The Bitcoin community's support for My First Bitcoin's educational efforts in El Salvador demonstrates the potential of Bitcoin to empower individuals and level the playing field.

The European Central Bank (ECB) raised its key interest rates by 25 bps in its meeting on May 4, with the aim of bringing policy rates near the 2% target amid high levels of inflation. The ECB will maintain low levels for as long as necessary and will continue reducing the Eurosystem's asset purchase program portfolio. The crypto market reacted positively to the ECB rate hike, with Bitcoin price staying over $29,000 and Ethereum price jumping over $1,900. Traders may open positions for bullish prices after central banks hint at no aggressive rate hikes.

The cryptocurrency's dominance rate, which measures Bitcoin's share of the total cryptocurrency market capitalization, has risen to over 50%, its highest level in months.

Bitcoin's dominance rate has reportedly surged amid a banking crisis in the US. The cryptocurrency's dominance rate, which measures Bitcoin's share of the total cryptocurrency market capitalization, has risen to over 50%, its highest level in months. The surge in Bitcoin's dominance rate is believed to be driven in part by concerns over the US banking system, which has been experiencing a shortage of cash due to a combination of factors, including the COVID-19 pandemic and the Federal Reserve's monetary policy. Investors are reportedly turning to Bitcoin as a safe-haven asset amid the uncertainty in the traditional financial system.

Analyzing BTC’s outperformance and outlook.

Bitcoin is reportedly seeking liquidity above $30,000 USD as gold hits a new all-time high. According to analysts, Bitcoin's price has been closely correlated with that of gold, and the recent surge in gold prices could help drive a potential rally in Bitcoin's price. The $30,000 USD mark is seen as a key level of support for Bitcoin, and if it can surpass this level, it could potentially trigger a new wave of buying activity. However, the analysts also caution that Bitcoin's price will face resistance at around $40,000 USD, which could limit the size of any potential rally.

According to analysts at Matrixport, Bitcoin could rally as much as 20% to reach around $36,000 USD. The analysts cite several technical indicators, including a bullish divergence in the Relative Strength Index (RSI) and a possible reversal in the Moving Average Convergence Divergence (MACD) indicator, as evidence of the potential rally. However, the analysts also caution that Bitcoin's price could face resistance at around $35,000 USD, which could limit the size of the potential rally.

Bitcoin's price received a boost after comments made by the US Federal Reserve Chair Jerome Powell during a press conference following a Federal Open Market Committee (FOMC) meeting. Powell suggested that the central bank is in no rush to raise interest rates despite inflation concerns, which led to a weakening of the US dollar. This, in turn, has benefited Bitcoin's price, which has been on a downward trend for the past few weeks. The comments by Powell are seen as a positive sign for the cryptocurrency market, as a weaker dollar typically leads to increased demand for alternative assets such as Bitcoin.

Here is a discussion about why Bitcoin, a decentralized digital currency, could be the solution to our fiat banking crisis and fractional reserve system failure that we are currently having in the world.

Customers in select US states can use Coinbase Borrow to obtain loans of up to $1 million by using Bitcoin as collateral.