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- The Bitcoin market has held $28k for the past few days, despite the altcoin industry remaining generally calm.
- Bitcoin funds saw massive outflow last week despite the inflow outweighing the outflows YDT.
The Bitcoin market continued to flourish amidst the global banking crisis, which analysts indicate is in the early stages. With United States officials reportedly studying ways to let the Federal Deposit Insurance Corporation (FDIC) temporarily insure deposits beyond the current $250,000 cap on most accounts without getting approval from Congress, confidence in Bitcoin is expected to rise exponentially. Notably, the United States Federal government is working to prevent further bank insolvency.
Moreover, recent bank insolvency has been compared to the pre-2008 Lehman Brothers bankruptcy after being in operation for 158 years. The results of the 2008 financial crisis brought forth the Bitcoin digital asset by Satoshi Nakamoto, which will now be experiencing its first major global recession.
Having been tested for the past fourteen years, Bitcoin is expected to shield ordinary people from impending financial implosion. Moreover, Bitcoin is hard printed to 21 million units despite the increasing global demand.
I'll be live on CNBC @PowerLunch with @KellyCNBC in 30 minutes to discuss the collapse of the banking system, the tarnished credibility of the Fed, and why #Bitcoin matters now more than ever.
The Fed is trapped. They can't print more #Bitcoin
Holding nothing back.
Let's go. https://t.co/07jkpYOBSC
— Jack Mallers (@jackmallers) March 20, 2023
Closer Look at the Bitcoin Market Ahead of FOMC Statements Tomorrow
The Bitcoin market has held $28k for the past few days, despite the altcoin industry remaining generally calm. According to our latest crypto market data, Bitcoin price is up over 26 percent in the last 14 days. Having remained above the 200 WMA in the past three days, analysts are getting more confident the effects of the weekly death cross will fade off over time.
Moreover, the Bitcoin fundamental aspects have been outweighing the technical outlook. Notably, the 2-Year Treasury yield has dropped over 4 percent, the most significant 5-day decline in yields since the October 1987 crash. With more calls for the Fed to tighten its monetary policies, including a cut on tomorrow’s interest rate, Bitcoin price could rally to $30k.
this is what I'm looking at for today
thought we'd go lower on the break down but all we did was trap shorts
spot premium is hefty right now and funding is negative across the board
think we have a decent shot at higher ahead of FOMC pic.twitter.com/H83HgIJEjb
— RookieXBT 🧲 (@RookieXBT) March 21, 2023
The Bitcoin market has led the recent crypto rally, with cash inflow to altcoins largely reduced. The ETH/BTC chart is a clear testimony that altcoins are yet to register gains. Analysts expect the altcoin season to happen after a rebound on the ETH/BTC four-hour chart.
Nonetheless, the Bitcoin market has recorded cash outflow as reported by on-chain analytics firm CoinShares. According to the report, Bitcoin funds saw massive outflow last week despite the inflow outweighing the outflows YDT.
“Bitcoin, being the largest digital asset, was the primary focus, seeing outflows totaling US$244m last week. Short-bitcoin also saw outflows totaling US$1.2m, although it is now the investment product with the largest inflows year-to-date of US$49m,” CoinShares noted.
The spike in outflows is coupled with increased Bitcoin miners’ profit-taking since the asset hit $28k.
