The United States Federal Reserve began its most aggressive quantitative tightening efforts in March 2022, raising benchmark interest rates in the year since from near-zero to 4.75% to 5% annually. While the central bank has successfully brought down inflation to some degree, the increasing interest rates are starting to cause cracks in the global banking…
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Bitcoin’s dominance over the crypto market, which represents its share of market capitalization relative to the total cryptocurrency market capitalization, rose steeply from around 44% to highs of 48% in March. While Bitcoin’s price increased by 22.7% during the month, most altcoins yielded subpar or negative returns. However, there were some outliers which showed a…
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Bitcoin mining stocks had a dull performance in March, with small moves here and there that followed BTC’s price movement. While it is encouraging to see that most stocks held onto their impressive January gains, Bitcoin’s price action will be crucial for the short-to-medium-term performance of these stocks. Additionally, the expansion of the public Bitcoin…
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Bitcoin NFT inscription activity has remained strong with consistency in the daily number of NFTs inscribed on Bitcoin. At the same time, the infrastructure to foster Bitcoin trading is finally coming together with the development of wallets and marketplaces supporting Ordinals. NFT marketplaces, Gamma and Magic Eden, added support for Bitcoin NFTs this week. While…
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Bitcoin’s (BTC) price broke above the February 2023 highs of $25,200 after U.S. inflation data was in consensus with the market expectation. The potential fallout of the global banking system further promoted Bitcoin investment as a non-correlated global hedging instrument similar to gold in March. The correlation between gold and BTC has been rising since…
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Bitcoin (BTC) received a substantial boost this week as the U.S. inflation levels for February came along the lines of market expectations. On March 14, the BTC/USD pair surged to a new 2023 peak at $26,550 after the news. But while the macroeconomic conditions mat currently be favoring risk-on buyers, certain on-chain and market indicators…
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The panic caused due to USD Coin’s (USDC) depeg from the U.S. dollar manifested itself in a wrong order, costing traders $50,000 per Bitcoin (BTC), albeit for several minutes. Bitcoin price sees $50K in “fat finger” error The BTC/USDC pair on Binance flash spiked to $50,000 on March 12 around 7 pm UTC. The reason for…
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March started off on a low due to a resurrection of inflationary fears. On March 7, hawkish comments from U.S. Federal Reserve chairman Jerome Powell amplified the market’s expectation of a 50-basis point hike in the upcoming policy rate meeting on March 22 to March 23. On March 8, the U.S. government’s $1 billion Bitcoin…
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On March 8, the U.S. government moved 49,000 Bitcoin worth $1 billion seized from the Silk Road. The transfer was accompanied by Bitcoin’s (BTC) price slipping below $22,000, as well as a noticeable spike in a key holder metric. But does this mean that traders should brace for potential BTC price volatility ahead? Bitcoin’s CDD…
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The U.S. stock market approaches a crucial turning point as uncertainty over inflation rises after hotter-than-expected economic data released in February. Despite mounting investor worries, the economy is showing signs of resilience that could protect against a significant downside move. The escalating risk-off sentiment in the market is also creating volatility for Bitcoin (BTC). The…
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