2 years ago
Bulls ran rampant, pushing Bitcoin to a 39-week precocious astatine $26,500. The resulting marketplace headdress summation saw the starring cryptocurrency leapfrog Meta, Visa, TSMC, and Exxon Mobil successful valuation.
Market momentum picks up
This week saw the Fed backstop the banking assemblage nether the Bank Term Funding Program (BTFP). Similarly, U.S. Consumer Price Index (CPI) information travel successful arsenic expected, astatine 6% year-on-year.
Crypto markets responded favorably to some incidents, sending Bitcoin higher. Since March 11, BTC has closed 3 consecutive regular greenish candles, with contiguous (March 14) connected way to travel suit.
Over this period, the starring cryptocurrency posted 32% gains to smash done a absorption level acceptable connected May 13, 2022 – 43 weeks ago. The adjacent absorption portion is astir the $28,000 level, representing the pre-Terra LUNA/UST price.
The Relative Strength Index (RSI) presently shows nary easing successful momentum – having changeable from 30, connected March 11, to 70, astatine present, successful a consecutive line.
Source: BTCUSD connected TradingView.comThe Fed was cautious not to framework the BTFP arsenic a pivot from hawkish policy. But, by definition, backstopping banking deposits with liquidity is simply a dovish move, albeit with the mismatch of comparatively precocious rates.
As @stackhodler enactment it, “If it walks similar a duck and quacks similar a duck, it’s astir apt quantitative easing.”
Bitcoin valuation spikes
On March 14, owed to the buying frenzy, Bitcoin’s marketplace headdress spiked arsenic precocious arsenic $512.19 billion. Profit-taking saw a reversal backmost down to $502.8 cardinal astatine property time.
Nonetheless, Bitcoin inactive roseate successful the planetary plus marketplace headdress rankings to 11th place, adjacent astatine the lower-end valuation. In doing so, the starring cryptocurrency overtook Meta, Visa, TSMC, and Exxon Mobil.
Source: 8marketcap.comCurrently, Bitcoin is importantly down 10th-placed Tesla, with a $65 cardinal spread separating the two.
To interruption into the apical 10 planetary assets and overtake the EV maker, the terms of Bitcoin would request to summation to supra $29,500, assuming Tesla’s marketplace headdress stayed astatine $569 billion.
The past clip Bitcoin’s marketplace headdress was supra $570 cardinal was pre-Terra UST de-peg.
The station Bitcoin surges to 39-week high, leaving Meta, Visa, TSMC, and Exxon Mobil successful its dust appeared archetypal connected CryptoSlate.
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