Month: March 2023

• Bitcoin (BTC) recorded impressive gains earlier today, hitting $28,554.07 before retracing to the current price of $27,851.
• The banking crisis is one of the major factors pushing the recent BTC rally as many investors started losing trust in traditional banking systems.
• Other coins like Ethereum (ETH), BNB, XRP, ADA, MATIC, DOGE, BUSD, SHIB and LTC are all down in 24 hours while BTC gained 27.93% in 7 days.

Bitcoin Price Spikes Amid Banking Crisis

The Bitcoin market was eventful on March 20th with some top coins and altcoins recording gains in their seven-day prices. BTC is up 3.47% in 24 hours and its seven-day gain stands at 27.93%. Ethereum has gained 12.82% in 7 days even though it is losing against the dollar in 24 hours price performance. Surprisingly, the banking crisis did not affect Bitcoin’s bull run as it led to a positive trend reversal for the digital asset causing it to gain $26 billion in market cap and hit a 9-month high of $28,554.07 before retracing back down to its current price of $27,851..

Reasons Behind The Rally

The banking crisis is one of the major factors driving this recent BTC rally as many investors started losing trust in traditional banking systems after Silvergate Bank collapsed along with Silicon Valley and Signature banks despite efforts from US Feds to support them by providing funds for depositors’ demands.. Analysts also alarmed people about how a bank run could crash 190 US banks which further exacerbated fears among investors who then sought refuge in Bitcoin’s store of value and digital gold status during times of global financial turmoil..

Altcoin Performance

While BTC has been soaring on the charts other coins have not seen such success today with Ethereum being an example as it lost against USD instead of gaining today while other coins like BNB ,XRP ,ADA ,MATIC ,DOGE ,BUSD ,SHIB &LTC are all down within 24hours time frame but WBTC got 3.49 % gain within 24hours & 27 .29 % gain within 7 day’s time frame .Despite these losses many altcoins have still managed to post impressive gains over a seven-day period .

Future Outlook

As Bitcoin continues to outperform gold by 70%, up till now this year compared to gold’s 9%, there is optimism that this trend will continue if fear persists about traditional banking systems stability .Meanwhile other Altcoins will look forward for better returns when given more chances .

Conclusion

In conclusion we can see that although altcoins have seen losses against USD today due to various reasons they still managed to post impressive gains over a seven-day period showing that crypto markets are resilient enough despite any negative events or news . It appears that investors are seeking refuge from traditional banking system volatility through investing into cryptocurrencies such as Bitcoin which continues its bull run since June 13th 2022 giving an optimistic outlook for future investments into cryptos regardless of any external events or news

Important Week for Bitcoin and Crypto

• The Bitcoin and crypto markets are facing an important week shaped by macro data and the brewing US banking crisis.
• At the beginning of last week, odds of a Fed rate hike at the next FOMC meeting were high, but this has changed.
• Financial world will be looking at US President Joe Biden’s speech on the US banking crisis to determine whether crypto is scapegoated.

US Banking Crisis Impacting Markets

The financial markets are currently facing a volatile climate due to the brewing US banking crisis. At the start of last week, it seemed likely that the Federal Reserve would raise interest rates by 50 basis points at their March 22nd meeting. However, in light of recent events, this no longer appears likely as Goldman Sachs economist Jan Hatzius noted in a Sunday note: “In light of the stress in the banking system, we no longer expect the FOMC to deliver a rate hike at its next meeting on March 22.” In order for markets to remain stable, it is essential that President Biden address these issues in his upcoming speech.

Biden Speech Crucial To Crypto Industry

President Biden’s speech will be especially crucial to those within the crypto industry, as he must address whether or not Silicon Valley Bank (SVB) problems stem from investing $91 billion in long-dated securities such as mortgage bonds and U.S. Treasuries which have now lost $15 billion due to recent Federal Reserve activity. If he does acknowledge this issue, it could signal direct implications on Fed policy going forward.

Fed In Tough Spot

The Federal Reserve is in a difficult position; if they raise interest rates too quickly then it could add more stress onto already struggling banks but if they do not raise rates soon enough then their target inflation rate may not be met. According to The FedWatch Tool, only 55% now expect a 25 basis point hike due to recent developments.

Bitcoin Value Could Increase

If President Biden’s speech leads investors to believe that there will not be any further hikes from The Federal Reserve anytime soon then this could mean good news for Bitcoin and other cryptocurrencies; while many investors see digital currencies as an alternative hedge against inflationary assets like gold and silver, higher rates tend to depress demand for cryptocurrencies such as bitcoin since they offer no yield themselves. Therefore if rates stay low then demand for bitcoin could increase significantly over time.

• The Litecoin Foundation recently released an upgrade called Litecoin Core 0.21.2.2 to improve its network security and fix critical issues affecting nodes.
• Following the update, the LTC price spiked and miners rushed in. However, a recent price drop has scared off investors, leading to a decrease in daily trading volume.
• Chart indicators suggest further bear runs in the coming days, which may lead to miners losing interest in mining LTC.

Litecoin Update and Price Spike

The Litecoin Foundation announced the update named Litecoin Core 0.21.2.2 on March 2 and shared the information on Twitter. Don’t wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today! At press time, LTC trades at $89, indicating a slight loss in 24 hours but its trading volume is down by 48.42%, indicating slow activities with the coin Coinwarz’s data shows that the network hashrate recorded a slight uptick, suggesting new miners rushed in following the update and price spike of LTC from January 1 until February 3 2021 when it hit $101 intraday high..

Decreasing Interest of Miners

However, it seems insufficient to keep miners’ interest in the network high given the drop in LTC price as well as other chart indicators such as RSI below neutral mark, downtick on CMF, MACD bearish move etc., showing more bear runs in the coming days that might cause miners to lose interest in mining LTC entirely..

Network Improvement

One of ways to increase investors’ interest is network improvement where developers of cryptocurrencies come up with improvement proposals to make their networks efficient accommodating users needs and fixing issues hindering transactions..

Dogecoin Trading On A Major Philippines Crypto Exchange

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? 570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day only at Wild.io Play Now! Dogecoin Starts Trading On Major Philippines Crypto Exchange – A Boost For DOGE Price? Recently Dogecoin started trading on Coins Pro, A large crypto exchange based out of Philippines which could be seen as great news for DOGE holders who can now buy/sell DOGE easily from there..

Conclusion

In conclusion we can say that though Litecoin Core 0.21.02 had increased interests among miners due to price spike after release but due various chart indicators such Network Improvement like Dogeoin trading on Coins Pro could be seen as great news for holders who can now buy/sell DOGE easily from there are pointing towards decreasing miner interests if no major improvements are made soon enough .