Recently, due to the collapse of Silicon Valley Bank and the 50 basis points interest rate hike by the US Federal Reserve in March, Bitcoin fell below $20,000, and the entire cryptocurrency market experienced a downturn. However, today BTC rebounded above $20,000, currently trading at $22,060, with a 24-hour increase of 7.88%. ETH has broken through $1,600 in the short term, currently priced at $1,583, with a 24-hour increase of 10.52%.
The probability of the US Federal Reserve raising interest rates by 25 basis points to the range of 4.75% to 5.00% in March is 96.0%, while the probability of a 50 basis points increase has dropped to 0, compared to 73.5% observed on March 8th. Global financial markets have been hit unprecedentedly by the collapse of Silicon Valley Bank, and several banks have collapsed successively in the past two days. In order to further accelerate economic development, the US Federal Reserve has abandoned the possibility of raising interest rates by 50 basis points, which has led to the rebound of Bitcoin.
Today's Fear and Greed Index is at 49, transitioning from fear to neutral. The total market capitalization of cryptocurrencies has rebounded to $1.07 trillion, with a 24-hour increase of 8.1%. The 24-hour trading volume is $93.987 billion. Currently, Bitcoin accounts for 40.7% of the market capitalization, while Ethereum accounts for 18.2%.
I believe that the current bullish news will only lead to short-term rebound in the market, and will not last long. Some people believe that Bitcoin can rise above $30,000 in March, but I am not optimistic at all. Too many things have happened in the crypto space recently, and the US Federal Reserve is highly likely to continue raising interest rates this year. Therefore, I am bearish, and the market has not yet hit bottom.
Today's hot topics:
1.Aztec Network will gradually shut down Aztec Connect and focus on developing new products based on the Noir language.
2.Circle: Providing customers with automated minting and redemption of USDC through Cross River Bank.
3.CZ: The remaining funds of the "1 billion US dollar industry recovery fund" will be exchanged from BUSD to BTC, BNB, ETH, and other currencies.
4.Cryptocurrency company BCB Group's trial program of dollar payments is suspended by Signature Bank.
5.TrueUSD: Some dollar funds are deposited in Signature Bank.
6.CZ: Maybe banks should use Merkle Trees for reserve proof.
7.An independent miner was lucky to receive a Bitcoin block reward of 148,000 US dollars.
8.In the past week, six DeFi protocols had a trading volume of over one billion US dollars, and Uniswap had a daily trading volume of over 12.8 billion US dollars.
9.Yuga Labs is minting a Bitcoin NFT series called TwelveFold and will transfer it to the auctioneer's address.
10.Liquidity Group plans to provide about 3 billion US dollars in loan assistance to startups affected by the collapse of Silicon Valley Bank.
11.Oaknorth Bank, a UK commercial lending institution, is in talks to acquire Silicon Valley Bank's UK branch.
12.Opinion: The collapse of Silicon Valley Bank and two other banks may restrict liquidity in the cryptocurrency industry.
Recently, the cryptocurrency market fell sharply due to the bankruptcy of Silicon Valley Bank and the US Federal Reserve's increase of 50 basis points in March, causing Bitcoin to fall below $20,000.
Today, BTC rebounded above $20,000 and is currently trading at $22,060, with a 24-hour increase of 7.88%. ETH broke through $1,600 in the short term and is currently trading at $1,583, with a 24-hour increase of 10.52%. The probability of the Fed raising interest rates by 25 basis points to a range of 4.75% to 5.00% in March is 96.0%, while the probability of a 50 basis point increase has fallen to 0. The probability observed on March 8th was 73.5%. Due to the collapse of Silicon Valley Bank, the global financial markets have suffered unprecedented setbacks. In order to further accelerate economic development, the probability of the Fed raising interest rates by 50 basis points has been reduced to 0. As a result, Bitcoin has rebounded.
Today's fear and greed index is at 49, shifting from fear to neutral. The total market capitalization of cryptocurrencies has rebounded to $1.07 trillion, with a 24-hour increase of 8.1%. The 24-hour trading volume is $93.987 billion. Bitcoin currently accounts for 40.7% of the market share, while Ethereum accounts for 18.2%.
I believe that the current bullish news will only bring a short-term rebound to the market, not a long-term one. Some people today suggested that Bitcoin could rise above $30,000 in March. However, there have been too many events in the crypto industry recently, and the Fed is likely to continue raising interest rates this year. Although it was bearish before, the market has not hit bottom yet.
The temporary bullish outlook for Bitcoin is based on the following factors:
Bitcoin bottomed out over the weekend and started to rise in the early hours of Monday, with a large bullish candlestick indicating strong upward momentum.
According to the wave trading system, the retracement of the B wave has reached the golden ratio of 50% to 61.8%, suggesting a potential reversal. Whether this is the end of a single wave or the formation of a wide-ranging shock with three waves remains to be seen.
The resistance levels are at 23,100 to 23,900, and the support levels are at 21,700 to 21,100.
Information, analysis, judgment, decision-making, and psychological quality are indispensable in market operations.
The probability of the US Federal Reserve raising interest rates by 25 basis points to the range of 4.75% to 5.00% in March is 96.0%, while the probability of a 50 basis points increase has dropped to 0, compared to 73.5% observed on March 8th. Global financial markets have been hit unprecedentedly by the collapse of Silicon Valley Bank, and several banks have collapsed successively in the past two days. In order to further accelerate economic development, the US Federal Reserve has abandoned the possibility of raising interest rates by 50 basis points, which has led to the rebound of Bitcoin.
Today's Fear and Greed Index is at 49, transitioning from fear to neutral. The total market capitalization of cryptocurrencies has rebounded to $1.07 trillion, with a 24-hour increase of 8.1%. The 24-hour trading volume is $93.987 billion. Currently, Bitcoin accounts for 40.7% of the market capitalization, while Ethereum accounts for 18.2%.
I believe that the current bullish news will only lead to short-term rebound in the market, and will not last long. Some people believe that Bitcoin can rise above $30,000 in March, but I am not optimistic at all. Too many things have happened in the crypto space recently, and the US Federal Reserve is highly likely to continue raising interest rates this year. Therefore, I am bearish, and the market has not yet hit bottom.
Today's hot topics:
1.Aztec Network will gradually shut down Aztec Connect and focus on developing new products based on the Noir language.
2.Circle: Providing customers with automated minting and redemption of USDC through Cross River Bank.
3.CZ: The remaining funds of the "1 billion US dollar industry recovery fund" will be exchanged from BUSD to BTC, BNB, ETH, and other currencies.
4.Cryptocurrency company BCB Group's trial program of dollar payments is suspended by Signature Bank.
5.TrueUSD: Some dollar funds are deposited in Signature Bank.
6.CZ: Maybe banks should use Merkle Trees for reserve proof.
7.An independent miner was lucky to receive a Bitcoin block reward of 148,000 US dollars.
8.In the past week, six DeFi protocols had a trading volume of over one billion US dollars, and Uniswap had a daily trading volume of over 12.8 billion US dollars.
9.Yuga Labs is minting a Bitcoin NFT series called TwelveFold and will transfer it to the auctioneer's address.
10.Liquidity Group plans to provide about 3 billion US dollars in loan assistance to startups affected by the collapse of Silicon Valley Bank.
11.Oaknorth Bank, a UK commercial lending institution, is in talks to acquire Silicon Valley Bank's UK branch.
12.Opinion: The collapse of Silicon Valley Bank and two other banks may restrict liquidity in the cryptocurrency industry.
Recently, the cryptocurrency market fell sharply due to the bankruptcy of Silicon Valley Bank and the US Federal Reserve's increase of 50 basis points in March, causing Bitcoin to fall below $20,000.
Today, BTC rebounded above $20,000 and is currently trading at $22,060, with a 24-hour increase of 7.88%. ETH broke through $1,600 in the short term and is currently trading at $1,583, with a 24-hour increase of 10.52%. The probability of the Fed raising interest rates by 25 basis points to a range of 4.75% to 5.00% in March is 96.0%, while the probability of a 50 basis point increase has fallen to 0. The probability observed on March 8th was 73.5%. Due to the collapse of Silicon Valley Bank, the global financial markets have suffered unprecedented setbacks. In order to further accelerate economic development, the probability of the Fed raising interest rates by 50 basis points has been reduced to 0. As a result, Bitcoin has rebounded.
Today's fear and greed index is at 49, shifting from fear to neutral. The total market capitalization of cryptocurrencies has rebounded to $1.07 trillion, with a 24-hour increase of 8.1%. The 24-hour trading volume is $93.987 billion. Bitcoin currently accounts for 40.7% of the market share, while Ethereum accounts for 18.2%.
I believe that the current bullish news will only bring a short-term rebound to the market, not a long-term one. Some people today suggested that Bitcoin could rise above $30,000 in March. However, there have been too many events in the crypto industry recently, and the Fed is likely to continue raising interest rates this year. Although it was bearish before, the market has not hit bottom yet.
The temporary bullish outlook for Bitcoin is based on the following factors:
Bitcoin bottomed out over the weekend and started to rise in the early hours of Monday, with a large bullish candlestick indicating strong upward momentum.
According to the wave trading system, the retracement of the B wave has reached the golden ratio of 50% to 61.8%, suggesting a potential reversal. Whether this is the end of a single wave or the formation of a wide-ranging shock with three waves remains to be seen.
The resistance levels are at 23,100 to 23,900, and the support levels are at 21,700 to 21,100.
Information, analysis, judgment, decision-making, and psychological quality are indispensable in market operations.
Comment:
Skyrocket 24k
Trade active:
Reach the target position, if it is stable, you can stop the profit first
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Yesterday's goal has been completed, today's ideas will be given later
Comment:
BTC near 25k
