Banking crises benefit Bitcoin investors
Fed and European Central Bank's interest rate decisions, banking crises were the macroeconomic developments of the week. We are leaving behind a week with macroeconomic developments, fluctuations and intense data flow. Yesterday, the European Central Bank, similar to the FED, increased the policy ra
We are leaving behind a week with macroeconomic developments, fluctuations and intense data flow. Yesterday, the European Central Bank, similar to the FED, increased the policy rate by 25 basis points and increased the interest rate range to the 3% - 3.25% band. The decision had no impact on major currencies and the market.
Bitcoin and Ethereum have been showing positive movements
In general, the main topic that both the traditional markets and the crypto money market have focused on recently is the banking crisis that started in the USA and a new one is added day by day. The bankruptcy of some banks, which were not prepared for the fastest tightening steps in 40 years, reduces the risk appetite in the markets, making fear dominate, and this situation benefits Bitcoin and gold investors. Yesterday, after the news that a bank called PacWest was experiencing financial difficulties, Bitcoin rose to the $ 29,000 region. Bitcoin, which started the new day by finding buyers around $29,100, continues its positive divergence despite the global depreciation. Leading altcoin Ethereum is priced right at the border of $1,900. Bitcoin dominance is priced at 48.5% in a limited rise. The total market size, on the other hand, is on a flat course with 1.2 trillion dollars.
The recent troubles of First Horizon, Western Alliance and PacWest banks continue to distort the perception of investors all over the world, especially in the US stock indices. On the other hand, rising CDSs (risk premium) in the USA and the end of the budget as of May continue to be other risk factors.
