Fed Fuels Bitcoin Above $26K After $300 US Billion Print- Will BTC Rally Continue?
- Bitcoin and Ethereum stage mini-rally after Fed’s $300 billion increase in balance sheet.
- Cameron Winklevoss, co-founder of the crypto exchange Gemini believes that this is the right time to buy.
The Bitcoin price has risen 30 percent in the past seven days and 5 percent in the past 24 hours to trade at $26,090.61. Ethereum is also up 21 percent in the last seven days and 3 percent in the last 24 hours. ETH is currently trading at $1,718.59. The price increase has been linked to the increase of 300 billion dollars in the US central bank’s balance sheet. This was after the central bank started printing money to save distressed banks following the collapse of Silicon Valley Bank and Signature Bank.
According to a report, $164.8 billion was borrowed from the US Federal Reserve by the US banks. This is to help the banks secure short-term financing for their needs. Under the new emergency funding program, the Federal Reserve lent an additional $11.9 billion to US banks to keep them afloat after the collapse of Silicon Valley Bank. In addition, $142.8 billion was given to federal regulators or agencies to manage the two banks.
Fed Gives Bitcoin Over $26,000 After Printing $300 Billion
According to BitMEX founder Arthur Hayes, US banks are in a serious crisis. He further revealed that the banks are $2.2 trillion underwater on their bond portfolios. However, anyone who can handle the situation properly can make up for a very profitable crypto bull run.
The banking system is so f-ed. They are sitting on $2.2 trillion in bond losses. Long live #banktermfundingprogram history’s biggest bank rescue package!
Cameron Winklevoss, co-founder of crypto exchange Gemini has stated that the $300 billion increase in the Federal Reserve’s balance sheet is setting Bitcoin up for a bullish run. Winklevoss thinks it’s time to buy Bitcoin.
The Fed gave all $300 billion more reasons to buy bitcoin.
CryptoQuant observed the MRVR ratio of Bitcoin rising to 1.13
A recent report from CryptoQuant’s market turbulence analysis reported that Bitcoin’s market capitalization to realized value (MVRV) ratio has reached above its 365-day moving average (MA). MVRV describes the relationship between a cryptocurrency’s market value and its realized cap. It is also used to assess an asset’s valuation as well as the market tops and bottoms. When the MVRV ratio is above 3.7, it indicates an overvalue or a market top. When it is below 1, it indicates a possible market bottom.
The current MVRV for the Bitcoin ratio is 1.13, hitting this point for the first time since the 2022 market pullback. This indicates a possible return to a bull market.
No spam, no lies, just insight. You can unsubscribe at any time.
It is reported that the Fed’s funding period helped Circle’s USDC that depreciated from the US dollar last week return to $1. This is in addition to helping Bitcoin find support in the 1 million to 3 million age groups. CryptoQuant observes that whales have been prevented from selling their assets after a provisional trade-off. The Stablecoin Supply Ratio (SSR) which measures the supply-and-demand mechanics between Bitcoin and stablecoins is said to be at a low point according to Glassnode’s dataset. The SSR is 3.54, indicating that there is not enough stablecoin supply and purchasing power for Bitcoin.
Crypto News Flash does not endorse and is not responsible or liable for any content, accuracy, quality, advertising, products or other material on this site. Readers should do their own research before taking any action related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned.
