Bitcoin’s Best Week Since Early 2021

Mar 17, 2023

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Bitcoin, the most popular cryptocurrency, had a great week. It went up to $26,000 on Friday for the second time in one week. According to , Bitcoin ended the week with a 34.13% gain, which was the best it has had since January 2021.

Good news for Bitcoin despite bad news for banks

Despite bad news for banks this week, cryptocurrencies like Bitcoin continued to do well. Credit Suisse had a difficult week, and the bank had to borrow 50 billion Swiss francs from the Swiss National Bank. However, Bitcoin still did well, partly because the liquidity outlook improved.

The Fed’s assets and China’s liquidity added to Bitcoin’s success

According to Dessislava Aubert, an analyst at crypto data provider Kaiko, Bitcoin is highly sensitive to liquidity. She said that the liquidity outlook improved when the Fed’s assets went up by roughly $300 billion. China also helped add liquidity by lowering its reserve ratio for banks. Because of these moves, Bitcoin had a successful week.

Investors like Bitcoin during the banking crisis

Investors have welcomed the resilience of cryptocurrencies like Bitcoin, despite the banking crisis this week. Silicon Valley Bank and Signature Bank closed late on Sunday, but attention was on First Republic Bank throughout the week. Several large U.S. banks stepped in to aid it with $30 billion in deposits on Thursday.

Bitcoin is undergoing a narrative shift

Many people have suggested that Bitcoin is undergoing a narrative shift during the banking crisis. However, the cryptocurrency’s price moves are still influenced by inflation and Federal Reserve rate hikes.

High rates can cull the herd

Callie Cox, a U.S. investment analyst at eToro, said that high rates are tough for speculative cryptocurrencies to survive in. She added that it’s important to understand how your investments make money and what the risks are. High rates can cull the herd, which means only the big investors will continue to make money. This is happening in the traditional banking system right now.

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Todd Lyndon
I am a junior copywriter, my main field is the crypto world and the real use case of the blockchains. I am also an expert of the NFTs and addicted to F2P games, also I am a game developer. My dream is to try all Blockchain games at the release.