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* * @link https://developer.wordpress.org/themes/basics/template-files/#template-partials * * @package CoverNews */ ?> 3 Reasons Bitcoin Exploded to a 9-Month High This Week – CoinsMegaNews

3 Reasons Bitcoin Exploded to a 9-Month High This Week

2 years ago CryptoExpert
3 Reasons Bitcoin Exploded to a 9-Month High This Week

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Bitcoin soared to a high of $26,514 on Tuesday, up 30% since crashing below $20,000 on Friday.

What caused the king of crypto to rebound in such a spectacular fashion? Here are three possible reasons: 

Silicon Valley Bank’s Bailout

Much of Bitcoin’s price trouble last week stemmed from uncertainty surrounding the crypto industry’s biggest banking partners going bust. Those partners include Silvergate, Signature Bank, and Silicon Valley Bank – the latter of which was seized by the FDIC after a $42 billion bank run on Thursday. 

The event – which both crunched Bitcoin and destabilized USDC – was addressed by the Federal Reserve on Sunday, when it promised to fully bail out all of the bank’s depositors. The announcement was a major relief to a slew of crypto firms with exposure to the bank, including Circle, BlockFi, Ripple, Pantera Capital, and Yuga Labs. 

Notably, the Fed claimed bailouts would come at no expense to the taxpayer – a sign to many that the Federal Reserve plans to inject more money into the economy. In general, more money means higher prices for risk assets – including stocks and crypto. 

Rich Dad Poor Dad author Robert Kiyosaki echoed this thesis after Bitcoin began to rise again on Sunday:

“BAIL OUTS begin. More fake money to invade sick economy. Still recommend the same response. Buy more G, S, BC. Take care. Crash landing ahead.”

Inflation Comes Down

Though Bitcoin was already on the rise after SVB’s rescue, the Bureau of Labor Statistics’ Consumer Price Index (CPI) reading on Tuesday may have helped kick it into overdrive. 

The report showed YoY inflation had cooled to 6% in February – down from 6.4% in January. Meanwhile, Core CPI (which discounts the volatile food and energy price sectors) remained flat at 5.5%. 

The Federal Reserve has been tightening interest rates over the past year to combat rising inflation, which has ravaged both the crypto and stock market alike. Signs that inflation is on the decline may mean that the Federal Reserve is prepared to stop hiking rates, which is bullish for investors. 

CME’s Fedwatch tool shows that over 20% of the market is pricing in a 0% rate hike after this month’s FOMC meeting. 

Binance Goes Long Into Bitcoin

Binance, the world’s largest crypto exchange, may also be behind the pump.

To insulate itself from the woes of stablecoins and the banking system, CEO Changpeng Zhao announced that Binance would convert $1 billion in BUSD from its industry recovery fund into Bitcoin, Ethereum, and BUSD. 

Whales of that size can single-handedly move the market. When the Luna Foundation Guard was purchasing billions of dollars worth of Bitcoin last spring, the organization helped BTC nearly return above $50,000 despite ongoing bear market pressures. 

After his statement, Glassnode data showed tens of thousands of Bitcoin being deposited to Binance. Analyst James V. Straten said this “suggests the reasons for [Bitcoin] volatility on top of macro.”

Bitcoin’s price has since cooled to $24,388 at writing time. 

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