After last year’s cold winter, this year’s crypto market is worth looking forward to

比特路哥 · 2023-03-08T13:45:41.000Z

The two news aspects that most affect the encryption market today (interpretation) 1. U.S. law enforcement agencies announced that a relevant address had just transferred 49,000 BTC to Coinbase and two other addresses. Let’s first talk about the fact that US law enforcement agencies transferred 49,000 BTC to the coinbase address. The news reported later has confirmed that part of it is an internal transfer, so at least you don’t have to worry about this coin being used to crash the market. 2. According to CNE's "Fed Watch", the probability of the Federal Reserve raising interest rates in March has increased to 73.5%. Powell spoke at yesterday's hearing: The latest economic data is stronger than expected, and the final interest rate level may also be higher than previously expected. If the data shows that monetary policy needs to be tightened at a faster pace, the Federal Reserve will speed up the pace of raising interest rates.

The two news that most affected the crypto market today (interpretation)
1. US law enforcement announced that the relevant address has just transferred 49,000 BTC to Coinbase and two other addresses
Let’s first talk about the US law enforcement agency transferring 49,000 BTC to the coinbase address.
The news reported later has confirmed that part of it is internal transfer, so at least there is no need to worry that this coin may be used to crash the market.
2. According to CNE's "Fed Watch", the probability of the Fed raising interest rates in March has increased to 73.5%.
Powell spoke at yesterday's hearing: The latest economic data is stronger than expected, and the final interest rate level may also be higher than previously expected. If the data shows that monetary policy needs to be tightened at a faster pace, the Federal Reserve will accelerate the pace of interest rate hikes.
Before Powell's speech, the probability of the Fed raising interest rates by 50 basis points in March had dropped from more than 70% to 31.4% on the 6th. Now the probability of the Fed raising interest rates in March has increased to 73.5%.
I think everyone knows that the Fed's monetary policy has the most direct impact on the price of the currency. Powell has released a hawkish signal that he may accelerate the pace of interest rate hikes. This also depends on more information from the hearing at 23:00 tonight.
However, in my opinion, Powell's hawkish signal yesterday did not bring down the price of the currency, which shows that the buying power below is still quite strong.
This shows that the market is relatively optimistic about the price trend of cryptocurrencies. After all, it has been sideways for a long time without falling, and it rebounded as soon as it was inserted, and the rebound was strong.
Market expectations for March and April this year are all positive. Not only has Hong Kong completely opened up the crypto trading market, but also the upgrade of Ethereum web3 in Shanghai and the surge in Hong Kong-related coins, as well as Mr. Zhao's confirmation to attend the Hong Kong web3 carnival on April 12 are all positive signals for the crypto industry.
The price of Bitcoin has exceeded 25,000. The overall market trading volume, liquidity, and attention to the crypto market are much stronger than last year's deserted market. The attention/acceptance of the crypto market is also incomparable to that of 2022.
Last words:
The author still believes that unless Bitcoin falls below the key support level of 21,500, it is not recommended to go bearish easily.
At the beginning of this year, institutions deployed 2.5K bitcoins, and the expectations for March and April are also expected. In addition, the turbulent situation at home and abroad will only increase the demand for Bitcoin. It is not to rush to cut a wave of leeks, but most likely to create a small bull market.
As for whether the bull market in 2021 will be replicated, we are observing the market. If we look at the current mainstream BTC/ETH based on the price of the currency in the second half of the year, it is actually still at the bottom. If there is a low point, you may as well find a low point to enter the spot in batches. It is not recommended to gather in places where there are many leeks and look at the bearish market.
Hold on to your chips, and look at the first half of the year from the second half of the year. Now may not be the best position to enter the market or hold coins and cash out in the bull market.
Disclaimer: This is just my personal opinion. If you don't agree, please don't criticize me. We welcome discussions. If you agree, a thumbs up is the greatest support! /Thank you