- After his speech, cryptocurrencies went into double-digit growth
- And “recaptured” the losses of past days
The last days in the world markets have been a real roller coaster. We have gone from declining indices to euphoric growth. And, oddly enough, a large role in this growth belongs to the United States and President Biden.
Yesterday, during his speech, he announced the full protection of depositors of affected banks. And also that the regulator will resume a program of stringent banking rules and inspections.
Investors viewed this as a mild dovish reversal. Many predict that the Fed will not raise rates at the March 22 meeting. And perhaps even reduce it. Hope came to the markets again, and this was reflected in the charts.
Bitcoin rose by 8.21% overnight and is now trading at $24,500. The main cryptocurrency added 9% over the week and returned all the losses associated with the bankruptcy of Silvergate Bank and sales.
Cryptophilosopher Arthur Hayes believes that the Fed is returning to a money-printing regime:
Many are ironic about the fact that the cryptocurrency market and banks have switched places:
“Historic pump. On a day when banks are in freefall, Bitcoin offers a safe haven for those fleeing depreciation and counterparty risks. Satoshi’s invention works as intended.”
However, you should not relax, because this week we are waiting for important events. We have described them in the latest economic calendar.
