Bitcoin (BTC) seems to be taking a break. Volatility is decreasing considerably, but that’s no surprise after such a turbulent period. Bitcoin briefly rose above $25,000 yesterday, but was rejected again and immediately dropped to $24,200. This morning the price is bouncing around $24,750 with resistance and at the time of writing is trading at $24,520 Binance and $23,100 on Bitvavo.
This means that the bitcoin price is 1% down today. The trading volume fell by 20% in the past 24 hours. The total market capitalization is $475 billion and the dominance is 44.2%. The Fear & Greed Index comes out at 52 (Neutral).
Bitcoin Fear and Greed Index is 52. Neutral
Current price: $24,371 pic.twitter.com/yUkt5rcNKP
— Bitcoin Fear and Greed Index (@BitcoinFear) March 16, 2023
Another bank in trouble
Bitcoin could rise sharply in the past few days. In fact, it was the best three-day performance since 2019 and led to the highest prize in nine months. That was probably related to the current banking crisis and we may not have seen the end of that yet.
After the problems at Silicon Valley Bank and Signature Bank, the large Credit Suisse is now also following suit. Shares of the bank fell yesterday, but are back up today on a $54 million loan. More on this later on Crypto Insiders
JUST IN: Credit Suisse is taking action to bolster its finances including borrowing up to 50 billion francs from the Swiss National Bank.
Follow our live blog for all the latest news, market reaction and analysis ⤵️ https://t.co/ZRBReqVdME pic.twitter.com/HvZ6lOLeCa
— Bloomberg (@business) March 16, 2023
Is bitcoin finally starting to decouple?
The problems at Credit Suisse also hit European stock markets. Bitcoin is slowly starting to show signs of decoupling from these markets, but it may be too early to celebrate.
$BTC correlation with European stocks is at its lowest level in over two years
BTC/Nasdaq correlation reaches second lowest level in over a year
Crypto starting to diverge from stocks ✅ pic.twitter.com/arbcasJc46
— Conor Ryder (@ConorRyder) March 15, 2023
Investors send their BTC to exchanges
The bitcoin reserves on crypto exchanges are increasing, reports Cryptoquant analyst Cauê Oliveira.
#Bitcoin reserves on exchanges continue to increase, except on Coinbase.
“Institutional activity on Coinbase was one of the main catalysts for the $25k breakout.”
— CryptoQuant.com (@cryptoquant_com) March 16, 2023
Analyst Ali Martinez adds that as much as 50,000 BTC, worth about 1.2 billion, was sent to exchanges in recent days. That usually happens when these investors plan to sell.
~50,000 $BTCworth $1.2 billion, have been deposited to known #crypto exchange wallets in the last 96 hours, shows data from @santimentfeed. pic.twitter.com/hi0ocPHcJz
— Ali (@ali_charts) March 15, 2023
Bitcoin network continues to grow strongly
Meanwhile, the Bitcoin network continues to grow strongly, despite the uncertainty in the market, reports analysis company Santiment. Over the past two months, the number of BTC addresses has increased by 1.17 million, a growth of 3.95%.
📈 #Bitcoin‘s rate of network growth is prospering right now, even with the unpredictable volatility in it #crypto markets right now. In the past 2 months, the total amount of $BTC addresses has grown by 1.71M, a 3.95% increase in a relatively short period.👍 https://t.co/Q0dGZy67Lx pic.twitter.com/cHkCHR5z9j
— Santiment (@santimentfeed) March 15, 2023
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