Bitcoin and Altcoins Take Off
This week, Bitcoin (BTC) and a handful of altcoins decided it was time to break free from their immediate resistance levels, leading to a dizzying height of total crypto market capitalization surpassing $2 trillion on March 24. Are we all ready to ride this rollercoaster of digits?
Larry Fink’s Influential Letter
One notable trigger for this sudden rush into crypto assets was none other than Larry Fink, the CEO of BlackRock. His letter to shareholders noted a significant shift in the tides, claiming the ongoing Russia-Ukraine conflict had created ripe opportunities for digital currencies, casting them as the new darlings of international transactions. Sounds like the beginning of a crypto revolution!
Goldman Sachs Embraces Digital Assets
Alongside Fink’s remarks, Goldman Sachs decided to give its website a makeover, emphasizing the boom of digital assets and the metaverse, which they labeled as ‘megatrends.’ Who knew a few shiny buttons and trendy graphics could stir up such enthusiasm in the financial arena?
Fed Chair Neel Kashkari’s Rate Hikes
As if that wasn’t enough to stir the pot, Neel Kashkari, President of the Minneapolis Federal Reserve, mentioned that interest rates might rise as much as seven times in 2022 to combat inflation. This statement seemingly ignited bullish sentiments across the cryptocurrency space. However, before we plan our next vacation with all these gains, we must ask—can the bulls hold their ground?
The Market Pulse: Bulls vs. Bears
The pressing question on every trader’s mind remains: can the bullish momentum continue, or are the bears lurking, waiting to pounce and send prices tumbling? Let’s dive into the charts of the top 10 cryptocurrencies to gain some direction. A wise trader once said, ‘It’s not about timing the market, but time in the market.’ But hey, what do they know? Let’s explore!
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