Crypto Market News: That the Bitcoin price is at its 11 month high despite the weakened macroeconomic scenario shows a complete turnaround in the crypto market dynamics from the bear run of 2022. Strangely, the Bitcoin 200 weekly moving average (WMA) indicator continued below the BTC price for prolonged periods in 2022, registering a behavior that was never seen before in the history of cryptocurrencies. However, currently the big whales are back to accumulating as dormant Bitcoin wallets are awakening after a decade’s time.
The recent surge in Bitcoin price in direct correlation with the fall in First Republic Bank stock is yet another validation of the very use case of cryptocurrencies. This comes at the back of a US regional banking crisis that shook markets in March 2023 catapulted BTC price to a near $30,000 range from around $20,000.
Nic Carter: Bitcoin-Banks Correlation “Most Validating”
Popular web 3.0 personality Nic Carter said the top cryptocurrency’s reaction to the banking crisis was the perfect validation of the crypto market in a long time. Earlier, he made news with his statements alleging the forced closure of Silvergate, Silicon Valley Bank, and Signature Bank, which were friendly to the crypto industry, was actually the reason behind the banking crisis. With the latest BTC price rise over First Republic Bank stock decline, the behavior is unlike anything in 10 years, he said.
“The fact that bitcoin almost mechanically rallies on news of bank failures is one of the most validating phenomena I have experienced in a decade of doing this.”
Meanwhile, the crypto market could price in the US Fed rate hike news ahead of the crucial Federal Open Market Committee (FOMC) meet between May 1-2, 2023.
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