Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto’s own research on the subject.With just a few days remaining in March, the cryptocurrency markets are seeing increased volatility.
Bitcoin has surprised its investors with massive gains. It successfully crossed the $25,000 mark and has been moving upwards.However, the red wave in the first week of the month was primarily influenced by the banking crisis.Read Price Prediction for Bitcoin [BTC] 2023-24It’s not all doom and gloom, however.4 February 2023 was a significant day for Bitcoin as the US Non-farm Payrolls report for January came out.
The data revealed that the U.S economy created fewer jobs in January, which encouraged Bitcoin investors.Moreover, Cathie Wood, CEO of ARK Invest believes that Bitcoin is a fantastic asset for safeguarding money and offering protection for people who are financially disadvantaged all around the world.
Its price has probably increased because of this viewpoint.Additionally, the Basel Committee of the BIS estimates that the global banks currently own over $9 billion in cryptocurrency, with Bitcoin and derivatives based on it accounting for 56% of this total.The fact that institutional investors are placing substantial bets on Bitcoin must be noted.Read more on ambcrypto.com