Bitcoin
Reading time: ~2 m
The first cryptocurrency has risen in price by 44% in ten days, and 31 p.p. hit U.S. trading hours, Matrixport experts say
Analysts of the Matrixport platform pointed to the “American roots” of the growth of the bitcoin rate. The expert report says that US trading hours account for the main bullish pressure on the price of the first cryptocurrency, according to CoinDesk.
Matrixport is a financial services platform related to digital assets. It offers crypto loans, trading, and DeFi products with returns up to 10%. According to the information indicated on the project website, the amount of funds under management of the company is $10 billion, and the volume of monthly transactions is $5 billion.
An analysis by Matrixport experts shows that American buyers are actively purchasing bitcoin against the background of the crisis faced by banks in the United States, the publication reports. At the same time, analysts note that the stress in the banking sector has not yet ended.
“Since the fall on March 10, the price of bitcoin has increased by 44%. Of these, 31 p.p. fell on trading hours in the United States, and this is an indicator that Americans are buying bitcoin “with both hands,” said Markus Thelen, head of research and strategy at Matrixport.
On March 10, when it became known about the problems of the Silicon Valley Bank (SVB), the bitcoin rate dropped to $19.9 thousand, but has since risen to $28.5 thousand, updating on March 19 a maximum of nine months. According to CoinGecko, at 13:30 Moscow time on March 21, BTC is trading at $28.3 thousand.
Bitcoin trading is conducted around the clock. However, the dynamics of price movements change during each 24-hour cycle depending on the flow of news and the release of macroeconomic data. Recently, the problems of the banking sector in the US and the resulting reassessment of expectations for lowering interest rates have dominated the news flow. This explains the positive dynamics of the bitcoin exchange rate during trading hours in the United States, the article says.
Matrixport also points out that trading in the US accounts for the main bullish pressure on the cryptocurrency this year. Bitcoin is up 66% since the beginning of 2023, according to their data. US trading hours accounted for 47 p.p. growth, during trading in Asia, the cryptocurrency grew by only 16%. And during the hours of European trading, bitcoin “almost did not sweat,” according to Thielen – he added only 3% in price at that time.
#growth #bitcoin #rate #caused #activity #American #investors
