Bitcoin News Weekly Roundup: Issue 037
Price Analysis
Bitcoin (BTC) has struggled to break above the $25,000 resistance level this week, despite a brief surge above $25,200 on Monday. The cryptocurrency has since fallen back to around $24,500, where it is currently trading.
Analysts say that BTC needs to break above $25,000 and hold above it for a sustained period in order to regain momentum. Failure to do so could lead to a decline back to the $23,000 level.
Macroeconomic Factors
The Federal Reserve’s interest rate hike on Wednesday has weighed on the crypto market. The central bank raised rates by 75 basis points, its largest hike since 1994.
The rate hike has led to a sell-off in risk assets, including Bitcoin. Investors are concerned that the Fed’s aggressive monetary tightening could lead to a recession.
On-Chain Analysis
On-chain data shows that Bitcoin whales have been accumulating BTC in recent weeks. The number of addresses holding at least 1,000 BTC has reached a new all-time high.
This suggests that institutional investors are betting on Bitcoin’s long-term potential. Whales are typically long-term holders who accumulate BTC when the price is low.
Adoption and Regulation
El Salvador has announced that it will be issuing volcano bonds to raise funds for its Bitcoin City project. The bonds will be backed by Bitcoin and will mature in 10 years.
This is a significant development for Bitcoin adoption. El Salvador is the first country to issue a bond backed by the cryptocurrency.
Meanwhile, regulators in the United States are continuing to crack down on crypto exchanges. The Securities and Exchange Commission (SEC) has filed a lawsuit against Coinbase Global, accusing the company of selling unregistered securities.
Upcoming Events
* Bitcoin 2023 conference (April 6-7)
* Ethereum Shanghai hard fork (March 17)
* Binance Smart Chain BNB Chain Beijing Summit (March 28-29)
Disclaimer
The information provided in this newsletter is for informational purposes only and does not constitute financial advice. Please do your own research before making any investment decisions.
原创文章，作者：Kevin，如若转载，请注明出处：https://feifeihe.com/12953.html
