Bitcoin News – March 19, 2023
Price Analysis
Bitcoin (BTC) has been consolidating in the $23,000-$25,000 range for the past week. The cryptocurrency is currently trading at $24,500, up 0.5% in the past 24 hours.
Technical indicators suggest that BTC is oversold and could be due for a correction. The relative strength index (RSI) is below 50, and the stochastic oscillator is in the oversold zone.
Market News
* Grayscale Bitcoin Trust (GBTC) discount widens to record 48%: The discount on GBTC, which holds BTC for investors, has widened to a record 48%. This suggests that investors are bearish on BTC and are willing to sell their shares at a significant discount to the spot price.
* Binance launches zero-fee Bitcoin trading for large orders: Binance, the world’s largest cryptocurrency exchange, has announced that it will offer zero-fee Bitcoin trading for orders over 100 BTC. This move is likely to increase liquidity and attract institutional investors.
* US Federal Reserve raises interest rates by 25 basis points: The US Federal Reserve has raised interest rates by 25 basis points, bringing the target range to 4.50%-4.75%. This is the eighth rate hike in the Fed’s current tightening cycle. The move could lead to reduced demand for risky assets like Bitcoin.
Upcoming Events
* March 21: Bitcoin 2023 conference in Miami Beach, Florida
* March 23: EU Parliament to vote on MiCA crypto regulation
* March 28: Bitcoin halving – block reward will decrease from 6.25 BTC to 3.125 BTC
Conclusion
Bitcoin is currently consolidating after a strong rally in the first half of 2023. Technical indicators suggest that the cryptocurrency could be due for a correction, but the market is also awaiting upcoming events that could impact the price. Investors should monitor the situation closely and make their decisions accordingly.
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