Crypto Goes Green on Fourth Week of March 2022, Investors Calm A Little

Crypto Goes Green on Fourth Week of March 2022, Investors Calm A Little

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Crypto asset investors may be able to breathe a bit of relief in the fourth week of March. This is because over the last few days a number of crypto assets, especially those with the largest market cap in the world, are comfortably in the green zone.

Tokocrypto trader Afid Sugiono said that in general investors are buying on various exchanges, to take advantage of the low volatility phase and minimal trading volume since the beginning of the week.

It’s just that, at the same time, most traders actually take advantage of this period to take short positions to take profit.

“The crypto asset market is arguably still in a healing period. However, we are still not sure that this trend will continue or can reverse direction back to the bear market,” said Afid, in a written statement, Thursday (24/3/2022).

“This is considering the condition of the crypto market which is fairly volatile and has a daily trading volume that is not yet maximized,” he continued.

Afid also revealed the current positive market sentiments, ranging from the Fed’s interest rates, the legality of cryptocurrencies in Ukraine to many institutions entering the industry. However, in fact it has not become a solid basis to help the future performance of the crypto market because the fundamentals of a number of crypto assets are still under pressure.

Bitcoin Price Touches IDR 621.5 Million, Highest Since Last 3 Weeks

Crypto Goes Green on Fourth Week of March 2022, Investors Calm A Little

Previously, the price of bitcoin had risen to its highest level since the last three weeks as the cryptocurrency market moved in line with the stock market index.

On Wednesday morning, March 23, 2022, Bitcoin (BTC) was at the level of USD 42,673 or around Rp. 612 million. That figure is up 4.1 percent in the last 24 hours. But interestingly, the day before, on Tuesday, Bitcoin price touched its highest level since the last 3 weeks.

The price of the largest cryptocurrency based on its market value touched USD 43,337 or around Rp. 621 million on Tuesday. The price was the highest point since March 3, 2022.

Jason Deane, chief Bitcoin analyst at Quantum Economics, said that was predictable, but that the current rally wasn’t certain how long it would last.

“Bitcoin price, in general, is moving in line with the major stock indexes. Crypto Twitter had forecast an upward move based on a certain combination of technical and fundamental analysis, but it is too early to say whether this is a sustainable rally,” Deane said, quoted by CoinDesk, Wednesday ( 23/3/2022).

Despite touching its highest price since the last three weeks, Bitcoin trading volume was around 30,000 BTC in the last 24 hours, its lowest point compared to last month.

“As BTC surged to USD 42,000, more than 15,000 BTC in outflows from the exchange were seen yesterday, the most since January 29,” IntoTheBlock Insights wrote in a commentary.

Bitcoin outflows from exchanges are often seen by crypto analysts as a sign that traders are not looking for a quick sell. So they may move the coins to long term storage or storage options. High interest rate outflows are usually seen as bullish sentiment.

Last time BTC had a large outflow, followed by a significant price hike,” wrote IntoTheBlock.

The crypto market took a brief hit on Monday after Federal Reserve Chair Jerome Powell signaled in a speech that the U.S. central bank may raise its benchmark interest rate by half a percentage point at certain meetings during the rest of the year.

He said officials were prepared to “slow down the market” to bring inflation down.

However, the market bounced back aggressively in the following days despite the Fed’s hawkish stance. The stock market also rose. The Nasdaq rose 1.7 percent and the S&P 500 added 1 percent.

Before announcing more aggressive Fed action, the Federal Open Market Committee (FOMC) announced a 0.25 percentage point rate hike last Wednesday.

Elsewhere in the cryptocurrency market on Wednesday, Ethereum (ETH) was up 2.14 percent over the past 24 hours and solana (SOL) was up 4.35 percent.

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