The Federal Reserve’s balance sheet has increased by $300 billion since the collapse of Silicon Valley Bank and Signature Bank as the central bank began printing money to bail out cash-strapped banks. As a result, Bitcoin and Ethereum prices rose and the broader crypto market sentiment turned bullish. Here are the details…
Bitcoin and altcoins rise as a result of FED move
US Banks borrowed a total of $164.8 billion from the US Federal Reserve. The Fed’s debt situation rose to $152.9 billion as of March 15, an increase of $4.58 billion compared to the previous week. The Fed emergency loan will help banks meet their short-term funding needs. The previous all-time high was $111 billion during the 2008 financial crisis. Also, the Fed; It lent another $11.9 billion to US banks under the “Term Finance Program for Banks” to stop the “bank run” after Silicon Valley Bank went bankrupt. Additionally, $142.8 billion was provided to federal regulators or agencies to manage the two banks.
Cameron Winklevoss, co-founder of crypto exchange Gemini, said that while the US FED balance sheet increased by $300 billion, Bitcoin was more bullish. Meanwhile, BitMEX co-founder Arthur Hayes announced that US banks are in a deeper crisis. The loss of 2.2 trillion dollars in the bond portfolios of banks draws attention. In addition, the risks of US debt default and recession are increasing. However, he claims that someone who can trade this correctly can create a very profitable crypto bull market.
Prices rally
Bitcoin (BTC) price is up 6 percent in the last 24 hours and 30 percent in a week and is currently trading at $26,000. The 24-hour low and high are $24,431 and $26.094, respectively. However, the trading volume has not increased yet, indicating that traders are still waiting for an entry. On-chain data and analysts have suggested the possibilities for a move to $30,000.
Meanwhile, Ethereum price is also witnessing a massive upside move due to the rising Coinbase premium and the bullish sentiment in the broader crypto market. ETH price is trading at $1,710, up 4% in the last 24 hours. cryptocoin.com As we reported, Ethereum developers have set the Shanghai upgrade to April 12. Overall, the value of the total cryptocurrency market has increased by 4 percent in the last 24 hours to $1.12 trillion. Most of the largest cryptocurrencies by market cap are currently trading on the green board.
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