Bitcoin (BTC) reached new nine-month highs on March 17 as the United States banking crisis continued to boost crypto markets. The price of BTC/USD hit $27,025 on Bitstamp, according to TradingView data, before stabilizing. At the time of writing ths news, BTC was priced $27,291 on March 18, 04:14 UTC
The Federal Reserve’s overnight balance sheet data showed that almost $300 billion had been injected into the economy as part of the response to the banking crisis, which had the effect of undoing months of liquidity removal under the Fed’s quantitative tightening (QT). Market commentators were quick to label the restart of the opposite phenomenon as quantitative easing (QE).
This sudden spike in price of the giant cryptocurrency has caught attention of investors and also crypto influencers. One of the crypto investor and also crypto trader by the name of The Wolf Of All Streets took to twitter to say, “Where he stated they’ll tell you it’s not QE, but the numbers don’t lie. Roughly half of the reduction from a year of quantitative tightening has been erased in a week.”
As of the time of writing on March 17, the BTC/USD pair was trading in a bullish momentum, with the price increasing by 7.54%, and the BTC token was exchanging hands at $26,834.74 with a 24 hour trading volume of $45,645,837,652, an increase of 34.31%, indicating that the BTC price could still rise in the hours ahead. Bulls have established resistance and support levels of $24,698.43 and $27,002.39, respectively.