03-15-2023, 05:35 AM
How do you make sense of the sudden spike of Bitcoin and Eth, when the opposite was
<!-- SC_OFF --><div class="md"><p>Silvergate, then SVB, then Signature bank. One crypto-affiliated bank after another closed down in the last two weeks. Just about everyone was holding their breath for what could happen this week. </p> <p>And what happened? Bitcoin spiked 18% and Eth 15%. These are the highest numbers these two coins have seen in about 9 months. </p> <p>How do you make sense of this behavior? In the past, Bitcoin/Eth were closely correlated with the wider market sentiment. Now? Not so much. </p> <p>Bank stocks everywhere have been crashing. And out of the ashes, Bitcoin and Eth are rising, instead of following the negative news headlines. </p> <p>The CPI numbers also came out and showed inflation slightly going down. While that’s good news, 6% is still a far cry from the goal of 2-3%. And we’re still in inflationary times, at least for the next year. Is this what bitcoin bumped, because it’s extra sensitive to even the smallest good news, in this case a slight haircut in inflation? </p> <p>Or do you think this pump is due to a one time mass dump away from stablecoins, into bitcoin and Eth? Since stablecoins have been toppling over, one after another in since Luna. </p> <p>Why are bitcoin and Eth pumping right now?</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/hearsdemons"> /u/hearsdemons </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/11rccec/how_do_you_make_sense_of_the_sudden_spike_of/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/11rccec/how_do_you_make_sense_of_the_sudden_spike_of/">[comments]</a></span>
<!-- SC_OFF --><div class="md"><p>Silvergate, then SVB, then Signature bank. One crypto-affiliated bank after another closed down in the last two weeks. Just about everyone was holding their breath for what could happen this week. </p> <p>And what happened? Bitcoin spiked 18% and Eth 15%. These are the highest numbers these two coins have seen in about 9 months. </p> <p>How do you make sense of this behavior? In the past, Bitcoin/Eth were closely correlated with the wider market sentiment. Now? Not so much. </p> <p>Bank stocks everywhere have been crashing. And out of the ashes, Bitcoin and Eth are rising, instead of following the negative news headlines. </p> <p>The CPI numbers also came out and showed inflation slightly going down. While that’s good news, 6% is still a far cry from the goal of 2-3%. And we’re still in inflationary times, at least for the next year. Is this what bitcoin bumped, because it’s extra sensitive to even the smallest good news, in this case a slight haircut in inflation? </p> <p>Or do you think this pump is due to a one time mass dump away from stablecoins, into bitcoin and Eth? Since stablecoins have been toppling over, one after another in since Luna. </p> <p>Why are bitcoin and Eth pumping right now?</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/hearsdemons"> /u/hearsdemons </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/11rccec/how_do_you_make_sense_of_the_sudden_spike_of/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/11rccec/how_do_you_make_sense_of_the_sudden_spike_of/">[comments]</a></span>