Bitcoin suffered a crash at the end of 2021 but has been recovering slowly and steadily. As March starts it is nearing the $45k mark that may be the start of another appreciation run.
With a 4% surge in the first 3 days of March itself, BTC has shown signs of recovery and has not been affected much by the Russian Invasion of Ukraine. Even though the rise of global inflation is a problem right now, BTC still holds its own.
A Mid-March meeting by the Federal Reserve said that they anticipate 24.5 bps which is a 0.5 point increase.
Rate Hikes Unlikely
The Feds were planning on hiking the rate in 2022, but traders expect them to be 5 instead of the 7 that they were expecting before. The repricing by the Feds is a move welcomed by many.
With Russia bypassing the earlier bans and sanctions that they had placed on the crypto the speed of recovery has never been stronger.
The recent Ukraine-Russia conflict has made a severe impact on the Fed’s rates and inflation is likely to remain high. Not only that, hiking rates in March could lead to a stock market crash later on.
These are the main 3 reasons why the price of BTC has been rising in March itself. With the poster boy for crypto showing growth other coins will soon follow suit. With crypto strengthening again, this is the best time to buy crypto.