Bitcoin Up 7% Today, 50% In Last Quarter
Channel: BTC Lighthouse
Date: 2023-03-17

Bitcoin price went from $25k to almost 27k today. So it is now up by 50% in the last 3 months.

This week has led to a dramatic increase in the 21Towers Macro Economic Temperature from 1.1 to 2.2. Surprisingly the 21Towers Bitcoin Temperature is still at 2.2 in spite of the price rise. The overall 21Towers temperature for Bitcoin which is an average of the macro and the bitcoin temperature has moved from 1.6 to 2.2 and now is clearly out of the Fear band and in the Neutral band.

The banking saga continues with First Republic Bank getting its credit rating cut to "junk" status by S&P Global Ratings and Fitch Ratings. The big banks have benefited from a flight of deposits from regional banks to relative safety which is leading to even more centralisation of the US banking system. The FED’s focus is on stemming once and for all a banking panic that risks ultimately damaging the entire industry.