The crypto market just pulled off a miraculous recovery to $1 trillion in the face of a major crisis. The Silicon Valley Bank (SVB) meltdown was contained thanks to some swift action from US financial regulators.
Bitcoin (BTC) led the charge, which defied the odds to soar by an incredible 12% on Mar. 13 alone. BTC rose from a low of $21,918 to hit an impressive intraday high of $24,550 on Mar. 13. As of Mar. 14, BTC was still going strong, trading at $24,264 and showing no signs of slowing down.
So what’s next for the crypto market? Is this recovery just the beginning of a full-blown bull run? Let’s find out.
Are we in for a bull run?
The crypto market could be poised for a major uptick thanks to a series of events that suggest the Federal Reserve may be forced to rethink its aggressive interest rate hikes.
The Fed has been vocal about raising rates until inflation hits 2%. But according to Dylan LeClair, a market analyst, the Fed may have pushed things too far. The recent collapse of Silicon Valley Bank (SVB) has exposed an asset/liability mismatch in the banking sector, and cracks in the quantitative tightening (QT) cycle is emerging.
Source: https://crypto.news/crypto-market-bounces-back-as-data-indicates-possible-bull-run/