Bank AI

Bitcoin

Arthur

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-continues-to-attract-buyers-below-43000/" data-wpel-link="internal">Bitcoin Continues to Attract Buyers Below $43,000</a><br></p>
<p style="text-align: justify">The king cryptocurrency continues to find buyers below $43,000 as the overall market sentiment remains weak. Investors appear to be taking a break following the approval of an ETF, and cumulative trading volume has decreased. However, we may see a significant development in favor of <a href="https://en.coin-turk.com/altcoins-may-outshine-bitcoin-in-2023-says-crypto-analyst-jason-pizzino/" data-wpel-link="internal">Bitcoin</a> that could envelop the cryptocurrency markets in the medium term.</p> 
<h2 style="text-align: justify" id="march-2023-and-bitcoin">March 2023 and Bitcoin</h2> 
<p style="text-align: justify">There was a significant development affecting the cryptocurrency markets in the first quarter of last year. We witnessed the collapse of regional banks that had not adjusted their risks properly as the Fed rapidly increased interest rates. It seemed like the situation was resolved with the Fed injecting more liquidity into the markets and the sale of troubled banks.</p> 
<p style="text-align: justify">Numerous banks, including the crypto-focused Signature Bank, collapsed. One of these banks, which experienced a nearly 60% share drop in 2024, raised questions about whether such events could happen again.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="wp-image-312158 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/NYCB-Bitcoin.png" alt="" width="924" height="513"></p> 
<p style="text-align: justify">As we approach the first anniversary of the initial turmoil, shares of New York Community Bancorp (NYCB) lost 30% of their value in just five days.</p> 
<h2 style="text-align: justify" id="2024-and-bitcoin">2024 and Bitcoin</h2> 
<p style="text-align: justify">The bank’s shares continue to sound alarms, and some suggest this signals a period reminiscent of last year’s events. Cryptoverse CEO and founder Benjamin Cowen pointed out the bank’s plummet to its 1997 market value, indicating investors were left unprotected.</p> 
<p style="text-align: justify">In March 2023, Bitcoin experienced sudden fluctuations as regional banks began to disintegrate, and the Federal Reserve’s Bank Term Funding Program (BTFP) helped alleviate the burden on troubled banks. However, the program was halted, and banks now have to stand on their own. BitMEX’s former CEO Arthur Hayes had previously highlighted the volatility risk this brings. Hayes suggests BTC could see an impressive recovery after dropping to $30,000 if a similar scenario occurs.</p> 
<p style="text-align: justify">NYCB’s losses led to another downgrade by rating agency Moody’s.</p> 
<blockquote> 
 <p style="text-align: justify">“From insignificant to bankruptcy, that’s the future. And then more <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude">money</a> printing comes into play.”</p> 
</blockquote> 
<p style="text-align: justify">China’s CSI 1000 index also suffered a trillion-dollar loss since the last quarter, and it melted by 8% on February 5th when it was announced that there would be no rescue. All this indicates that while macro-level fluctuations continue, Bitcoin’s price could also experience massive volatility. We might be in the early stages, but there is potential for these discussions to become reality in the coming months.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-continues-to-attract-buyers-below-43000/" data-wpel-link="internal">Bitcoin Continues to Attract Buyers Below $43,000</a></h5>

Bitcoin Continues to Attract Buyers Below $43,000

Table of Contents

COINTURK NEWS

Other articles published on Feb 7, 2024

zkFair community charts bold future amidst impressive growth

Solana Survives Five-Hour Network Outage, Will Users Come Back?

‘Do Kwon Law’ is Coming for Cryptocurrencies in South Korea: Will Start in June

Shiba Inu Token BONE Price Suddenly Pumps: What's Behind Rally?

Here’s what Solana’s yearly inflation rate means for SOL price

Pullix Unlocks $40 Trillion-a-day Money Markets, Sharing Revenue With Holders

Join our free newsletter for daily crypto updates!