- Many BTC have left the exchange’s storage since the FTX exchange crash in November.
- Bullion continues to move away from macroeconomic policy but is still stuck in the traditional peg.
bitcoin [BTC] Poetry owners influence FTX The crash is in the last quarter of 2022 but it has continued to have repercussions related to the unfortunate event. The popular analyst on the Ali_charts Twitter thread saw the incident as a boon for Bitcoin.
is reading Bitcoins [BTC] predict the price 2023-2024
The analyst based his conclusion on the way King Coin left the exchanges and how its holders took to avoid the CEX exchange. Information from Santiment showed that around 260,000 BTC has left the exchange’s shores since November. In addition, 350,000 BTC has been removed.
$ftx The crash was bad for the industry but good for it # Bitcoin!
Since November 2022, data from @employee Shows that 260,000 #BTC pulled from # encrypt exchanges and more than 350,000 BTC dollars It has been removed from the stock exchanges.
Not your keys, not your coins. So simple! pic.twitter.com/kc7iQ9KVYx
– Ali (ali_charts) February 9, 2023
Does BTC now care about macros?
Remember that during this period the BTC price fell below $16,000. Misaris Bitcoin Q4 The Q4 report showed that macroeconomic factors had little impact on the currency’s price.
Despite the unfavorable conditions, Bitcoin received some positive effects from the crash. For example, active addresses increased 2% from the previous quarter while transactions followed in progress. All this happened before the 4.50% interest rate hike by the US Federal Reserve.
Moreover, BTC showed evidence of a breakaway with its reaction on February 9th Federal Open Market Committee meeting. Although Bitcoin may leave its correlate with macro factors, it is still tied to the traditional market trends.
with you 1,10,100 BTC is worth today?
According to Santiment, the Bitcoin trend matched it displayed in S&P 500 index [SPX] and gold.
At the time of writing, Bitcoin price is still on its weekly decline. The SPX fell to 4081 while gold traded at 1877.
Should stocks and gold prices continue to fall, there could be a chance that Bitcoin will find it difficult to repeat its bullish performance in January.
Infinite imminent outage
In a related development, New York Federal Reserve Research Research paper published Explains the separation of bitcoin from macro-environmental elements.
Gianluca Benigno and Carlo Rosa, authors of the paper, described the decoupling as puzzling because most of the speculative assets were subject to US monetary policy. The authors concluded that,
“Instead, our analysis shows that while prices of other US assets respond to both the target and the course of monetary policy news, Bitcoin does not respond to unexpected changes in the short interest rate while its response to news about the course of future policy is not as strong.”
But the conclusion may seem too hasty. However, the events of the past four months, along with BTC’s reaction to future policies, could determine whether or not the correlation holds.