Bitcoin price saw some recovery at the time this article was prepared, spurred by data released just minutes earlier. The Fed Minutes and NVIDIA earnings report were the two most significant developments of the day. We did not see any more hawkish statements than those made by Powell in the Fed minutes, and the overall tone was relatively positive. So what about the NVIDIA earnings report?
Cryptocurrencies Could Rise
We have left behind two major developments that had been unsettling investors in the past few hours. The first was the Fed minutes, which did not reveal overly pessimistic views. The Fed maintains its stance on a 75 basis point cut, but some members are worried about a pause in the decline of inflation. We will see how justified these concerns are with the inflation data coming in March, which is expected to trigger significant volatility.
NVIDIA’s earnings report exceeded expectations, and the price of BTC climbed back above $52,200 about four hours later. Tomorrow’s opening of the US stock market is expected to be bolstered by this better-than-expected data. Since cryptocurrencies have a positive correlation with US stock markets, a rise in this area should also be observed.
As we approach the daily close, investors may notice an increase in volatility. Particularly after the close, there is concern that the opening of Asian markets will trigger a new round of selling, appearing to be the next potential bull trap.
