March 21, 2023: Bitcoin has increased past the $28,000 level after the weekend as investors rediscovered its charm as an alternative banking system.
On Monday, the cryptocurrency had drawn back a while. Bitcoin decreased over 2% to $27,705.23, according to Coin Metrics. Earlier in the day, it hit $28,554.07, its highest level in nine months. Therefore, either decrease by 3.5% to $1,765.60.
The weekend rally in bitcoin came amid continued turmoil in the global banking sector. On Sunday, UBS agreed to buy Credit Suisse for 3 billion Swiss francs in a deal partly brokered by the Swiss regulators looking to stem contagion all over the international banking sector.
“Bitcoin continues to trade like a leading risk-on asset like it has for the past two years,” said James Lavish, managing partner at the Bitcoin Opportunity Fund. “The rescue of Credit Suisse has put out a large credit fire… this emboldens bitcoin buyers who are now anticipating the Fed slowing the rate increase and signalling a coming pause this week.”
As of Monday afternoon, there is about a 72% chance of a quarter-point increase by the Fed, according to CME Group data using fed funds futures contracts as a guide. The other 28% anticipate no hike, and Chairman Jerome Powell may start to ease his aggressive tightening campaign due to the emerging financial contagion.
Bitcoin is coming off its best week since January 2021, right before the first bull run that year, while ether just posted its best weekly gain since August 2021. The two are up for the year by 67% and 46%, respectively.
Some bitcoin advocates have often dubbed it “digital gold”, which refers to it as a store of value, particularly in moments of international turmoil, and one uncorrelated with other asset classes. Therefore, bitcoin has more often than not traded in line with equities, the tech-heavy Nasdaq.
But there are signs that bitcoin’s price movement is beginning to decouple from stocks.
On Monday, Gold is up nearly 9% this year; bitcoin has surged more than 70%.
Other cryptocurrencies did not see the same jump as bitcoin. Ether was trading roughly flat. Proponents do not see other cryptocurrencies as “digital gold” in the same way that bitcoin is.
“As this banking crisis plays slash, it’ll be interesting keeping to watch Bitcoin price action as more people think of owning Bitcoin as a clever change to the current system,” Ayyar said.
We provide the insights on leaders who are responsible for taking their organization to new heights, all the while bringing together a group of talented individuals.
There are many challenges facing the painting and coating industry today, and the pandemic just added fuel to the fire. These include raw material shortages and the globalization of the painting and coating market. Other challenges include increasing regulations due to environmental concerns and increasing manufacturing costs and raw materials.
Today, most manufacturing companies face similar challenges. Those tend to intertwine themselves with implementing and adhering to best business practices. There are many reasons for this, including:
No standard definition for best practices.
The unending confusion of new shiny objects created by the technology industry.
The fact that manufacturing is such a complex industry.
Cyncly was created in September of 2022 as the new brand to unite Compusoft, 2020, and their affiliate companies after the two companies merged in 2021. One of the key factors driving the decision to form Cyncly as a global brand was that consumers worldwide wanted a seamless experience when they decided to improve their homes.
ArtiFlex Manufacturing is a premier resource for design, tooling, prototyping, automation, past model service, factory assist, and low volume tooling/production solutions. The team consists of passionate high-performance people organized in a lean fashion.
Tecnomatix® is a comprehensive portfolio of digital manufacturing solutions that helps companies to digitalize manufacturing and the process of turning innovative ideas and raw materials into transformative products. It is a software suite that enables organizations to create a digital twin of their manufacturing processes, including robots, automation, material handling systems, and people, to improve the performance of their business.
The digital asset landscape is exciting as Bitcoin blazes to a 19-month high and Galaxy Fox, a rising star in the play-to-earn gaming …