The Crypto Market Enters a Bullish Signal, This Is the Driver

The Crypto Market Enters a Bullish Signal, This Is the Driver

The crypto market is getting bullish signals again, after Thursday, March 23 2023, Bitcoin (BTC) rose by 3.87 percent. Reversing a 3.07 percent decline from the previous day. Bitcoin managed to penetrate USD 28,304 or the equivalent of IDR 429.8 million (assuming an exchange rate of IDR 15,185 per US dollar). BTC enters the USD 28,000 level for the second time in three sessions.

The Tokocrypto research team revealed that the sentiment driving the increase was a statement from the US Secretary of Finance, Janet Yellen, which calmed market anxiety and convinced investors that bank deposits were safe and that policy makers had the tools to overcome banking crises.

“Previously, investor anxiety over the banking sector resurfaced when The Fed raised interest rates by 25 basis points,” said the research team.

Additionally, the research team added, US Treasury Secretary Janet Yellen played a role in delivering a bullish session for US stock indexes, which supported the BTC rally. Bitcoin technical indicators remain bullish, with USD 30,000 still seen as a target.

In addition, altcoins began to strengthen after Bitcoin (BTC) stopped and sideways. This sideways provides a bit of a breather for the altcoin following the rise of Bitcoin over the last 3 months which has been strengthening.

Another Positive Sentiment Driving the Increase in Bitcoin

The El Salvador debentures, which will be launched in mid-June to next September, provide one of the positive sentiments for crypto assets such as Bitcoin. Considering that El Salvador is the first country to legalize Bitcoin as a legal tender in the country.

Another positive sentiment also came from the Paris Blockchain Week which was held on March 20-24 2023 and was attended by more than 10,000 participants, 400 mass media, 400 speakers and 60 percent of the speakers were C-Levels.

This event took place at Le Carrousel Du Louvre Paris. Many crypto asset projects, startups and VCs came to the event.

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