Feb 17, 2023
Bitcoin Soars to 6-Month Highs on U.S. Macro Data
Bitcoin (BTC) prices are soaring to six-month highs on Feb. 16, as a combination of factors send the largest cryptocurrency on an impressive comeback. The gains come in a key week of U.S. macroeconomic data prints, with optimists feeling the edge as inflation appears to be ebbing. Cointelegraph takes a look at what is driving crypto markets today.
Macroeconomic Tailwinds
The U.S. Consumer Price Index (CPI) largely conformed to expectations, with a reshuffle in its calculation having a slow initial reaction. However, the reaction ultimately proved no different, with retail sales and manufacturing numbers further boosting the outlook. Investors are now providing more “dry powder” for risk trades and sending crypto higher.
U.S. dollar and Bitcoin
In a curious, if temporary, state of affairs, Bitcoin is climbing in tandem with the U.S. dollar. Traditionally negatively correlated, the two assets are both benefiting from the current climate – but for different reasons. Short-term treasury yields have moved higher, resulting in capital flowing into the U.S., while worldwide liquidity is also pushing Bitcoin higher.
Whales Guide Support and Resistance
As Bitcoin began to rise sharply once more, opportunities to influence the rally were not lost on some of its biggest traders. Whales are constantly in touch with order book activity, and current conditions have seen bid and ask liquidity move up and down the order book – taking spot price with it. An accompanying screenshot of the Binance BTC/USD order book showed crucial support inching higher to $21,600.
NFT Promotion and Marketing
The crypto space is also seeing a surge in the promotion and marketing of Non-Fungible Tokens (NFTs). NFTs are digital assets that are unique, non-interchangeable, and cannot be replicated. This is driving a new wave of crypto projects that are leveraging the power of NFTs to promote their projects and increase engagement with their communities.
With the rise of NFTs, there is a growing demand for NFT marketing agencies to help projects promote their NFTs. These agencies offer a range of services, from creating content and running campaigns on social media to developing custom NFTs. They also provide services such as influencer marketing, Twitter NFT marketing, and more.
The rise of NFTs is also driving demand for services that help projects sell their NFTs. These services include helping projects set up NFT marketplaces, creating custom NFTs, and providing guidance on how to best market and promote their NFTs.
As the crypto space continues to evolve, the need for services that help projects promote and sell their NFTs will only increase. As such, web3 agencies that specialize in NFT promotion and marketing are becoming an increasingly important part of the crypto ecosystem.
Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.
