Feb 16, 2023
Bitcoin Soars to Six-Month Highs on U.S. Macro Data
The cryptocurrency market is seeing a surge of activity this week as Bitcoin (BTC) has risen to six-month highs. On Feb. 16, BTC/USD hit $24,895, its highest since mid-August 2022. This impressive return to form has been driven by a combination of macroeconomic tailwinds, particularly from the United States, and an increased sentiment towards risk assets.
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD gained almost 10% on Feb. 15 and another 2% on Feb. 16, with altcoins following suit. U.S. macroeconomic data releases, such as the Consumer Price Index (CPI), retail sales, and manufacturing numbers, have bolstered the outlook for risk assets, including cryptocurrencies.
The U.S. macroeconomic data prints have had an impact on the crypto markets, with investors providing more “dry powder” for risk trades and sending crypto higher. 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.
Whales are also playing a role in the crypto markets, as they are constantly in touch with order book activity and have been able to influence the rally. As Bitcoin began to rise sharply once more, whales have been able to ladder asks up to $28,000 and exploit the upside illiquidity fast.
The current market conditions have also provided an opportunity for the promotion of Non-Fungible Tokens (NFTs), which are digital assets that are unique and cannot be replicated. NFTs are increasingly being used by companies and individuals to create and market their own digital assets and brands.
NFTs have become popular in the web3 space, with Twitter and other social media platforms becoming an ideal platform for NFT marketing. This has led to the emergence of NFT marketing agencies, which specialize in helping companies and individuals to promote their NFTs and increase their visibility.
The web3 space is also seeing an increase in the number of agencies that specialize in helping companies to sell NFTs. These agencies provide a range of services, such as developing NFTs, helping to market them, and providing advice on the best way to sell them.
The combination of macroeconomic tailwinds, increased sentiment towards risk assets, and the emergence of NFT marketing agencies has created a perfect storm for Bitcoin and other cryptocurrencies. With more data still to come, the market will be watching to see if the good news can be sustained and Bitcoin can continue its blistering 2023 comeback.
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.
