BITCOIN UNCERTAINTY AMID GLOBAL BANK CRISIS 17th of March , 2023
The growing uncertainty of bitcoin price have kept various bitcoin investors divided in the mist of the global bank crises. The collapse of Silicon Valley Bank (SVB) in March 11th, 2023 saw FDIC emphasizing that it would "pay uninsured depositor an advance dividend within the next week" on march 10. In other words "Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds," Also the FDIC sold the assets of silicon Valley Bank to make future dividend payments to uninsured depositor. Another bank crisis showed Credit Suisse revealing "material weaknesses" in it's finances and Saudi National Bank not investing additional capital to shore up the beleaguered Swiss lender. Although Swiss National Bank allowed Credit Suisse to borrow about $54billion, it is a clear indication that it went through some bank crisis.
Bitcoin on the other hand has gained massively over this short period in time. As of March 26th, 2023, bitcoin price made an all year high above $26,000 benchmark. Current market speculation about bitcoin price action volatility has been clearly linked to the inflation and Federal reserve rate hikes. Various analysis suggest bitcoin price is uncertain and could be determined by these two factors. Although, there is a clear resistance above $26000 benchmark, current market speculation suggest bitcoin price is undervalued and should be above $43,959 before the end of 2023 (Coinpedia prediction).