A crypto analyst mentioned altcoins and noted that the tokens' rally could happen when Bitcoin dominance retraces on its way to soaring over 52%.
The Federal Reserve once again raised interest rates by 25 bps during its meeting on Wednesday with FOMC chair Jerome Powell noting that "we no longer expect that ongoing rate increases will be appropriate."
"MicroStrategy has survived a crypto ice age and now has an opportunity to take advantage of growing interest in DeFi and all the other crypto protocols with better growth potential," a senior market analyst said.
Bitcoin investors are now bullish, especially as former Coinbase Chief Technology Officer Balaji Srinivasan predicted that the impending global banking crisis could take the world's largest crypto asset to $1 million in less than 90 days.
"In February, the Consumer Price Index for All Urban Consumers increased 0.4 percent, seasonally adjusted, and rose 6.0 percent over the last 12 months, not seasonally adjusted," the Bureau of Labor Statistics reported.
"Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve," Bitcoin creator Satoshi Nakamoto said in a blog post.
The latest movement of Bitcoin from the authorities' wallet addresses seemingly spooked investors who are worried the government would make a sellout of the crypto asset in the open market.
"Notwithstanding a regulatory framework around stablecoin, they're going to be commodities in my view," the CFTC chairman said.
Riot Platforms is following in the footsteps of Marathon Digital, Silvergate and Hive Blockchain in delaying filings.
"Our corporate strategy and conviction in acquiring, holding, and growing our bitcoin position for the long term remain unchanged," Microstrategy CFO Andrew Kang said.
In a filing with the Securities and Exchange Commission on Jan. 31, Tesla disclosed that it had recorded a gross impairment loss of $204 million to Bitcoin in 2022.
Since the start of the new year, Bitcoin showcased an impressive price rally soaring from its previous price of below $17,000 to around $23,000 these days.
Market intelligence platform Santiment, in a report last week, identified nine undervalued crypto assets in terms of short-term and long-term returns.
"I believe Bitcoin will outcompete all fiat currencies. But Bitcoin can, at the same time, live side by side with fiat," Prince Philip said.
"When this finally breaks through, we'll see a glorious god candle to $30,000," the crypto strategist said.
The cryptocurrency market regained the $1 trillion capitalization at the start of the week despite worrying signs of the market bottoming.
Aside from the plummeting Tesla shares, which lost 65% of their value in 2022, the electric vehicle maker also lost a significant amount due to its Bitcoin holding, representing 0.088% of Musk's loss.
Bitcoin has been trading down over the past months, with its price plummeting further following the FTX collapse and after the Federal Reserve announced another interest rate hike earlier this month.
The Bank of Japan on Tuesday announced that it is adjusting its yield curve control policy by expanding the trading on its 10-year yield target 0.23% to 0.50%, a decision expected to have major ramifications across the globe.
"Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures," the Federal Open Market Committee noted.
The court document underlined that aside from Bitcoin, the U.S. regulator now considers Ethereum and USDT, among others as commodities.
The cryptocurrency industry has been through a lot this year and another interest rate hike from the Federal Reserve is expected to plummet the price of crypto assets, including the major ones like Bitcoin and Ethereum.
The upcoming Bitcoin halving event for block number 840K in the spring of 2024 could postively impact the price of Bitcoin.
"I'm nearly bankrupt," says Jad Fawaz, a crypto trader in Abu Dhabi. "I'm laughing because there's no point in exerting more depression and more frustration about it."
Bitcoin traded at $17,000 levels on Sunday showing an almost 2% increase as investors hoped for a friendlier interest rate hike decision from the U.S. Central Bank.
Some Federal Reserve officials in the minutes of the meeting were quoted saying, that "slowing the pace of increase could reduce the risk of instability in the financial system."
These kinds of retail investors seemed undeterred by the ongoing crypto market crisis.
Earlier this week, Bitcoin entered the $15,000 territory and hit a two-year low price.
The continuing FUD hovering in the industry pummels top crypto assets like Bitcoin and Ethereum.
Despite the prolonged crypto winter, billionaires are not fazed and some are even bullish about Bitcoin.
