Bitcoin Hit Local High

Weekly growth in quotations of Bitcoin (BTC) exceeded 10%. 

Around 6:30 (GMT+2) on March 22, quotations of the first cryptocurrency updated the local high from the beginning of March, trading above $43.000. A mark of $43.361 was fixed on Binance. According to CoinMarketCap, the price rose to $43.116, while CoinGecko reported a rise to $43.079. By 13:00, the price had slightly decreased — BTC was trading around $42.900. 

Glassnode analysts observe that users from the US and the EU (where most requests to buy BTC come from) support the growing trend. Users in Asian markets, on the contrary, mainly sell the first cryptocurrency. In addition, the rise in BTC value was caused by a statement from the head of Terraform Labs about the plans to purchase the first cryptocurrency for $10 billion to secure the UST stablecoin. Also, the price of Bitcoin continues to show a high correlation with the major stock indexes, the dynamics of which during the current session partially coincided with changes in the price of the first cryptocurrency.

Author: Nataly Antonenko