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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

74% Of Bitcoin Holders Are In The Money As Price Explodes Above $26,000

Dalmas Ngetich
Dalmas Ngetich
1 year ago
3 mins read
Bitcoin Bulls $26000

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Ad discliamer

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IntoTheBlock data on March 17 shows that 74% of Bitcoin holders are in the money at spot prices. 23% are out of the money, meaning they are holding to losing positions. When writing, only 4% are at break even, at parity with when they bought their bags.

74% Of Bitcoin Holders In Profits

Bitcoin is a volatile asset, and prices have been moving strongly in the last few weeks, dropping to as low as $15,300 in Q4 2022. 

However, the coin has maintained a sharp uptrend in the past week, rising from last week’s depths and soaring above $26,000, printing a new Q1 2023 high. 

Bitcoin Price On March 17| Source: BTCUSDT On Binance, TradingView
Bitcoin Price On March 17| Source: BTCUSDT On Binance, TradingView

When writing, trackers show that BTC is trading above $26,200, adding six percent in the last 24 hours and roughly 32% in the previous week. At current prices, most BTC holders are profitable.

Bitcoin Holders Making Money
Bitcoin Holders Making Money: IntoTheBlock

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A notable development amid this expansion is the high participation levels. The current leg up on the Bitcoin daily chart has been with rising trading volumes. 

In trading and technical analysis, price expansions or contractions with a spike in trading volumes indicate participation or interest. 

As BTC rallied from around $19,500 last week, there has been a notable expansion in volumes, an indicator that this rally is supported.

Banking Crisis And Binance Folding The Industry Recovery Fund

Behind the reversion to crypto assets, an asset class that Jerome Powell, the Federal Reserve chairman, said is risky, could be due to several reasons. 

The placement of Silicon Valley Bank into receivership and under the custody of the FDIC triggered a bank run. This development was at the back of the collapse of Silvergate. After Silicon Valley Bank fell, Signature Bank was closed. 

The United States government, through Janet Yellen and the Treasury Department, fearing contagion, said it would intervene and ensure depositors won’t be affected. The Fed also created a fund and a credit line for distressed banks. 

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The US Fed adds $297 Billion In A Week, Fanning Bitcoin Rally

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This intervention has seen the Fed’s asset portfolio increase. It is despite a decline in the number of Treasuries and Mortgage-Backed Securities (MBS) being purchased. 

QE is Back!

About $300 billion in assets added to Fed balance sheet in the last week pic.twitter.com/a46TLAkFwr

— Genevieve Roch-Decter, CFA (@GRDecter) March 16, 2023

Subsequently, analysts now say the Fed is technically back to quantitative easing. This is also increasing the odds of the central bank slashing interest rates in the next few months. 

The emergence of cracks in the banking system and the announcement that Binance, one of the largest cryptocurrency exchanges, would buy several coins, including Bitcoin, from their $1 billion Industry Recovery Fund, also fanned an uptrend. 

Given the changes in stable coins and banks, #Binance will convert the remaining of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including #BTC, #BNB and ETH. Some fund movements will occur on-chain. Transparency.

— CZ 🔶 BNB (@cz_binance) March 13, 2023

Binance announced the Recovery Fund in November following the collapse of FTX. The goal was to support promising crypto projects under liquidity pressure. 

Although there was news that some projects had been vetted to receive funding, Binance is now folding this initiative and diversifying into crypto assets, away from stablecoins.

Feature Image From Canva, Chart From TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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