Bitcoin (BTC) hit new nine-month highs on March 17 as the latest events in the growing United States banking crisis boosted crypto markets.
Banking crisis volatility sees $27,000 BTC price
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $27,025 on Bitstamp before consolidating.
At the time of writing, the pair circled $26,500 with volatility ongoing after the Wall Street open.
A catalyst for fresh upside had come in the form of the Federal Reserve’s balance sheet data overnight, this showing almost $300 billion being injected into the economy as part of the banking crisis response.
The event effectively undid months of liquidity removal under the Fed’s quantitative tightening (QT), and commentators were quick to call the restarting of the opposite phenomenon — quantitative easing (QE).
“They’ll tell you it’s not QE, but the numbers don’t lie. Roughly half of the reduction from a year of quantitative tightening has been erased in a week,” trader, analyst and podcast host Scott Melker,…