{"id":19533,"date":"2023-03-22T16:04:44","date_gmt":"2023-03-22T16:04:44","guid":{"rendered":"https:\/\/coingrafter.com\/index.php\/2023\/03\/22\/bitcoin-is-rallying-due-to-interest-rate-forecasts-says-coinjournals-dan-ashmore\/"},"modified":"2023-03-22T16:04:44","modified_gmt":"2023-03-22T16:04:44","slug":"bitcoin-is-rallying-due-to-interest-rate-forecasts-says-coinjournals-dan-ashmore","status":"publish","type":"post","link":"https:\/\/coingrafter.com\/index.php\/2023\/03\/22\/bitcoin-is-rallying-due-to-interest-rate-forecasts-says-coinjournals-dan-ashmore\/","title":{"rendered":"Bitcoin is rallying due to interest rate forecasts, says Coinjournal\u2019s Dan Ashmore"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/1679494795958-4c97053b-eb18-4254-be3d-096d70bd0581-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/1679494795958-4c97053b-eb18-4254-be3d-096d70bd0581-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/1679494795958-4c97053b-eb18-4254-be3d-096d70bd0581-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/1679494795958-4c97053b-eb18-4254-be3d-096d70bd0581-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/coinjournal.net\/wp-content\/uploads\/2023\/03\/1679494795958-4c97053b-eb18-4254-be3d-096d70bd0581.jpg\" alt=\"\" width=\"100%\" height=\"100%\"\/>\n<\/picture>                    <\/div>\n<p dir=\"ltr\">Key takeaways<\/p>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Bitcoin is buying and selling above the $28k degree for the primary time since June 2022.<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Coinjournal\u2019s Dan Ashmore believes that the interest rate forecasts are accountable for the continuing rally by Bitcoin and different cryptocurrencies.<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Many out there nonetheless take into account the latest banking disaster as the explanation why traders are coming into the crypto market.<\/p>\n<\/li>\n<\/ul>\n<h2 dir=\"ltr\"><strong>Interest rate forecasts behind Bitcoin\u2019s rally<\/strong><\/h2>\n<p dir=\"ltr\">Bitcoin, the world\u2019s largest cryptocurrency by market cap, has been performing excellently over the previous few weeks. At press time, the\u00a0<a href=\"https:\/\/coinjournal.net\/bitcoin\/\" rel=\"noopener noreferrer\" target=\"_blank\"><u>price of Bitcoin<\/u><\/a> stands at $28,411, up by 13% over the past seven days.<\/p>\n<p dir=\"ltr\">Many within the crypto house attribute the continuing crypto rally to the collapse of some banks, together with\u00a0<a href=\"https:\/\/coinjournal.net\/news\/new-york-banking-authorities-shut-down-crypto-friendly-signature-bank\/\" rel=\"noopener noreferrer\" target=\"_blank\"><u>Signature Bank<\/u><\/a>, Silvergate Bank, and Silicon Valley Bank.\u00a0<\/p>\n<p dir=\"ltr\">However, throughout an interview with CNBC, Coinjournal\u2019s Dan Ashmore identified that Bitcoin\u2019s rally has to do with the interest rate forecasts reasonably than the latest banking disaster.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Lot of chatter about what is driving this huge Bitcoin rally. <\/p>\n<p>Spoke with <a href=\"https:\/\/twitter.com\/CNBC?ref_src=twsrc%5Etfw\">@CNBC<\/a> final night time about whether or not it is stemming from interest rate forecasts or if traders are betting on Bitcoin as a substitute to the banking turmoil\ud83d\udc47 <a href=\"https:\/\/t.co\/o45zOOPiiw\">pic.twitter.com\/o45zOOPiiw<\/a><\/p>\n<p>\u2014 Dan Ashmore (@DanniiAshmore) <a href=\"https:\/\/twitter.com\/DanniiAshmore\/status\/1638175918123548675?ref_src=twsrc%5Etfw\">March 21, 2023<\/a><\/p>\n<\/blockquote>\n<p dir=\"ltr\">Regarding the continuing rally, Ashmore mentioned;<\/p>\n<p dir=\"ltr\"><em>\u201cIt is a reaction to the complete flip in interest rate forecasts in the wider economy. If you go back to before the Silicon Valley Bank collapse, there was an 83% probability that the interest rate would be increased by 100 basis points by the summer. Today, when we look at that, it is completely the opposite, and there is almost 100% of rate cuts.\u201d<\/em><\/p>\n<p dir=\"ltr\">He added that the crypto market is reacting to the likelihood that the Fed\u2019s latest interest rate hikes are coming to an finish.<\/p>\n<h2 dir=\"ltr\"><strong>Interest rate reduce is music to crypto traders<\/strong><\/h2>\n<p dir=\"ltr\">With Bitcoin buying and selling at $28k per coin, traders can be optimistic that costs may soar increased over the approaching days and weeks.<\/p>\n<p dir=\"ltr\">According to Ashmore, cryptocurrencies commerce as risk-on belongings, and an interest rate reduce is music to the ears of crypto traders.\u00a0<\/p>\n<p dir=\"ltr\">Ashmore additionally mentioned the correlation between cryptocurrencies and tech shares. According to the Coinjournal analyst, whereas many count on crypto to be an impartial hedge, the belongings nonetheless very a lot correlate with the inventory market, particularly tech shares. He concluded that<\/p>\n<p dir=\"ltr\"><em>\u201cThe NASDAQ index rises, Bitcoin\u2019s price also rises. The NASDAQ falls, and Bitcoin also falls a little more. The last couple of weeks have been interesting as Bitcoin has outperformed the NASDAQ. But it is a reflection of the fact that Bitcoin is trading in correlation with the interest rate forecasts.\u201d<\/em><\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this text<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/bitcoin-is-rallying-due-to-interest-rate-forecasts-says-coinjournals-dan-ashmore\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Key takeaways Bitcoin is buying and selling above the $28k degree for the primary time since June 2022. Coinjournal\u2019s Dan Ashmore believes that the interest rate forecasts are accountable for the continuing rally by Bitcoin and different cryptocurrencies. Many out there nonetheless take into account the latest banking disaster as the explanation why traders [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19535,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[],"footnotes":""},"categories":[3],"tags":[5856,20,6395,4102,1693,6394,269,1180,270],"class_list":["post-19533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-ashmore","tag-bitcoin","tag-coinjournals","tag-dan","tag-due","tag-forecasts","tag-interest","tag-rallying","tag-rate","entry","has-media","owp-thumbs-layout-horizontal","owp-btn-normal","owp-tabs-layout-horizontal","has-no-thumbnails","has-product-nav"],"_links":{"self":[{"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/posts\/19533","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/comments?post=19533"}],"version-history":[{"count":1,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/posts\/19533\/revisions"}],"predecessor-version":[{"id":19534,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/posts\/19533\/revisions\/19534"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/media\/19535"}],"wp:attachment":[{"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/media?parent=19533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/categories?post=19533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coingrafter.c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