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3 reasons why Bitcoin price rallied toward $45K entering March

Published 03/01/2022, 12:36 PM
Updated 03/01/2022, 02:20 PM
© Reuters
BTC/USD
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Bitcoin (BTC) extended its gains, hitting nearly $45 thousand on March 1 as interest rate speculators reduced their bets on aggressive rate hikes in 2022 and the number of whale addresses spiked amid speculations that BTC is proving itself as an apolitical safe-haven.

BTC's price surged more than 4% to reach nearly $45,000, a day after recording its biggest one-day increase since February 2021 as a flurry of sanctions on Russia, including a ban from accessing the global banking system SWIFT, raised concerns over their impact on global growth and inflation.

US Forward Swaps - Federal Funds Effective Rate. Source: Bloomberg
Implied overnight rate and number of hikes/cuts. Source: Lisa Abramowicz
Bitcoin addresses with balance greater than 1K BTC. Source: CoinMetrics, Messari

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