The cryptocurrency market digest (BTC). Overview for 16.03.2022

This morning, the BTC was aiming at $42,000 but the bulls didn’t turn out to be strong enough. Wednesday is highly unlikely to be very volatile until the US Fed announces its rate and monetary policy decisions. It is set to happen at 18:00 GMT, and Fed Chairman’s press conference will start at 18:30 GMT.

Market players are concerned with two things: economic recession in the US if inflation and energy prices continue rallying, and sluggish actions of the Fed. At the moment, the hopes for its operational responsiveness are pretty high and any pauses will be perceived by market players as a loss to the external background.

Technically, the BTC remains in a flat between $38,500-$40,000. It doesn’t mean that it can’t go any higher or lower. However, it is clearly seen that the bulls aren’t ready to attack $45,500 without facts – this is the level, a breakout of which may really force the asset to start a new uptrend.

Bitcoin chart online

Digital assets: outflow of funds

According to Glassnode and CoinShares, there are signs of funds outflow from cryptocurrencies and crypto-based hedge funds. Last week’s outflow was estimated at $110 million, $80 million of which were owned by American investors. Probably, this tendency might continue this week as well, because market players are very nervous due to geopolitics and the US fed’s policy. At the same time, those holders who remain in the sector are still accumulating their money in the BTC.

The RandomDao: as simple as that

The RandomDao, a token created by a child from China, increased by 50 times. The price remains relatively low, but the dynamics is awesome. The altcoin, which appeared because its creator decided to practice a programming language, entered the exchanges at the beginning of March. As of now, the number of issued coins is 37.8 trillion, and half of them will be distributed among 101K investors.