Main navigation

Veteran Trader Peter Brandt Explains Why Bitcoin (BTC) Is Paring Gains

Tue, 03/14/2023 - 20:54
article image
Alex Dovbnya
Bitcoin, the world's most popular cryptocurrency, has once again shown its volatile nature, as its price surged past $26,000 before dipping to $24,070 on the Bitstamp exchange
Veteran Trader Peter Brandt Explains Why Bitcoin (BTC) Is Paring Gains
Cover image via
Read U.TODAY on
Google News

Bitcoin, the bellwether coin, has experienced another bout of volatility, with its price surging past the $26,000 mark for the first time since July 2022, only to retrace to $24,070 on the Bitstamp exchange.

Veteran trader Peter Brandt has taken to Twitter to explain that he is not surprised by such a development since the make-it-or-break-it $26,000 level got rejected.

As reported by U.Today, the market capitalization of the flagship cryptocurrency surpassed $500 billion for the first time since mid-2022.

The price of Bitcoin was boosted in part by the recent banking crisis in the United States. The current meltdown has been compared to the 2013 banking crisis in Cyprus that pushed the world's first cryptocurrency into the mainstream for the first time in its existence.  

Investors continues to see Bitcoin as a safe haven asset in times of financial turmoil despite its underperformance. 

Major British Bank Limiting Customer Crypto Payments
Due to the recent crisis, the US federal government has taken steps to reassure depositors by guaranteeing their deposits and implementing emergency measures to alleviate their concerns. Additionally, market speculation suggests that the current meltdown may prompt the US Federal Reserve to hold off on raising interest rates.

While the crypto community is bettingon on a Fed pivot, February's CPI report shows that inflation is not going away quickly. Hence, there is still a compelling need for the central bank to continue raising rates, according to economists at Bloomberg. While a 25 basis-point hike at the March FOMC meeting would be appropriate, the decision will be a tough call for the Fed amid ongoing concern about financial turmoil, with growing financial stability risks in the aftermath of the collapse of Silicon Valley Bank.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at