Market Update (Mar 13 2023)

CryptoExplorer Author

Posted On Mar 13, 2023 |

As every day, here is our daily market update. Find out what has influenced the price and what we expect in the coming days.

Madness, just madness.

🏦 ***SVB:***

So, this bank has had a liquidity issue through mis management of funds, not really hugely negative but the FED announced a program to jump in and make depositors whole. This has seen Crypto have a huge run as its being taken that the FED are stepping in to back stop the banks... similar to what happened in 2008. Unfortunately, this probably just a measure to stop any spreading affects.

The markets are now pricing in more cuts in the later half of this year which two weeks ago had been fully priced out. My honest feeling is the market is getting ahead of itself here and the whip-sawing action has been crazy.

Risk assets have soared due to the markets pricing in a FED that is going to step in as the "system is breaking" and therefore may hike interest rates less in the coming months. However, with Inflation data out tomorrow, Powell will finally be tested.

💲 ***Inflation Tomorrow:***

So far Powell has had somewhat of an easy journey, raise rates to combat inflation and nothing had gone wrong, so all good, just continue raising rates until inflation comes down. Currently, we still haven't seen inflation get down to the meaningful level that it needs to be at and.... things are starting to break. If the inflation data tomorrow is hot, this'll be the first time Powell is being seriously tested, because now he can't just blindly raise rates as some banks are now beginning to default and are being back stopped by the FED.

💵 **Trading:**

Well, we've absolutely rinsed the market for profits over the past few days so well done to everyone that played BTC and SOL. Unfortunately I did close both too early but who knew we were going to get a shove higher like we've had. I am still hugely sceptical and am considering some Shorts. But I am placing orders on BTC for Shorts high (between $24,700 and $25,900).

Play small, market is ridiculously volatile at the moment. Will provide another small update tonight.

Categories: Market Update

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