Bitcoin Lost its Bullish Momentum After Fed’s Announcement

• Bitcoin outperformed 97% of S&P 500 companies in 2023.
• Federal Bank is collaborating with five major central banks.

After the financial crisis in the crypto market and the collapse of several major banking institutions, Bitcoin registered better results than nearly 100% of the 500 leading trade companies in the United States on March 2023. 

Since March 10, the trading price of Bitcoin has surged by 37.06% and over 72% in this year’s turn. At the same time, the flagship cryptocurrency has registered better year-to-date (YTD) returns than 97% of S&P 500 companies. 

Moreover, only 12 companies in the S&P 500 managed to cross the threshold by 35% of YTD returns. This means Bitcoin has outperformed FedEx ( 27.2% YTD returns), Apple (19.3% YTD returns), and Amazon (17.5% YTD returns). 

Bitcoin Price Fell Down Below $28K

After reaching $28,000, Bitcoin lost its momentum on Monday. The price is up and down by around the $28K mark as investors hunkered down in advance of the U.S. Federal Reserve’s next interest decision on Wednesday. 

Earlier Monday, the trading price of Bitcoin is around $28,400. Federal bank announces it is collaborating with the five other major central banks to make sure the steady flow of the U.S. Dollar. After the announcement of the Federal Bank, the price of Bitcoin just fell below $28k. 

Stefen Rust, the CEO of data aggregator Truflation, stated that faith in the fiat banking system is waning rapidly, and the only alternative is Bitcoin. He added that the rapid rise of it is a sign of fear that more problems lurk in the banking sector. 

At the time of writing, the price of Bitcoin is $27,646, and the trading price is declined by 2.07% in the last 24 hours, according to CoinMarketCap. 

Recommended For You