Bitcoin: Investors Flock to BTC as Inflation Concerns Mount
On Sunday, the number of individuals holding select amounts of bitcoin reached new heights while the traditional market continued to digest the US Federal Reserve fund rates.
According to Glassnode, the number of addresses holding over one Bitcoin (BTC) rose to a record high of 989,875 as bitcoin’s price remains around $28,000.
Data from IntoTheBlock shows that 70% or approximately 31.96 million addresses holding bitcoin are currently in profit. Despite fluctuations and recent market volatility, buying pressure continues to remain resilient.
The US equities finished positively on Friday, putting investor fears of steeper rate hikes to rest following a volatile week of trading, which saw the Fed raise rates by a further 25 basis points.
While the Fed is attempting to balance inflation and triggering a nationwide recession, Treasury Secretary Janet Yellen stated that the US government is prepared to take further action to shore up the banking sector.
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However, investors are still seeking alternatives due to concerns about the safety of bank deposits. Matrixport suggests that the US regional bank index may indicate the system’s stress, which could lead to further allocation to digital assets as a risk hedge.
Major stock market indexes had a winning week, with the Dow Jones average rising 1.2%, the S&P 500 gaining 1.4%, and the Nasdaq Composite finishing up 1.7% higher.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
