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.
READ MORE: 5 Altcoins to Watch this Week (27.03.2023 – 02.04.2023)
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 Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
