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Good Omen for 2023 – Bitcoin Experienced Its Fourth Best Quarter

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After dealing with the United States banking issues as well as the regulatory crackdown, Bitcoin announces its positive 4th quarter consecutively this year.

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The performance of Bitcoin for the 1st quarter of 2023 has been so good. This means that its performance will turn to gains throughout the whole year.

Bitcoin has cracked the tight 3-week range to a significant $30,000 for the 1st time in the past 10 months. This year, BTC is presently above 80% by rising from $16,500 on January 1 to $30,100 as of 3 am. ET.

More Details of the Increase

Bitcoin pace is on the verge of disclosing its 3rd positive month consecutively. Moreover, it is its best quarter in 2 years after dealing with its first banking crisis and a regulatory crackdown.

Meanwhile, investors are contemplating the likelihood of a new condition for interest rates.

The largest crypto as per market cap has broadened its 2023 rally. It concluded the month by over 22% thus, bring its quarter and year-to-date gain to over 70%.

For a long time now, this is Bitcoin’s best quarter since it experienced the 1st quarter of 2021. This latest occurrence marks the beginning of a bullish run at the time.

According to a Wells Fargo equity analyst, Jeff Cantwell, “This rally went on in March despite the recent bank collapses.

He further said that even as the rebound of the bank’s closures has more than one fundamental reason, our discussions with investors’ nailed 3 reasons.

‘Flight to safety’ due to banking volatility, a shift at the margin’ by investors to ‘risk on’ as possibilities of a federal pivot have increased.

READ ALSO: G20 Countries Objective to Build Global Structure to Oppose Crypto-Related Risks

NYDIG Forecast for Bitcoin

NYDIG, a cryptocurrency-focused financial services company discovered that the first quarter of 2023 marks Bitcoin’s 4th best on the records.

Although previous performance may not indicate future results, a positive first quarter indicates a “good omen” for Bitcoin for the entire year according to NYDIG.

The firm reported that Bitcoin hasn’t ever experienced a bad year after having a positive 1st quarter. Moreover, since 2011 and 2013, Bitcoin had the best 1st quarters and continued to have enormous full-year returns.

READ ALSO: Investment in Digital And Creative Enterprises for Job opportunities

The digital asset has outperformed the benchmark indexes throughout commodities and equities year to date.

The S and P 500 is up to 7.5%, tech-heavy Nasdaq 100 earned 20% whereas, the GSCI is almost flat.

For now, the open interest for Bitcoin futures is almost $12.9B which is up to 42% for the previous month.

 

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