THE RECENT PRICE ACTION
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All these companies are interested in Bitcoin either as an asset that they can store as an alternative to cash because they understand the dynamics of Bitcoin or perhaps they are actually looking to use Bitcoin. For example, the Lightning Network just reach a new all-time high capacity which Bitcoin is scaling. It means that Bitcoin is becoming more usable for payment. That could be payment in stores just like we are seeing in El Salvador, that could be cross-border payment across the entire continent of Africa, that could be paying for coffee in your local shops. This means that Bitcoin is very useful because the transaction is almost free.
The real reason we seeing a trend down right now is that the last job report and the last jobs report show an increase of over 517,000 new jobs in January in the US as the unemployment rate reach a 53-year low. The reason why this is unbelievable is that unemployment is reaching this record lows as the federal fund rate interest rate has never increased at such a fast rate while inflation is still trending to the downside. This affects Bitcoin in some kind of way because the FED chairman said as long as unemployment numbers remain good, the economy can clearly still take interest rate hikes. This job report is the reason we watch Bitcoin and the rest of the crypto market dip. The reason is that Jerome Powell was very clear last meeting that at the moment does expect to raise interest rates just one more time, 25 basis points, and then hold rates at the 5% level for the rest of the year. As a Bitcoin investor, what this means to you and me is that are going to a decision to make a decision, do you believe Jerome Powell when he says was are going for a soft landing? If you would have believe in it just a year ago, you would have been very wrong. He told everybody that inflation is transitory and will never get this high and of course he was wrong.
https://twitter.com/special78122/status/1623051844330336258?s=20&t=gm6LkcEHaOeWqIyEA4Tlyw