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Bitcoin holds firm on strong economic data, while Powell testifies to House discussing CBDC Bitcoin holds firm on strong economic data, while Powell testifies to House discussing CBDC James Van Straten · 2 years ago
Insights Bitcoin

Bitcoin holds firm on strong economic data, while Powell testifies to House discussing CBDC

Strong economic data sees 50bps back on the table for the fed, Bitcoin holds firm and GBTC discount narrows

James Van Straten / @jvs_btc / Mar. 8, 2023 at 4:01 pm UTC

Quick Take

  • Strong economic data continues to come out of the U.S., which is the opposite of what Powell wants to see, as job openings (JOLTs) and ADP beat estimates.
  • January (JOLTS) at 10.82M vs. 10.55M est.
  • Bitcoin holds firm on roughly $22,000, while the DXY continues to stay elevated at 105
  • While the GBTC discount narrows to -35%
  • Powell is currently testifying to the House “the terminal rate likely to be higher than expected, “we have not decided on the march meeting, and it is data dependant.”
Fed Futures: (Source: CME)
Fed Futures: (Source: CME)
Currencies: (Source: Trading View)
Currencies: (Source: Trading View)
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James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.

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