Bitcoin – After several days of market plunge, the US Federal Reserve added $ 168 billion into the economy – a total higher than all the money currently invested in Bitcoin.
“Tuesday's separate auction in the short-term loan market, or repo, saw a massive two-week excess demand demand, with $ 93 billion offered for $ 45 billion operations,” according to CNBC's brief March 10 news: “An overnight offer saw the trading desk The New York Fed is filling a $ 123.625 billion offer. “
Basically, the US Federal Reserve has played more money in the economy.
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Bitcoin market capitalization currently has less capital
Bitcoin market capitalization currently only consists of $ 145 billion at the time of the press, according to CoinMarketCap data.
As a reference, the US government only gives about $ 23 billion more cash than all the money stored in Bitcoin. Considering its status as a global asset, one might argue that Bitcoin might still be a bit of a player in the financial game.
The Fed immediately acted amid market uncertainty
Traditional markets have faced significant price declines lately as concerns about the corona virus and price battles around oil continue to rise.
Oil fell more than 20% in a single tie on March 9 – it was the biggest commodity fall since 1991. Meanwhile, the Dow Jones Industrial Average fell 7.8% on the same day.
The Fed's March 10 capital injection seems to have revived major markets, as the Dow gained 4.9% the following day.
Bitcoin, on the other hand, does not see the same rebound. The biggest cryptocurrency sits at a 1.39% increase over the past 24 hours.
