on March 10 by The California Department of Financial Protection and Innovation, are among the reasons for breaking below the $1 trillion capitalization support. Silvergate was a critical fiat gateway network for the most important cryptocurrency exchanges and intermediaries.
Don't forget, however, the ongoing efforts of the U.S. Federal Reserve to curb inflation, which include increasing interest rates above 2% in August 2022 and reducing its balance sheet through asset sales. In addition to this, U.S. labor market data released on March 10 revealed the creation of 311,000 jobs in February 2023, supporting the notion that the Fed's anti-stimulus measures require additional firepower.
As a result, Bitcoin's $380 billion market capitalization serves as the foundation for the $920 billion total. Three reasons explain why such a level is critical from a valuation standpoint. Lastly, by maintaining its $380 billion capitalization, it remains the seventh largest global base money when compared to fiat currencies. For example, the Australian Dollar has a monetary supply of $378 billion, while the Canadian Dollar has a monetary supply of $220 billion. The Indian Rupee, with a monetary base of $500 billion, is the next potential target.Traders can gauge the market's overall sentiment by measuring whether more activity is going through call options or put options.
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