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ECB

• ECB’s Holzmann remarked that Higher-than-expected inflation means rate hikes will be behind the curve.
• Robert Holzmann, an ECB policymaker, made the following remarks:
• Because inflation is expected to be higher than previously predicted, raising interest rates would be slightly behind the curve rather than ahead of it.
• The public understands that when inflation rises, it is up to the ECB to raise interest rates.
• The remarks above aren’t entirely convincing to someone who wants the key policy rate to be zero by the end of the year. In my opinion, the governing council as a whole is unlikely to act quickly.

Bitcoin

Bitcoin Has Become a Leading Indicator of Investor Sentiment

BTC has reclaimed the early January highs above $48K, reversing the year’s decline. BTC is up 4% on Monday, ending the day around $48K, and has since corrected by about 1% to $47.5K on Tuesday morning. In the last 24 hours, Ethereum has gained 1.8 percent to $3.4K.

According to CoinMarketCap, the total capitalization of the cryptocurrency market increased by 1% on the day, to $2.15 trillion. The Bitcoin dominance index fell 0.1 percentage point to 42.1 percent.

 The crypto-currency index of fear and greed increased by 11 points on the day, to 60, and moved from neutral to “greed.” The index fell to 56 points on Tuesday.

Among the top altcoins, Terra increased by 10%, while Doge decreased by 2%. Most others have experienced a slight correction in recent growth, but they are still in positive territory over the last day. Bitcoin rose again on Monday after breaking through the strong resistance of the February highs around $45K the night before. By the end of the day, BTC had reclaimed the early January highs of above $48K, reversing the year-long decline.

Bitcoin has a positive correlation with the S&P 500.  

The first cryptocurrency’s rise was supported by the 200-day moving average ($48.2K). Confident consolidation above it promises to strengthen and expand the growth of the entire crypto market, as well as provide new impetus to bitcoin’s growth. We saw a false break in December, but then price levels rose, and corrective sentiment in the stock markets intensified. Bitcoin is now growing in lockstep with stock indices, and it is frequently used as a leading indicator of investor sentiment. BTC’s correlation with the S& P 500 stock indicator recently reached a 17-month high, according to Arcane Research.

Institutions invested $193 million in crypto funds last week, according to CoinShares, the most significant amount in three months. According to Glassnode, the Bitcoin trend has already shifted to the bullish side, as evidenced by an increase in the number of addresses accumulating BTC.

Dollar

• EUR/USD rises to four-week high amid sluggish dollar
• The euro looks to build on yesterday’s gains
•  The dollar is looking sluggish across the board, failing to find any real footing on the day The euro has now risen by 0.6 percent to 1.1150 per dollar, its highest level since March 1.
• Price is currently testing the 50.0 retracement level of the swing move lower from February to March. A push above that will pave the way for a move towards 1.1200 and possibly the 100-day moving average (red line) at 1.1251. Part of today’s movement in the euro can be attributed to some eager market pricing in response to earlier surges in inflation data from Spain and Germany.
• The market believes this will lead to a more aggressive ECB, but this is not the case.
• However, the dollar as a whole is also struggling a little. Notably, the USD/JPY is still down 1% to 121.60, but remains above its 200-hour moving average.
• GBP/USD is up 0.4 percent to 1.3140, while AUD/USD is still attempting to hold above 0.7500 for the time being.