By Marcus Sotiriou, Analyst at the UK based digital asset broker GlobalBlock (TSXV:BLOK)
Bitcoin (CRYPTO: BTC) managed to outperform the S&P 500 over the course of the past week, despite fears surrounding the Federal Reserve raising rates in response to high inflation. Even though the Federal Reserve Chairman, Jerome Powell, was hawkish at the FOMC meeting last Wednesday, $670 million of Bitcoin was removed from exchanges the next day, as whales continue to buy in this price range. It is important to note, however, that Powell made it clear that supply chain issues are indeed prominent, meaning that global markets may remain fearful going into the first-rate hike planned for March 16th.
