Bitcoin Rises Amid Banking Uncertainties
By Laxmikant Khanvilkar
Bitcoin was recently trading at around $28,500, up over 21% in March. At one point Wednesday, the largest cryptocurrency by market value broke the $29,100 mark to reach its highest mark since June 2022. BTC has widely outperformed the S&P 500, Nasdaq and other traditional assets. The tech-focused Nasdaq rose over 4% for the month.
Ether was recently changing hands at $1,820, up 13% in March. Earlier in the month, the second-largest crypto in market value hit $1,861, its highest level since August 2022.
However, some of the other leading altcoins, such as BNB, DOGE, MATIC, and SOL, are all trading in the red.
Bitcoin and crypto markets reacted positively to the new inflation data. The US Bureau of Economic Analysis (BEA) announced that the annual rate of the core PCE price index was 4.6% in February, while the expectation as well as the previous reading was 4.7%.
US POTUS Joe Biden also admitted that the banking crisis in the country might not be over yet, so it’s thrilling to see how the markets will shape up during these tumultuous and ever-volatile times.
Meanwhile, US government has sold $215 million in seized Silk Road bitcoin and plans to dump another $1.1 billion.
The global crypto market cap is $1.19T, a 1.48% increase over the last day. The total crypto market volume over the last 24 hours is $43.65B, which makes a 14.11% decrease. The total volume in DeFi is currently $5.36B, 12.28% of the total crypto market 24-hour volume. The volume of all stable coins is now $38.05B, which is 87.16% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 46.35%, an increase of 0.16% over the day.
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