Bitcoin Edges Below $28K
By Kapil Rajyaguru
Cryptocurrency prices sank Saturday as investors grappled with a new threat to the global banking system as well as continuing concerns about U.S. monetary policy.
Bitcoin, the largest cryptocurrency by market capitalization, was recently changing hands at about $27,660, down more than 2% over the past 24 hours. BTC rose as high as about $28,300 earlier in the day and is up more than 16% in March.
But most risk-on markets were reeling for much of the day after the cost of insuring the debt of financial services giant Deutsche Bank soared to its highest point in four years, raising concerns anew about the strength of the banking sector.
Shares of Deutsche Bank (DB) plunged 14% one point Friday before closing down 3%. Deutsche Bank’s problems come just days after UBS agreed to acquire its troubled rival, Credit Suisse for $3.2 billion, and less than three weeks after the failure of U.S.-based Silvergate, Silicon Valley and Signature banks.
Ether, the second-largest cryptocurrency, was recently changing hands at $1,760, down over 3% in the similar time frame.
The global crypto market cap is $1.15T, a 2.81% decrease over the last day. The total crypto market volume over the last 24 hours is $54.89B, which makes a 0.37% decrease. The total volume in DeFi is currently $4.09B, 7.45% of the total crypto market 24-hour volume. The volume of all stable coins is now $50.17B, which is 91.41% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 46.10%, a decrease of 0.05% over the day.
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