Bitcoin Ending Week On Positive Note Amid First Republic Turmoil
By Laxmikant Khanvilkar
Despite some volatility in price, bitcoin has risen 7% in the past seven days, trading in a range of between $27,000 and $30,000.
The world’s largest cryptocurrency by market value rose 1.2% over the last 24 hours to $29,300. Some analysts say instability in traditional banks has helped bitcoin, which is seen as an alternative to traditional finance. One troubled bank is San Francisco-based First Republic Bank (FRC), whose shares dropped 50% on Tuesday after it revealed its deposits fell by $100 billion in the first quarter.
That comes as the broader economy is slowing down. On Thursday, the Commerce Department said the U.S. economy grew at a 1.1% annualized rate in the first quarter, below analysts’ estimates of 1.9%.
Most alternative coins mimicked BTC’s enhanced volatility with significant price fluctuations. Ethereum went from $1,800 to over $2,000 in hours, before retracing just as hard and bouncing off. A minor 2% increase in the past 24 hours has helped the second-largest crypto to reclaim $1,900.
Ripple, Dogecoin, MATIC, Solana, Litecoin, and Tron are also slightly in the red from the larger-cap alts. In contrast, Binance Coin, Cardano, Polkadot, and Shiba Inu have retraced daily.
The biggest gainers in the past day are ICP and CRO. The project behind the latter made two massive partnerships this week, with Amazon and Samsung, that propelled yet another price surge. Overall, both assets have pumped by 11%.
These gains have helped the total crypto market cap add $15 billion daily, and the metric sits just north of $1.2 trillion.
3 verse’s IC 15 Index was trading at 39480 points.
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