Bitcoin Floats Above $28K Mark
By Laxmikant Khanvilkar
Bitcoin – the largest cryptocurrency by market value has managed to stay afloat above $28,000 mark amid fears of Deutsche Bank possible collapse may trigger contagion among global banking space.
Bitcoin (BTC) was recently quoting at $28,010. BTC rose more than 16% in March.
Ether (ETH), the second-largest cryptocurrency, recently traded at $1,780.
Large banks tend to be interconnected, with shared exposures on syndicated loans, and via a web of repo and other counterparty transactions, bank analysts said.
The global cryptocurrency market capitalization has increased by 1.72% to $1.17 trillion in the past 24-hours. During same period, the trading volume has decreased by 4.00% to $31.48 billion, with DeFi making up 9.48% of this total. Meanwhile, stablecoins account for 88.67% of the market volume, amounting to $27.91 billion. Bitcoin dominance has risen by 0.05% to 46.35%.
Meanwhile, crypto investors continued to weigh recent regulatory enforcement issues, including a Securities and Exchange Commission (SEC) warning to Coinbase.
Interestingly, BitDeer – the crypto mining company – has disclosed about significantly expanding capacity of its mining site in Texas – the hub of Bitcoin mining As per Statista.
According to BlocksBridge, the operational capacity of the Rockdale site was 386 MW in June, which was boosted to 562 MW by H2 2022, representing an increase of 45%. In another development, as per the Bloomberg report, New York’s Nasdaq Stock Exchange is planning to launch a crypto custody service by the end of the second quarter.
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