Bitcoin Rallies Above $43K Amid New Banking Crisis
By Laxmikant Khanvilkar
Virtual digital assets (VDA) gained momentum in the past 24-hours benefiting from renewed concerns over the health of U.S. regional banking system. The removal of ‘the U.S. banking system is sound and resilient’ from the Federal Reserve’s policy statement surprised many observers.
A rerun of banking crisis similar to the last March’s, is seen drawing investors attention back to Bitcoin (BTC) over banking stocks.
The largest cryptocurrency by market capitalisation regained $43,000 level. It has since maintained steady tone and was recently trading 1.7% higher at $43,164.
Shares of New York Community Bancorp (NYCB), KBW Nasdaq Regional Bank Index (KBR), have fallen due to poor performance.
Analysts expect this to help fuel rally in bitcoin, but they advised staying cautious. According to a pseudonym Bitcoin Whale that goes by “Joe007” on social media X, the cryptocurrency is poised for a bull run.
Other large tokens, altcoins moved instep with the bitcoin.
Ethereum (ETH), the second largest cryptocurrency, moved above $2,300. It recently traded at $2,314 adding 1.4%.
Other major cryptocurrencies such as Binance BNB, Solana’s SOL, Cardano’s ADA, Avalanche’s AVAX and Polkadot’s DOT added 0.5%-4%.
The global crypto market cap increased 1.4% to $1.65 trillion in the last 24 hours. On the other hand, the total crypto market volume fell 13.2% to $52.6 billion. Total volume in DeFi is currently $5.3 billion, and all stablecoins are $48.6billion, representing 10.1% and 92.4%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.4%, showing an increase of 0.19% over the day.
The IC15 index, the barometer of the top fifteen tokens, edged up 0.3% to 55,351.
Meanwhile, Cynthia Lummis, the Senate’s most reliable advocate for crypto policy, is hopeful a stablecoin bill could move forward in the first half of 2024, before elections increase political pressures in Washington.
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