Bitcoin Tops Above $28k Amid US Banking Crisis
By Laxmikant Khanvilkar
Bitcoin has topped the $28,000 mark for the first time in more than 10 months as the U.S. bank uncertainty has moved the spotlight on the virtual digital assets or VDAs.
Bitcoin was recently trading at $28,100 level after having scaled a high of $28,459. Ethereum hovered near $1,7780.
The most popular cryptocurrency, has accumulated gains of nearly 17% in the past 7 days. It has strengthened nearly 38% against the U.S. dollar, while outperforming the Wall Street banks stocks by adding more than 66% so far this year.
U.S. bank valuations have slid amid the ongoing fear surrounding banks in the recent time. In Europe, Credit Suisse was acquired by the UBS Group for nearly $2 billion earlier in the day as part of emergency plans led by Swiss authorities.
The global crypto market cap is currently at $1.18 tn, a 1.80% increase from the day before. However, the total crypto market volume over the same time period has decreased by 3.16%, amounting to $65.70 bn. DeFi’s share of the total crypto market 24-hour volume is at 9.57%, which is currently at $6.29 bn. Additionally, stablecoins make up 85.31% of the total crypto market volume with $56.05 bn. Bitcoin’s dominance is at 46.12%, a 0.75% increase over the previous day.
Meanwhile, experts have placed bullish bet on BTC. According to the Coinbase Chief Technology Officer Balaji Srinivasan, the impending global banking crisis could take Bitcoin to $1 million within less than 90 days.
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