Bitcoin Trades Near $28K Despite Banking Crisis
By Laxmikant Khanvilkar
Bitcoin price has managed to pull itself away from the narrative of being correlated to the United States stock market and macroeconomic conditions. The biggest cryptocurrency in the world has been rallying for more than a week now despite the ongoing banking crisis in the country, which is close to bringing down another bank.
The worsening banking conditions seem to be preparing its next victim in the form of First Republic Bank. After Silvergate bank, Silicon Valley Bank and Signature bank, First Republic Bank might become the fourth bank to collapse if the present conditions sustain.
The commercial bank took a hit at the beginning of the month but has since not been able to stabilize itself. This has led to the bank losing nearly 90% of its value in the span of 15 days. Most of the damage came from the last week alone, as First Republic Bank’s ticker FRC noted a 75.49% drop, bringing the share price to $12.08 at the cut off time for this bulletin.
Consequently, concerns about the Federal Open Market Committee (FOMC) meeting have risen. While many are still optimistic about 25 basis points (bps) hike over the earlier estimates of a 50 bps hike, some others are of the opinion that the Fed should refrain from raising rates at all for now. According to Goldman Sachs (GS), the Fed should pause its rate hiking streak that began last year. The bank stated that the fight against inflation could wait for another six weeks.
Bitcoin price stood at $27,850, falling by 1.35% in the last 24 hours. Ether was changing hands at $1747, falling by over 3% in the similar time span.
3verse’s IC 15 Index was trading at 37285 points down by 1.95%.
The global crypto market cap is $1.16T, a 1.83% decrease over the last day. The total crypto market volume over the last 24 hours is $77.84 Bn, which makes a 19.26% increase. The total volume in DeFi is currently $6.63B, 8.52% of the total crypto market 24-hour volume. The volume of all stable coins is now $69.74B, which is 89.59% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 46.59%, an increase of 0.56% over the day.
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