Most cryptocurrencies have gained momentum over the past few days, with bitcoin price soaring above $28,000 for the first time since June 2022. The largest digital coin is up about 25% since March 8, when the first signs of trouble emerged around Silicon Valley Bank (SVB), which has since collapsed, causing an uproar among other lenders.
Most cryptocurrencies have gained momentum over the past few days, with bitcoin price soaring above $28,000 for the first time since June 2022. The largest digital coin is up about 25% since March 8, when the first signs of trouble emerged around Silicon Valley Bank (SVB), which has since collapsed, causing an uproar among other lenders.
“Bitcoin has rallied in value over the past few days on banking sector instability, higher-than-expected inflation data and renewed confidence in a dovish Federal Reserve, taking it to its highest level in about nine months. The global crypto market was valued at $1.18 trillion during this period. On Monday, major central banks took coordinated action, including the Federal Reserve, to improve market liquidity. This may also have contributed to the bullish sentiment in the market,” said Edul Patel, co-founder and CEO of Mudrex.
“Bitcoin has rallied in value over the past few days on banking sector instability, higher-than-expected inflation data and renewed confidence in a dovish Federal Reserve, taking it to its highest level in about nine months. The global crypto market was valued at $1.18 trillion during this period. On Monday, major central banks took coordinated action, including the Federal Reserve, to improve market liquidity. This may also have contributed to the bullish sentiment in the market,” said Edul Patel, co-founder and CEO of Mudrex.
The crypto market saw an upswing last week. The pump was caused by a combination of factors, including a massive short squeeze, a multi-billion dollar buy by Binance and the Fed’s response to the banking crisis, as well as news about the Ethereum update, according to experts.
The crypto market saw an upswing last week. The pump was caused by a combination of factors, including a massive short squeeze, a multi-billion dollar buy by Binance and the Fed’s response to the banking crisis, as well as news about the Ethereum update, according to experts.
“Almost $300 million in leveraged BTC short positions have been liquidated over the past week, according to block stats. This amounts to more than $300 million buying pressure for BTC. During a bear market, this is quite significant as it doesn’t take nearly as much money to drive prices up or down. Binance’s conversion of $1 billion in BUSD into BTC, ETH, BNB, and other unnamed cryptocurrencies may have contributed to the recent surge. Another reason is the official announcement of the update date of the Ethereum Shanghai hard fork (12.
“Almost $300 million in leveraged BTC short positions have been liquidated over the past week, according to block stats. This amounts to more than $300 million buying pressure for BTC. During a bear market, this is quite significant as it doesn’t take nearly as much money to drive prices up or down. Binance’s conversion of $1 billion in BUSD into BTC, ETH, BNB, and other unnamed cryptocurrencies may have contributed to the recent surge. Another reason is the official announcement of the update date of the Ethereum Shanghai hard fork (12.
“However, caution remains the order of the day as news from the banking sector can still affect market sentiment. Regulators could continue to make it difficult for banks to process crypto-related transactions, as was the case with Signature Bank. Another thing to watch is Wednesday’s Fed meeting scheduled,” said Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch.
“However, caution remains the order of the day as news from the banking sector can still affect market sentiment. Regulators could continue to make it difficult for banks to process crypto-related transactions, as was the case with Signature Bank. Another thing to watch is Wednesday’s Fed meeting scheduled,” said Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch.
(With contributions from agencies)
(With contributions from agencies)
subjects
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.