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Bitcoin Jumps Above $24,000, Leading Crypto as US Takes Action to Support Banks


Bitcoin continues to gain momentum in Tuesday morning trading in Asia after rebounding yesterday as regulators act to contain the US banking sector after failures at California-based lendersa move also helped restore parity to USDC stablecoin. Most of the top 10 non-stablecoin cryptocurrencies are bullish. However, US stocks closed mixed on Monday, rocked by a bank breakdown, while speculation grew that banking problems could prompt the Federal Reserve to halt its plans to raise interest rates. .

See related posts: Circle’s Disparte Says Banks Are Bringing Systemic Risk to Cryptocurrencies

Quick Info

  • Bitcoin has increased by 7.21% in the past 24 hours to US$24,251 at 09:00 am in Hong Kong, according to CoinMarketCap data. The world’s largest cryptocurrency is up 8% over the past seven days, after erasing losses earlier this month when crypto-linked bank Silvergate failed and triggered a sell-off in the crypto market.

  • Ether is up 3.08% to $1,673, up 6.84% over the past seven days.

  • Cryptocurrency Exchange Binance’s BNB Token jumped 5.09% to US$308.94, posting the second biggest gain in the top 10 by market capitalization and a 7.06% increase in a seven-year period. day. Binance CEO Changpeng Zhao tweeted on Monday, Binance will convert its $1 billion Industrial Recovery Initiative fund from BUSD to cryptocurrencies including BNB, Bitcoin and Ether, providing buying support for the crypto market. due to fluctuations in stablecoins and banks.

  • USD Coin (USDC), the second-largest stablecoin by market cap that briefly lost its fixed value against the US dollar over the weekend, has recovered to $0.9987, according to CoinMarketCap . Circle, the issuer of USDC, announced New partnership with New Jersey-based Cross River Bank on Monday, after closing the Silicon Valley bank.

  • XRP is down 1.26% to $0.3715 and leads the pack of bears, but is still trading up 0.73% for the week. Whale Alert Cryptocurrency Transaction Tracker report a massive wave of XRP transactions on Monday, totaling more than 916 million XRP.

  • Total crypto market capitalization has increased by 4.61% in the past 24 hours to $1.08 trillion. Total trading volume over the past 24 hours increased by 35.57% to $93.65 billion.

  • US stocks closed mixed on Monday. The Dow Jones Industrial Average fell 0.28%, the S&P 500 fell 0.15% and the Nasdaq Composite added 0.45%.

  • US bank shares hit hard despite assurances from US regulatory agency and President Joe Biden that deposits are protected. First Republic, a San Francisco-based bank, fell more than 60% and was briefly suspended from trading, according to CNBC.

  • Until March came with its banking woes, investors focused on the size of the next rate hike from the Federal Reserve to slow inflation. But banking problems have fueled speculation the Fed might pause the policy. Goldman Sachs says the Fed is unlikely to raise rates at its next meeting on March 22, reversing its previous forecast for a 25-basis-point increase, according to a report from Goldman Sachs. Reuters in Monday.

  • The main inflation indicator for this week is the US consumer price index (CPI) for February, released by the Labor Department on Tuesday. ONE Reuters Polls forecast CPI to increase by 0.6% month-on-month and 6% year-on-year, down from 6.4% for the year ending January 2023, but still far ahead of the Fed statement target keep annual inflation below 2%.

  • Analysts at CME Group expect a 65.0% chance that the Fed will raise rates by 25 basis points this month. The chance of not raising interest rates is 35%.

  • Interest rates in the US are between 4.5% and 4.75%, the highest since October 2007.

See related posts: Circle’s USDC stablecoin regains parity as regulators act to hedge banking risks

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