The last 24 hours have seen Bitcoin (BTC) and Ethereum (ETH) soar to reclaim the $22,000 mark, signaling a period of stability in the crypto market. BTC experienced a 10% surge in its value, while ETH is now trading above $1,600. The rebound in the global market cap up to $1.02 trillion was mainly due to news of the government’s protection of Silicon Valley Bank depositors.
What’s more, the weakening of the US dollar influenced the trend. The February labor data revealed a slowdown in wage growth, resulting in lowered inflationary pressures and possibly a more dovish approach from the Federal Reserve when it comes to rate hikes. This has driven investors to purchase BTC and other cryptos as a hedge against inflation.
Silicon Valley Bank and Circle Grapple With Challenges
Two major US financial institutions have faced significant issues in the crypto world. Silicon Valley Bank, which offers services to numerous cryptocurrency firms, experienced restrictions on transfers and withdrawals due to liquidity concerns. After the government announcement, account holders were granted full access to their funds.
Circle, a P2P payments technology provider, has also had its share of difficulties. Its main banking partner, Signature Bank, has been struggling, emphasizing the reliance of the stablecoin ecosystem on some centralized entities. These concerns bring to light the dangers and vulnerabilities of the cryptocurrency sector, which needs transparent laws and regulation.
BTC Price
Bitcoin has gone over the resistance level of $23,150. Its next hurdle is the $25,200 resistance level. If it breaks this, it could trigger buying pressure and potentially push its price towards the $25,50 level, or even the $25,150 mark.
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The Top 15 Cryptos to Track in 2023
Check out Industry Talk’s selection of the top 15 altcoins to watch in 2023, as prepared by Cryptonews. The list is regularly updated with the latest ICOs and altcoins, so be sure to check back often for the most recent news.
Disclaimer: The Industry Talk section features views by crypto industry players and is not part of the editorial content of Cryptonews.com.
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