Bitcoin Jumps Above US$24,000 As Major Crypto Gains As US Backstop Serves For Banks

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Bitcoin continued to gain momentum in Tuesday morning trading in Asia after yesterday’s surge as regulators work to backstop the US banking industry. After the failures of the California-based lendera move that helped Restore parity to the USDC stablecoin. Most of the top 10 non-stablecoin cryptocurrencies posted gains. However, US stocks closed mixed on Monday, rattled by bank failures, while speculation grew that the bank’s problems could lead to the Federal Reserve halting plans to raise interest rates.

See related articles: Circle’s Disparte Says Banks Are Bringing Systemic Risk to Crypto

Some facts

  • Bitcoin is up 7.21% over the past 24-hours to $24,251 in Hong Kong at 09:00 AM. coinmarketcap data, The world’s largest cryptocurrency is up 8% over the past seven days, after erasing losses at the beginning of the month when crypto-linked bank Silvergate failed and triggered a crypto market selloff.

  • Ether gained 3.08% to US$1,673, a gain of 6.84% in the past seven days.

  • Cryptocurrency exchange Binance’s BNB token jumped 5.09% to $308.94, registering the second biggest gain among the top 10 by market capitalization and gaining 7.06% for the seven-day period. Changpeng Zhao, CEO of Binance Tweeted on Monday that will convert its US$1 billion Industry Recovery Initiative Fund from BUSD to cryptocurrencies including BNB, bitcoin and ether, providing buying support as the crypto market falters in stablecoins and banks.

  • USD Coin (USDC), the second-largest stablecoin by market capitalization, lost its peg to the US Dollar over the weekend and is back at US$0.9987, according to CoinMarketCap. USDC Issuer Circle Announces A new partnership with New Jersey-based Cross River Bank On Monday, the following Silicon Valley Bank Shutdown,

  • XRP fell 1.26% to US$0.3715 and led the losers, but was still trading up 0.73% for the week. crypto transaction tracker whale alert informed of Large XRP trading on Monday, totaling over 916 million XRP.

  • The total crypto market capitalization increased by 4.61% to USD 1.08 trillion in the last 24 hours. The total trading volume increased by 35.57% to USD 93.65 billion in the last 24 hours.

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

  • Shares of US banks were badly affected despite the assurance US regulator And President Joe Biden’s deposits are safe. First Republic, a San Francisco-headquartered bank, plunged more than 60% and was briefly suspended from trading, according to cnbc,

  • Until March came along with its banking crisis, investors’ attention was focused on what the size of the next interest rate hike from the Federal Reserve would be to slow inflation. But the bank’s problems have led to speculation that the Fed may pause this policy. Goldman Sachs said the Fed is unlikely to raise rates at its next meeting on March 22, reversing a previous for a 25 basis point hike. reuters on Monday.

  • The US February Consumer Price Index (CPI) released by the Labor Department on Tuesday is the leading inflation indicator this week. A reuters The poll projects CPI to rise 0.6% month-on-month and 6% year-on-year 6.4% For the year ending January 2023, but still well ahead of the Fed’s stated timeline Target Keeping annual inflation below 2%.

  • on analysts cme group Expect a 65.0% chance that the Fed will raise rates by 25 basis points this month. The probability of a rate hike is at 35%.

  • Interest rates in the US ranged from 4.5% to 4.75%, the highest since October 2007.

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See related articles: Circle’s USDC stablecoin has achieved parity as regulators act to contain the risk of a bank run