Bitcoin (BTC), the world’s largest cryptocurrency, has gained popularity and experienced a spike in recent days, surging above $28,000, up 22 percent this month and up 65 percent since the beginning of the year. Is. During this, Ethereum (ETH)The second largest cryptocurrency has been strongly bid around the $1,750 mark.
However, the reason for their winning streak may be linked to the ongoing US banking crisis, which has prompted some customers to lose faith in traditional banks and turn to crypto trading instead. This is evidenced by the strong price rally of bitcoin.
It is worth noting that nearly $100 billion was withdrawn from deposits in the week ending March 15.
Despite this, the cryptocurrency market has maintained a value of over $1.16 trillion and remains an attractive investment option.
Customers Are Turning to Bitcoin Due to the US Banking Crisis
The ongoing US banking crisis has caused many customers to lose faith in traditional banks and turn to crypto trading instead. Significantly, US bank deposits fell significantly between March 8 and March 15 due to concerns of a banking collapse.
Meanwhile, bitcoin is up 35% over the past two weeks, reaching a high of $28k. This indicates that consumers are moving their savings from banks to cryptocurrencies.
Bitcoin: The Emerging Alternative to the US Dollar
However, the rise in BTC price is because many Americans, including institutional investors, have been buying bitcoin in large quantities recently, believing that bitcoin will eventually replace the US dollar as the world’s reserve currency.
This can be attributed to the fact that the dollar depreciates in times of financial crisis. Therefore, bitcoin seems to be a popular option for investors when things are uncertain.
Global Banking Sector in the Spotlight: Traders and Authorities on the Alert
Going forward, traders and officials are watching the global banking sector carefully after the sudden collapse and rescue of two US lenders swiss bank credit suisse, This has prompted concern, resulting in a decline in global financial equities. Despite assurances from officials, investors remain cautious, and the Fed is closely monitoring the situation.
The broad-based US dollar managed to recover some of its ground on Monday, reflecting investor confidence in the currency.
Meanwhile, the price of bitcoin remains unaffected by changes in the traditional financial system. The price of bitcoin continues to rise as investors seek the safe-haven asset.
Core PCE Price Index: A Leading Inflation Indicator for Investors and the Fed
Going forward, the crypto market could be affected by the upcoming risk factors as there is not much on the economic calendar.
Investors will pay special attention to this Core Personal Consumption Expenditure (PCE) The price index, which is the Federal Reserve’s preferred inflation indicator. If the inflation data is strong, then the US dollar may bounce back.
bitcoin price
The current price of bitcoin is $27,800, with a 24-hour trading volume of $14.3 billion. Bitcoin has gained 1.5% in the last 24 hours.
According to the technical analysis, the BTC/USD pair is currently displaying a bullish trend. However, it may face some resistance near the $28,950 level.
If bitcoin manages to overcome the $28,950 resistance, it could potentially increase its value to $29,200 or even $30,700.
However, if a bearish trendline emerges, the $26,600 and $25,200 support levels are expected to be a key support.
ethereum price
Currently, the live Ethereum price is $1,760 with a 24-hour trading volume of $7.1B. Ethereum has registered a gain of 1% in the last 24 hours. Currently, Ethereum is struggling to overcome the $1,800 resistance and is continuously trading near the $1,700 support area.
If the ETH/USD pair successfully overcomes the $1,800 level, it is expected to face resistance at the $1,900 mark.
It is estimated that support for the ETH/USD pair will be found at $1,700 or $1,620.
Top 15 Cryptocurrencies to Watch in 2023
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