BitcoinThe world’s largest cryptocurrency, the world’s largest cryptocurrency, continued its upward rally and attracted more bids around the $28k mark as the total cryptocurrency market capitalization crossed $1.17 trillion, indicating positive momentum in the crypto market and BTC gains. contributes to.
The trend is facing challenges with some major US banks, which has renewed discussion about the importance of digital currency.
Just like that, Ethereum It maintained a bullish trend and was trading well above the $1,800 level. Other cryptocurrencies such as Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC) and Solana (SOL) have also seen significant gains.
It is worth mentioning that the world’s most popular cryptocurrency bitcoin has increased by 37% in the last week.
This suggests that the value of bitcoin would have climbed to $194 billion in 2023, or an increase of 66%.
But, growing fears of a worldwide banking crisis prompted investors to seek alternative forms of currency, such as bitcoin, to preserve their holdings.
Cryptocurrency Market Reaches $1.17 Trillion Amid US Banking Crisis
The global cryptocurrency market is gaining momentum and has crossed the $1.17 trillion milestone. The ongoing banking sector crisis in the United States is cited as one of the primary reasons for the upward movement of cryptocurrencies, as it highlights the importance of digital assets.
More people are turning to cryptocurrencies for their investment needs.
The growing global cryptocurrency industry is attracting investors looking for alternative investment opportunities.
The recent crisis in the banking sector has highlighted the value of digital assets, and bitcoin is headed in this direction, making it an innovative and exciting investment prospect that is expected to attract more people.
US Banking Crisis Could Send Bitcoin To $1M In 90 Days, Predicts Former Coinbase CTO
As is widely known, US banks are facing challenges, which have resulted in a decline in their value. This comes after the recent closure of Silvergate and the seizure by the authorities of Signature Bank and Silicon Valley Bank. In Europe, Credit Suisse was acquired by UBS Group for $2 billion to help Switzerland maintain financial stability.
More people are turning to cryptocurrencies as the financial crisis highlights the value of digital assets. The ongoing financial sector crisis in the United States is also seen as a primary driver of the cryptocurrency’s upward trend, making it more attractive than other currencies.
Former Coinbase CTO Balaji Srinivasan believes that if a global banking crisis occurs, the price of bitcoin could reach $1 million in less than 90 days. He anticipates a hyperinflationary scenario in the United States due to the banking crisis, which will cause the value of bitcoin to skyrocket in the coming days.
Srinivasan also bet $2 million on his prediction of the future of the US economy and its potential impact on the value of bitcoin. Continued financial volatility has fueled the demand for bitcoin and other cryptocurrencies as safe investments, resulting in an increase in BTC prices.
bitcoin price
on monday the BTC/USD The pair continued to rise, breaking the $27,750 resistance. If this bullish trend continues, it could potentially reach $30,700 or even higher.
However, if the support at $26,700 or $25,200 fails, the next level of support for bitcoin lies at $23,150. Despite the potential downside, the overall trend remains bullish due to the formation of bullish engulfing candles.
ethereum price
On Monday, the ETH/USD pair is showing a bullish bias, but its upward momentum is not as strong as that of bitcoin. Ethereum is currently struggling to break the $1,800 level. If the ETH/USD pair manages to surpass this level, it may face immediate resistance at the $1,900 mark.
On the downside, the ETH/USD pair is likely to find immediate support near the $1,700 or $1,620 levels.
Top 15 Cryptocurrencies to Watch in 2023
Check out Cryptonews’ Industry Talk team’s curated list of the top 15 altcoins to watch in 2023. The list is frequently updated with new ICO projects and altcoins, so be sure to check back often for the latest updates.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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