Bitcoin (BTC) Surges Above $24,000 Amid US Bank Crash

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They say nothing is impossible in the crypto market and according to the latest price action of Bitcoin (BTC), it cannot be wrong to say that as the top crypto has just climbed above $24,000 despite the US bank crash saga.

in the last 24 hours, Bitcoin The price bounced back after registering a major decline last week following the Silvergate fallout. At the time of writing, BTC is currently trades above $24,000 with a trade value of $24,331.

Bitcoin rose 19% in one day

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Despite the fact that there is a reason for the price drop, BTC has continued to show an uptrend since Sunday. In the past 24 hours, top cryptos have increased their market cap by more than $50 billion, rising from Sunday morning’s market cap low of $388 billion to $456 billion.

Bitcoin (BTC) price chart on TradingView
Bitcoin price is trending sideways on the 1 hour chart. Source: on BTC/USDT

this boom comes later Bitcoin Initially exposed to negative news in the industry last week along with the rest of the crypto market. With news such as Silvergate shutting down operations and KuCoin being sued in New York, bitcoin fell below $20,000 with a local bottom of $19,736 by March 10.

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However, the top crypto quickly recovered after two days of losses. Over the past 24 hours, bitcoin has been up to 19% As its trading volume continues to rise indicating a major buying pressure. BTC trading volume has surged from a weekend low of $25 billion to a high of $60 billion in the past 24 hours.

Interestingly, the increasing buying pressure in bitcoin comes at a time when US bank crash headlines are not looking any positive. Yesterday, US regulators shut down Signature Bank, one of the crypto-friendly banks beneficial to the industry. Also, earlier today, Silicon Valley Bank, another crypto-friendly bank was reported to be acquired by HSBC for just £1.

Crypto Market Joins the Rebound

Meanwhile, bitcoin is not the only crypto in the market showing no risk for a US bank crash. Other altcoins including Ethereum (ETH)Binance Coin (BNB), Cardano (ADA), and Polygon (MATIC) also posted double-digit gains over the past 24 hours, with ADA emerging as the top gainer at 15.6% following Bitcoin’s 17% gain .

ETH and BNB are close behind with double-digit gains. Over the past 24 hours, ETH and BNB have also registered significant gains with both assets gaining 16.5% and 14.4%, respectively. At the time of writing, ETH is currently trading at $1,689, which will soon cross the $1,700 mark. On the other hand, BNB has already crossed the $300 mark and is currently trading at $313.

MATIC was also a part of the spike movement with a gain of 12.2%. The asset is still above Dogecoin (DOGE) with a market cap of $10.6 billion, while DOGE’s market cap is still above $10 billion.

Notably, among the largest cryptos by market cap, Ripple (XRP) has the lowest gain of only 7.2% in the last 24 hours with a trading price of $0.38.

Featured image from Unsplash, chart from TradingView.

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