Bitcoin Stalls Below $28,000 As Banking Crisis Spills Over to Crypto Market

Bitcoin Stalls Below $28,000 As Banking Crisis Spills Over to Crypto Market
фото показано с : zycrypto.com

2023-3-24 16:56

Bitcoin continued to trade sideways Friday, seesawing in the $28,000 zone after a strong uplift last week. 

At press time, the largest cryptocurrency by market capitalization was trading at $27,762, up 4.60% in the past seven days, according to data from CoinMarketCap. Ether also exhibited weak volatility and was trading at $1,761, down roughly 0.30% in the past week. Additionally, most other cryptocurrencies witnessed mild losses apart from XRP, Cardano and Solana, up 12.56%, 4.12% and 4.11% in the past seven days, respectively.

BTCUSD Chart by TradingView

Earlier this week, Bitcoin surged as high as $28,840- a key psychological area- after the US government offered to cover depositors following the collapse of three significant cryptocurrency banks, Silicon Valley Bank, Signature, and Silvergate. However, the collapse seems to have motivated regulators to further tighten the noose around banks with crypto ties, placing the crypto market under immense pressure.

“There are troubling reports of crypto companies having their bank accounts closed, often with no notice and no explanation. They’ve struggled to open new accounts too. This disturbing trend suggests that regulators are trying to cut crypto entirely out of the banking system,” said Jake Chervinsky, Chief Policy Officer at The Blockchain Association.

The U.S. Securities and Exchange Commission (SEC) has also continued to double down its crypto enforcement actions. On Thursday, the regulator issued another notice to investors, urging them to be cautious when investing in crypto assets. 

It further noted that “proof of reserves” means nothing, hinting at further enforcement actions against crypto exchanges and stablecoin issuers. At the same time, Coinbase, the second largest crypto exchange by daily volume, also received Wells Notice from the SEC notifying it of the agency’s intention to sue for various securities violations, ZyCrypto reported.

That said, while the purge on crypto by regulators is yet to pan out as such on Bitcoin’s price, it has sapped liquidity for the pioneer crypto asset.

According to Conor Ryder, a researcher for France based on chain analysis firm Kaiko, the liquidity in crypto has been worsening after the banking fears this month, with BTC’s market depth painting a “cautionary picture.”

“BTC liquidity has dropped to 10-month lows as market makers lose access to USD payment rails”, Ryder tweeted on March 23, adding, “US exchanges have been hardest hit due to the closure of USD payment rails and crypto banks Market makers in the region facing unprecedented challenges to their operations.”

However, on a more optimistic note, the pundit highlighted that BTC volumes had at least picked up off the multi-year lows at the end of 2022. “With volumes picking up, just waiting on liquidity to improve for a sustained uptrend in crypto. Otherwise, be prepared for volatility,” he added.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 94681.06 (-0.47%)
Объем 24H $43.637b
Изменеия 24h: -2.62 %, 7d: -10.44 %
Cегодня L: $94531.99 - H: $95637.28
Капитализация $1874.673b Rank 1
Цена в час новости $ 27629.66 (242.68%)

bitcoin friday seesawing week uplift sideways zone

bitcoin friday → Результатов: 126


Bitcoin Tumbles Under $7K, More Losses Ahead if Support Fails

Bitcoin has tumbled below $7,000 on Friday, which has surprised many investors. If the current support level at $6,900 doesn’t hold, the chances are that the bearish mood will extend. Bitcoin Slips on Good Friday Most of the traditional markets are closed today in observance of Good Friday, but crypto exchanges don’t experience a significant drop in trading volumes.

2020-4-11 13:33


Фото:

Russia’s Largest Banks are building Bitcoin and Crypto Portfolios

Two of Russia’s largest banks are piloting cryptocurrency portfolios for their private clients, the Kommersant newspaper reported Friday. Sberbank, the main state-owned bank responsible for processing government employee paychecks, and Alfa Bank, the largest private bank in the nation, plan to enter crypto trading with the help of the AddCapital investment fund, the National Settlement

2018-6-18 10:31


Vatalik Buterin denies reports that the NSA created Bitcoin.

Ethereum co-founder Vitalik Buterin hit out at mainstream media Friday after an article appeared suggesting he thought the US National Security Agency (NSA) invented Bitcoin. The evidence it gathered came in the form of messages from popular forum Bitcointalk — but Buterin had written them over eight years ago in 2011. “My opinions have obviously changed

2018-6-17 23:30


Фото:

Vitalik Buterin Derides Misleading Reports Regarding the NSA’s Creation of Bitcoin

Ethereum co-founder Vitalik Buterin hit out at mainstream media Friday after an article appeared suggesting he thought the US National Security Agency (NSA) invented Bitcoin. ‘My Opinions Have Changed A Lot’ On June 15, UK tabloid publication Metro published what it described as a “discovery” that Buterin had made remarks about Bitcoin’s being created by the US National Security Agency (NSA).

2018-6-16 20:00