Bitcoin (BTC) Nears $27,000
• Bitcoin (BTC) has seen huge growth in the last seven days, with BTC currently hovering around the $27,000 mark.
• Some are calling for a new crypto bull market as banking stocks plunge and investors panic.
• Ethereum (ETH), the second largest cryptocurrency, has also seen significant growth, though not as much as BTC.
Growing Bull Market
Bitcoin (BTC) has grown tremendously over the past week, despite the panic in the global financial markets over banking system issues. BTC is currently trading at $26,574, up 6.5% in the past 24 hours and a staggering 30% in the past week. Ethereum (ETH), the second largest cryptocurrency, has also seen significant growth, though not as much as BTC. ETH is currently trading at $1,712, up 3.4% on the day and 19.7% in the past week. As BTC and other cryptocurrencies continue to pump some believe this is the beginning of a new bull market.
Federal Reserve Intervention
The banking system in U.S seems to be on verge of collapsing as multiple banks announce having liquidity issues and other concerns; even though Federal Reserve have tried to help struggling banks but still investors are panicking which led to bullish trend for crypto market despite global economic crisis situation .
Bitcoin’s market capitalization currently stands at $513 billion while total market capitalization of cryptocurrency is $1.17 trillion . The last time BTC traded at $27000 was June last year when it fell from 31000 to 17000 USD following implosion of Terra-Luna ecosystem . ETH/BTC is down 3%, lowest since July 2022 , some believe that it will go further down before finding its bottom .