The worth of Bitcoin briefly surpassed $26,400 on March 14 round 1 p.m. UTC — representing an roughly seven-month excessive. The cryptocurrency final noticed a comparable market worth in August 2022.
Nonetheless, BTC has since fallen and is now valued at round $24,500 as of 9:30 p.m. UTC on March 14 — a worth final seen at numerous factors in February and on March 13.
It’s unclear what induced Bitcoin’s worth to abruptly fall. Nonetheless, the collapse of Silicon Valley Financial institution and the later closure of Signature Financial institution have dominated the information. Although these closures occurred days in the past, ongoing uncertainty possible continues to negatively affect investor sentiment. This has possible affected market costs in flip.
Then again, authorities restoration plans round these banks could also be one issue that has inspired traders to purchase again into the cryptocurrency market. Although as we speak’s value good points have been short-lived, the constructive information was introduced simply previous to the rally.
Bitcoin and Ethereum are down 1.6% and 1.3% over the previous hour, respectively. Bitcoin is up 8.9% over the previous week, whereas Ethereum is up 7.6%. Each are up 1.5% over the previous hour.
The crypto market in its entirety is up 0.7% over 24 hours and has a market cap of $1.12 trillion.
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