- Bitcoin is presently trading at $24,348 after surpassing the $24k mark.
- High volatility at the opening of Wall Street had been foreseen by some market participants.
U.S. bank equities saw one of their biggest collective pauses in history, Bitcoin (BTC) hit its monthly high. CMC reports that the price of bitcoin has topped $24,000 and is currently sitting at $24,348. It has increased by 18% over the past 24 hours. Also, the hourly candle on the chart’s companion is strongly bullish.
The move was eagerly anticipated because several market participants had issued warnings about potential volatility at the Wall Street open.
This turned out to be true, as the widespread dread and scepticism that had been affecting the stock prices of banks gained traction after trading started for Bitcoin and other cryptocurrencies. During the weekend, two more U.S. banks failed, with huge financial losses occurring in European banks as well as those in the United States.
On the other hand, with the exception of the banking industry, U.S. stocks were heading upward. This comes after the shocking incidents of the previous week, when American authorities moved quickly to contain the effects of Silicon Valley Bank’s demise (SVB).
Moreover, the cost of other cryptocurrencies increased along with the cost of ether and bitcoin. BNB increased by 12 percent, Cardano’s ADA increased by 14 percent, and Polygon’s MATIC increased by 9 percent. The Circle USDC stablecoin climbed by over 5%, bringing it back within striking distance of its peg to the US dollar.
