2024-02-15 15:46:04
Bitcoin is above $52,000…and the market value exceeds a trillion
The cryptocurrency Bitcoin continued its strong performance this year, recording levels not seen since late 2021, as its price rose by regarding 5% during the past 24 hours, to exceed $52.5 thousand per unit, and its market value became more than a trillion dollars.
The rise in price during the last hours caused the gains achieved for the most famous and largest cryptocurrency in terms of market value, during the last seven days, to more than 22%.
Investors’ optimism regarding the performance of the cryptocurrency Bitcoin increased following US regulators approved the launch of a group of exchange-traded funds for immediate investment in it, which made it easier for individual investors to enter the market, whose transactions and portfolios were one of the most important obstacles to dealing with.
The development also allowed for greater institutional acceptance, as a result of the speed of entry into and exit from the market, and the ability to transfer invested funds immediately and securely.
Reuters quoted the co-founder of the cryptocurrency lending platform, Anthony Trenchev, two days ago, as saying: “The price of $50,000 is an important milestone for Bitcoin following the launch of spot ETFs last month failed to spark a movement above this key psychological level.” .
Cryptocurrencies in general have benefited from the resurgent turmoil at some smaller regional banks, with a notable slowdown in the commercial real estate market, with which quite a few of these banks were focusing their business.
The fears that began to seep into the sector once more, following a similar shock that the markets witnessed during the first quarter of last year, caused depositors to search for a safe haven for their money, at a time when marketing efforts were at their strongest, to attract investors to the newly launched cryptocurrency trading funds.
New York Community Bankcorp’s shares have fallen by approximately 55% since the end of January, and its credit rating was lowered, following it announced a surprise loss in the fourth quarter of 2023, due to its loans related to the commercial real estate sector, and indicated a reduction in profitability expectations. He has it for the next period.
Industry veteran Alessandro Dinello was appointed CEO of the bank, pledging to take steps to reduce the bank’s exposure to the commercial property sector, while senior executives bought its shares to boost investor confidence.
The Federal Reserve (the US central bank) has sought in recent weeks to prevent the crisis from spreading to other banks, while announcing its intention to provide the necessary funds to banks wishing to borrow. The Central Bank called on small banks not to be shy regarding requesting assistance if necessary.
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