The market value of cryptocurrencies is rising $38 billion in a day
The price of the “Bitcoin” currency jumped today, Saturday, to its highest level since June 11, 2022 (9 months), amid investor fears of the escalation of the banking crisis in America.
The largest cryptocurrency rose by 4.89%, to $27,452,000, during the last 24 hours, while recording weekly gains of more than 35%.
The market value of Bitcoin rose to $530.46 billion, while the market value of total cryptocurrencies rose by $38 billion in the last 24 hours to reach $1.174 trillion.
Cryptocurrency prices have recovered dramatically since late last week, with market sentiment flipping 180 degrees following US regulators backed depositors of Silicon Valley Bank and Signature Bank. This has led some investors to speculate that the Fed will be less aggressive in raising interest rates.
Although bitcoin has not traded as closely with stocks as it has for most of 2022, its price is still largely driven by macroeconomic data and some analysts expect to see a larger return from this correlation, even with special events. Driving a lot of movement in 2023.
