After experiencing a “storm” period, the cryptocurrency market promptly “calmed down” to regain its upward momentum and boom. Bitcoin’s price continued its rally of more than 8% this morning, approaching the $24,500 resistance level.
At 2:00 PM on March 14 (Vietnam time), data from Coinmarketcap shows that Bitcoin has increased by 8.27% in the past 24 hours, bringing the value of this digital currency to 24,268 USD.
Bitcoin trading volume also recorded a record high of 48.6 billion USD, market capitalization reached 467.9 billion.
At the same time, the virtual currency market recorded a simultaneous increase in the price of digital currencies with 98/100 gainers. ETH increased by 5.2%, BNB increased by 6%, Cardano increased by 2.8%, Doge increased by 2.4%…
Cryptocurrency market capitalization reached $1.074 billion, up 5.4%.
The cryptocurrency market has had to go through a storm caused by bad news such as the collapse of Silicon Valley Bank (SVB), Signature Bank and Silvergate. These events pushed Bitcoin down but then regained its resilience and continued to skyrocket.
Specifically, after the US government announced it would protect depositors and HSBC announced the acquisition of SVB UK branch, Bitcoin jumped 10% to hit $ 24,000 – the highest level in the past 10 days. Meanwhile, the trading volume of this coin also recorded a record high of more than 48 billion USD.
In less than 24 hours, the cryptocurrency market raked in over $70 billion to return to the $1 trillion mark.
According to experts, the volatility of the cryptocurrency market over the past week has been like a roller coaster, continuously increasing and decreasing as new information is released.
Reportedly, the collapse of both Silvergate and SVB came from their investments in US Treasury bonds depreciating when the Fed raised interest rates, so these banks were forced to sell bonds at a loss to save money. strengthen its capital position.
US officials also ordered the closure of the world’s largest virtual currency bank Signature Bank to prevent any negative contagion in the industry.
These moves have bolstered investor confidence that the government will protect depositors and help the cryptocurrency market bounce back.
As announced by the US Treasury, the Federal Reserve and the Federal Deposit Insurance Corporation, depositors at SVB or Signature will have access to all their funds as of March 13.
Similar to the US, after HSBC’s acquisition of SVB UK branch was announced, the country’s treasury also announced that “deposits of individual and corporate customers will be fully protected”.
In November 2021, the Bitcoin price reached a record high of $68,992. However, crypto prices plummet in 2022 as rising interest rates drive investors away from risky assets. In addition, many cryptocurrency exchanges, including the biggest “big man” in the FTX cryptocurrency field, collapsed, causing many customers to suffer.