The value of Bitcoin, the largest cryptocurrency, has been steadily increasing and recently attracted more buyers at around the $28k mark. This has contributed to the overall growth of the cryptocurrency market, which now has a total market capitalization of over $1.17 trillion. This growth comes at a time when major US banks are facing challenges, leading to renewed discussions about the importance of digital currency.
Bitcoin alone has increased by 37% in the past week, and it is predicted that its value will have risen by $194 billion in 2023, representing a 66% increase. Investors are turning to alternative currencies like Bitcoin due to concerns about a potential global banking crisis. Other cryptocurrencies such as Ethereum, Dogecoin, Ripple, Litecoin, and Solana have also seen significant gains.
Cryptocurrency Market Reaches $1.17 Trillion Amid US Banking Crisis.
The cryptocurrency market has been rapidly gaining momentum, surpassing a value of $1.17 trillion. This is believed to be partly due to ongoing challenges in the US banking sector, which has underscored the importance of digital assets. As a result, more and more individuals are investing in cryptocurrencies as an alternative to traditional investment options. The growth of the cryptocurrency industry is attracting a diverse range of investors who are seeking new and innovative opportunities. Bitcoin is at the forefront of this trend and is seen as a particularly exciting investment prospect that is expected to continue attracting interest from a broad range of individuals.
US Banking Crisis May Send Bitcoin to $1M in 90 Days, Predicts Former Coinbase CTO
As is widely known, US banks have been facing challenges, resulting in a decline in their value. This came after the recent shutdown of Silvergate and the authorities’ seizure of Signature Bank and Silicon Valley Bank. In Europe, Credit Suisse was acquired by UBS Group for $2 billion to aid Switzerland in maintaining financial stability. As the financial crisis highlights the value of digital assets, more people are turning to cryptocurrencies. The ongoing financial sector crisis in the United States is also viewed as a primary driver of the cryptocurrency’s upward trend, making it more appealing than other currencies.
Former Coinbase CTO Balaji Srinivasan believes that if a global banking crisis occurs, Bitcoin’s price could reach $1 million in less than 90 days. He anticipates a hyperinflationary scenario in the United States caused by a banking crisis, which will cause Bitcoin’s value to skyrocket in the coming days. Srinivasan has even bet $2 million on his prediction of the future of the US economy and its potential impact on Bitcoin’s value. The continuous financial instability has fueled demand for Bitcoin and other cryptocurrencies as a safe-haven investment, resulting in a spike in BTC prices.
Bitcoin Price On Monday, the BTC/USD pair continued to rise, breaking through the resistance level of $27,750. If this bullish trend continues, it could potentially reach $30,700 or even higher.
However, if the support levels at $26,700 or $25,200 fail, the next support level for Bitcoin is at $23,150. Despite potential dips, the overall trend remains strong due to the formation of bullish engulfing candles.
Ethereum Price On Monday, the ETH/USD pair is showing a bullish bias, but its upward momentum is not as strong as Bitcoin. Ethereum is currently struggling to break through the $1,800 level. If the ETH/USD pair manages to surpass this level, it is likely to face immediate resistance at the $1,900 mark. Ethereum Price On Monday, the ETH/USD pair is showing a bullish bias, but its upward momentum is not as strong as Bitcoin. Ethereum is currently struggling to break through the $1,800 level. If the ETH/USD pair manages to surpass this level, it is likely to face immediate resistance at the $1,900 mark.
On the lower side, the ETH/USD pair is likely to gain immediate support at either the $1,700 or $1,620 level.
Chris