Bitcoin, Ether, And Other Cryptos Gain With Stocks Amid Global Bank Injections

Bitcoin surged close to the $25,000 mark in trading on Friday morning in Asia. Ether and the rest of the top 10 non-stablecoin cryptocurrencies also rallied as global stock markets stabilized after authorities in the US and Europe sought to provide cash support to banks a series of failures in the industry threatened to spread in the past week. BNB led crypto gainers as a US court overruled government objections and approved Binance’s $1 billion deal to buy bankrupt crypto lender Voyager.

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  • Bitcoin is up 2.75% over the past 24 hours to $24,973 as of 09:00 in Hong Kong, according to Bitcoin CoinMarketCap data. The world’s largest cryptocurrency is up 24% over the past seven days, the biggest gain among the top 10 non-stablecoin cryptocurrencies by market cap. Some commentators argue that bitcoin acted as a safe haven for investors as bank failures rocked global stock markets this week.

  • Ether is up slightly by 1.32% to $1,668, up 17% over the past seven days.

  • BNB, the native token of Binance crypto exchange, led the gainers on Friday, jumping 7.56% to $327.98. A US Judge On Wednesday, the government rejected an appeal to block a Binance US made a $1 billion bid to buy the assets of the failed Voyager platform. The token added 19.51% for the seven-day period.

  • Polygon’s Matic token surged 2.88% to $1.14, posting a weekly gain of 14.04%. Salesforce, one of the world’s largest enterprise software companies with a market cap of more than $150 billion, has partnered with Polygon Blockchain to help its customers build programs related to non-fungible tokens (NFT), according to a tweet from Polygon Labs on Thursday. selling power previously started a set of tools for customer relationship management for Web3 developers.

  • The total crypto market cap increased by 1.91% to $1.08 trillion in the last 24 hours. Total trading volume fell 25.30% to $61.92 billion over the past 24 hours.

  • US stocks closed higher on Thursday in a recovery rally. The Dow Jones Industrial Average was up 1.17%, the S&P 500 was up 1.76% and the Nasdaq Composite Index was up 2.48%.

  • The stock gains came after Credit Suisse on Thursday called it would borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank to shore up liquidity. On US side 11 US financial institutions Pumped $30 billion into First Republic Bank on Thursday after the bank’s share price fell sharply amid fears of a bank run.

  • US Treasury Secretary Janet Yellen told Congress on Thursday that the US banking system “remains sound” and “the Federal Reserve will provide additional support to the banking system with a new lending facility.”

  • On the inflation front, the US Department of Labor commented on Thursday reported a stronger-than-expected fall in jobless claims for the week ending March 11, suggesting a strong labor market, supporting views that the US Federal Reserve will hike interest rates again this month.

  • US interest rates are between 4.5% and 4.75%, the highest since October 2007. Analysts at the CME group Expect a 79.7% chance of the Fed raising rates by 25 basis points this month. The chance of no rate hike stands at 20.3%, up from 45.4% on Thursday.

  • The US consumer price index (CPI) rose 6% yoy in February, a 6.4% slowdown in January but still well above that The Fed’s goal to keep annual inflation below 2%.

  • US stock futures were trading flat to lower as of 9am in Hong Kong, with Dow Jones Industrial Average futures down 0.14%. S&P 500 futures were down 0.11%, while the Nasdaq Composite Index was flat, down 0.03%.

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