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%.