BTC rise: Bitcoin near $30k as total market up 7%

Bitcoin
Last updated August 9, 2023
Bitcoin
Bitcoin

The price of Bitcoin (BTC) is trading at $29,832.32 – up 9.04% at the time of writing at 530pm BST, 26 April 2023.

Meanwhile, the total global crypto market capitalisation stands at $1.23tn – a 7% rise in the past 24 hours.

Other major gains today include Ethereum (ETH) trading up 7.75% at $1,956.50, Cardano (ADA) up 9.19% at $0.4155, and Solana (SOL) rising by 9.33% to $22.76.

Elsewhere, Render Token (RNDR) rose over the past 24 hours by 35.23% to $2.42, Injective (INJ) was up 25.62% to $8.73, and Conflux (CFX) was trading at $0.3442 – an increase of 22.68%.

Banking crisis is Bitcoin’s gain?

The reasons for the BTC rally, according to some commentators, is the 50% drop in First Republic Bank (FRB) shares yesterday, 25 April, after the San Francisco-based lender detailed a slump in deposits.

Investors have withdrawn more than $100bn from the bank this year, bringing fears it will join the collapsed Silicon Valley Bank and Signature Bank.

Other analysts say that the BTC rally is coming from hopes of a Fed liquidity boost as a way to protect capital markets.

Elsewhere, leading crypto names are reacting on Twitter.

Michaël van de Poppe tweeted: “First Republic Bank, $FRC, crashing massively. Down another 34% today, and down 95% in a year. It’s the fourth bank on the brink of a collapse in a matter of time and many will follow.”

About Author

Joanna

About Author

Joanna

Joanna

Contributor
Jo is an experienced Head of News with an eye for spotting the latest key trends in the market and jumping on them.
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