In the latest news, Bitcoin and Ethereum have skyrocketed in value after a surprise banking intervention. The post-mega-rallies have left investors excited about the future of cryptocurrencies, as they continue to gain popularity worldwide. This week in coins, we explore the recent price surges of Bitcoin and Ethereum, as well as their potential for further growth. With more and more investors looking to diversify their portfolios, cryptocurrencies are certainly worth keeping an eye on.
CRYPTOCURRENCY MARKET REBOUNDS WITH BITCOIN AND ETHEREUM GAINING
After enduring three straight weeks of losses, the market experienced a rebound this week with major cryptocurrencies such as Bitcoin and Ethereum gaining. Bitcoin experienced a 36% surge over the past seven days and is now trading at around $27,515 according to CoinMarketCap data. Ethereum also rose significantly, up 27% over the same period and currently trading at $1,832.
The market picked up steam after the Federal Reserve, U.S. Treasury, and FDIC announced that they would backstop all deposits at Signature and Silicon Valley Bank (SVB). Although the crypto industry didn’t emerge fully unscathed as Signature, the industry’s No. 1 and 2 most crypto-friendly banks, were shut down, and there was some uncertainty over whether the FDIC is telling prospective buyers of Signature Bank to jettison the bank’s crypto business. Despite these setbacks, the entire crypto market surged back to life, drawing investors into risk-on assets such as crypto and tech stocks.
Aside from Bitcoin and Ethereum, other cryptocurrencies posted significant gains, with Filecoin (FIL) up 33% to $6.39, Polygon (MATIC) rising 22% to $1.24, Solana (SOL) experiencing a 28% rise to $22.30, and BNB climbing 25% to $344.76.
USDC, the dollar-pegged stablecoin issued by Circle, slipped its peg last weekend and fell all the way to 87 cents after uncertainty surrounding the company’s exposure to the beleaguered banks. However, it regained stability this week in response to the bailout news and is pegged back at $1.
In summary, the market regained momentum this week with Bitcoin and Ethereum seeing significant gains. Although the crypto industry has endured some setbacks, investors remain optimistic and continue to fuel the growth of the cryptocurrency market.
Stay tuned for more updates on the cryptocurrency market and its fluctuations.