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After the initial shock of the SVB crisis subsides, Bitcoin price has shown signs of recovery, with BTC/USD now trending upwards and surpassing the $20,000 mark. As market sentiment improves, we can expect Bitcoin to potentially exhibit further positive price momentum.
However, it’s important to note that cryptocurrency markets are highly volatile and subject to rapid changes. Factors such as regulatory developments, market demand, and macroeconomic conditions can all impact the behavior of BTC/USD. It’s essential to closely monitor market trends and use caution when making investment decisions in the cryptocurrency space.
Bitcoin is up on March 11 as cryptocurrency markets stabilize following panic over a potential banking crisis. Data from Cointelegraph Markets Pro and TradingView shows BTC/USD climbing past $20,300 at the time of writing, the pair up 2% from the day‘s lows.
Bulls are attempting to preserve some significant trend lines as weekend trading offers a chance for increased volatility.
Crypto markets digest SVB crisis
Bitcoin, along with other cryptocurrencies, experienced a sharp decline in value after Silicon Valley Bank (SVB) and its parent company SVB Financial sent a signal similar to what happened with Silvergate Bank, causing panic across the crypto markets. The liquidity concerns stemming from SVB’s actions resulted in Bitcoin and other cryptocurrencies sliding to multi-month lows. Additionally, the contagion effect of SVB’s situation spread to other banks in the United States and abroad, adding further pressure to the overall market.
A day later, however, and the dust appears to be already settling. The initial shock of another bank failure has given way to a more sobering realization: crypto is still in its infancy, and banks are still figuring out how to interact with it. For better or worse, this latest development is just another sign of the growing pains of this new industry.