{"id":522925,"date":"2023-03-14T09:08:39","date_gmt":"2023-03-14T09:08:39","guid":{"rendered":"https:\/\/wncen.com\/?p=522925"},"modified":"2023-12-13T06:37:12","modified_gmt":"2023-12-13T06:37:12","slug":"bitcoin-price-explodes-10","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-explodes-10\/","title":{"rendered":"Bitcoin Price Explodes 10% In 24 Hours With A Breach Of The $24,000 Level"},"content":{"rendered":"

The Bitcoin price has increased over the past week as a result of the escalating banking crisis in the United States and the federal government’s efforts to mitigate its effects.<\/p>\n

Bitcoin (BTC) was able to breach the $24,000 barrier on Tuesday, indicating a degree of stability in the cryptocurrency market.<\/p>\n

After falling to its lowest point since January, the value of the alpha cryptocurrency increased by 10%<\/a> during the past 24 hours, according to data from crypto market tracker Coingecko.<\/p>\n

Following the failure of three banks, the Federal Reserve has launched an emergency lending strategy to assuage public concern. Silvergate Bank, which was heavily engaged in the cryptocurrency industry, shuttered its cryptocurrency payment platform on March 3 and announced liquidation last Wednesday.<\/p>\n

Bitcoin Price Trading At $24,425<\/strong><\/h2>\n

Silicon Valley Bank<\/a> announced on Monday that it will be unable to meet its financial commitments. After a few days, federal regulators closed Signature Bank. In the midst of this, Bitcoin soared by 9%\u00a0in a single week.<\/p>\n

At the time of writing, the price of Bitcoin was trading at $24,425<\/a>, latest data shows.<\/p>\n

\"\"<\/p>\n

Source: Coingecko<\/pre>\n
<\/div>\n
Related Reading: USDC Feeling Intense Pressure Despite Fed Action To Halt SVB Contagion<\/a><\/div>\n
Bitcoin’s advance continued on Tuesday, aided by the US authorities’ decision that they would act as a lender of last resort, effectively guaranteeing all uninsured US bank accounts.<\/p>\n
Bitcoin, the largest cryptocurrency by market capitalization, has increased around 25% since last Friday. Given the downfall of SVB and Signature bank, both of which were perceived as crypto-friendly organizations, the rally is quite unexpected.<\/p>\n
How USDC Fared<\/strong><\/h2>\n
The broader market also witnessed the weakening of USDC over the weekend, with the cryptocurrency losing its anchor against the US dollar and falling below the 0.92 level on Saturday as news of the banks’ woes spread to the cryptocurrency market, before recovering its peg on Monday.<\/p>\n
Meanwhile, data from Nansen shows the quantity of USDC on exchanges has surged in recent days. The total supply on exchanges is 8% higher than it was a week ago. Incidentally, the biggest USDC deposit in the previous day was 18.3 million, a 41% rise from the previous record of 13 million.<\/p>\n
According to Oanda’s senior market analyst Edward Moya:<\/p>\n
“Bitcoin is increasing in value as financial stability concerns cause Treasury yields to plummet. In an effort to prevent another huge bank run, federal officials intervened as skepticism about traditional banking rose among some Americans.”<\/strong><\/p><\/blockquote>\n
<\/p>\n
BTCUSD breaches $24K level and currently trading at $24,389 million on the daily chart | Chart: TradingView.com<\/a><\/pre>\n
Related Reading: Conflux Blasts Off Nearly 40% In Single Day \u2013 Will CFX Soar Higher Amid Banking Crisis?<\/a><\/div>\n
Crypto Market Cap Reclaims $1 Trillion Level<\/h3>\n
\n
Bitcoin, Ether Show Signs of Recovery, Crypto Reclaims Trillion-Dollar Market Cap #TechNews<\/a><\/p>\n
\u2014 NIDE India (@nideindia) March 13, 2023<\/a><\/p><\/blockquote>\n
After a dramatic dip, the global cryptocurrency market rallied over the weekend and hit $1.02 trillion. The recent government announcement to protect all Silicon Valley Bank depositors’ funds was a crucial element that positively affected the entire cryptocurrency market.<\/p>\n
Considering the current data, it is difficult to argue against the notion that the spectacular failure of SVB and Signature bank may serve as an advertorial for the adoption of self-custody and the promotion of digital currencies\u00a0in a world where the ownership of fiat\u00a0has become somewhat outdated and, in some cases, ‘strongly discouraged.’<\/p>\n
-Featured image from Science News<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
The Bitcoin price has increased over the past week as a result of the escalating banking crisis in the United States and the federal government’s efforts to mitigate its effects. Bitcoin (BTC) was able to breach the $24,000 barrier on Tuesday, indicating a degree of stability in the cryptocurrency market. After falling to its lowest point since January, the value of the alpha cryptocurrency increased by 10% during the past 24 hours, according to data from crypto market tracker Coingecko. Following the failure of three banks, the Federal Reserve has launched an emergency lending strategy to assuage public concern. Silvergate Bank, which was heavily engaged in the cryptocurrency industry, shuttered its cryptocurrency payment platform on March 3 and announced liquidation last Wednesday. Bitcoin Price Trading At $24,425 Silicon Valley Bank announced on Monday that it will be unable to meet its financial commitments. After a few days, federal regulators closed Signature Bank. In the midst of this, Bitcoin soared by 9%\u00a0in a single week. At the time of writing, the price of Bitcoin was trading at $24,425, latest data shows. Source: Coingecko Related Reading: USDC Feeling Intense Pressure Despite Fed Action To Halt SVB Contagion Bitcoin’s advance continued on Tuesday, aided by the US authorities’ decision that they would act as a lender of last resort, effectively guaranteeing all uninsured US bank accounts. Bitcoin, the largest cryptocurrency by market capitalization, has increased around 25% since last Friday. Given the downfall of SVB and Signature bank, both of which were perceived as crypto-friendly organizations, the rally is quite unexpected. How USDC Fared The broader market also witnessed the weakening of USDC over the weekend, with the cryptocurrency losing its anchor against the US dollar and falling below the 0.92 level on Saturday as news of the banks’ woes spread to the cryptocurrency market, before recovering its peg on Monday. Meanwhile, data from Nansen shows the quantity of USDC on exchanges has surged in recent days. The total supply on exchanges is 8% higher than it was a week ago. Incidentally, the biggest USDC deposit in the previous day was 18.3 million, a 41% rise from the previous record of 13 million. According to Oanda’s senior market analyst Edward Moya: “Bitcoin is increasing in value as financial stability concerns cause Treasury yields to plummet. In an effort to prevent another huge bank run, federal officials intervened as skepticism about traditional banking rose among some Americans.” BTCUSD breaches $24K level and currently trading at $24,389 million on the daily chart | Chart: TradingView.com Related Reading: Conflux Blasts Off Nearly 40% In Single Day \u2013 Will CFX Soar Higher Amid Banking Crisis? Crypto Market Cap Reclaims $1 Trillion Level Bitcoin, Ether Show Signs of Recovery, Crypto Reclaims Trillion-Dollar Market Cap #TechNews \u2014 NIDE India (@nideindia) March 13, 2023 After a dramatic dip, the global cryptocurrency market rallied over the weekend and hit $1.02 trillion. The recent government announcement to protect all Silicon Valley Bank depositors’ funds was a crucial element that positively affected the entire cryptocurrency market. Considering the current data, it is difficult to argue against the notion that the spectacular failure of SVB and Signature bank may serve as an advertorial for the adoption of self-custody and the promotion of digital currencies\u00a0in a world where the ownership of fiat\u00a0has become somewhat outdated and, in some cases, ‘strongly discouraged.’ -Featured image from Science News<\/p>\n","protected":false},"author":557,"featured_media":522940,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[87982,428,679,1119,6664,16680],"class_list":["post-522925","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-banking-crisis","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-crypto","tag-usdc"],"acf":[],"yoast_head":"\nBitcoin Price Explodes 10% In 24 Hours, Breaches $24,000 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Explodes 10% In 24 Hours With A Breach Of The $24,000 Level","url":"http:\/\/wncen.com\/news\/bitcoin-price-explodes-10\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-explodes-10\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/a-28.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/a-28.png?fit=913%2C514"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["banking crisis","bitcoin","bitcoin price","btc","crypto","usdc"],"dateCreated":"2023-03-14T09:08:39Z","datePublished":"2023-03-14T09:08:39Z","dateModified":"2023-12-13T06:37:12Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Explodes 10% In 24 Hours With A Breach Of The $24,000 Level\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-explodes-10\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-explodes-10\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/a-28.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/a-28.png?fit=913%2C514\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"banking crisis\",\"bitcoin\",\"bitcoin price\",\"btc\",\"crypto\",\"usdc\"],\"dateCreated\":\"2023-03-14T09:08:39Z\",\"datePublished\":\"2023-03-14T09:08:39Z\",\"dateModified\":\"2023-12-13T06:37:12Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/a-28.png?fit=913%2C514","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/522925"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=522925"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/522925\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/522940"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=522925"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=522925"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=522925"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}