- Bitcoin (BTC) has seen explosive growth in the past seven days.
- BTC is currently hovering around the $27,000 mark.
- Some are calling for a new bull market for cryptocurrencies.
The US banking system appears to be on the verge of collapse as several banks have reported liquidity and other issues, even though the Federal Reserve has tried to help the ailing banks.
However, with bank stocks dropping and investors panicking, Bitcoin and the rest of the cryptocurrency market are seeing a rally that some are calling the start of a new bull market.
Bitcoin (BTC) is close to $27,000
Bitcoin (BTC) It has grown significantly over the past week, despite the panic in the global financial markets over banking system issues.
BTC is currently hovering around the $27,000 mark, according to data From CoinGecko. BTC is now trading at $26,574, up 6.5% in the past 24 hours and 30% in the past week.
Bitcoin price (BTC). Source: CoinGecko.
The last time BTC traded at $27,000 was in June last year when BTC fell from $31,000 to $17,000 in a matter of days after the collapse of the Terra-Luna ecosystem.
The BTC market cap is currently $513 billion. The total market cap of the cryptocurrency market is $1.17 trillion.
Ethereum (ETH), the second largest cryptocurrency, also experienced significant growth, but not as much as BTC. ETH is currently trading at $1,712, up 3.4% on the day and 19.7% in the past week.
ETH/BTC is down 3%, the lowest since July 2022. Some believe it will drop even lower than the date Restricted ETH withdrawals – April 12th – approaching.
As bitcoin and other cryptocurrencies continue to pump, some believe that this is the beginning of a new bull market.
on the flip side
- The crypto pump could be linked to the US Federal Reserve’s bailout of regional banks. However, bank stock prices continued to decline on Friday, which indicates a lack of confidence in the current banking system.
Why should you bother
The increase in the price of BTC and other crypto assets shows that some investors are fleeing the banking system and are willing to buy alternative assets to avoid potential banking system repercussions. However, it is also possible for the current pump to be a bull trap.
Read more about a potential BTC dump:
Bitcoin dump out of the question? US government transfers $1 billion in seized Bitcoin
Read more about expected ETH Staking withdrawal time:
Ethereum developers have confirmed the date for the ETH Staking draw
