- The price of BTC surpassed the $24k level and is now trading at $24,348.
- Several market players had warned of high volatility at the Wall Street open.
Bitcoin (BTC) reached its monthly high on March 13 when U.S. bank equities saw one of the greatest collective stops in their history. According to CMC, the price of BTC surpassed the $24k level and is now trading at $24,348. In the last 24 hours, it is up by 18%. Moreover, the hourly candle on the accompanying chart is quite positive.
Several market players had warned of high volatility at the Wall Street open, so the move was keenly anticipated.
This proved accurate, as Bitcoin and other cryptocurrencies gained ground once trading began on account of the widespread fear and doubt that had been plaguing the stock prices of banks. Two more U.S. banks went down over the weekend, and the effects were felt not just in the United States but also in Europe, where banks took significant hits.
On the other hand, U.S. equities were trending upward, with the exception of the banking sector. This follows the dramatic events of the previous week when U.S. authorities acted swiftly to mitigate the fallout from the collapse of Silicon Valley Bank (SVB).
Moreover, the price of bitcoin and ether rose, and so did the price of several altcoins. There was a 12 percent spike in Binance’s BNB, a 14 percent rise in Cardano’s ADA, and a 9 percent increase in Polygon’s MATIC. The USDC stablecoin issued by Circle increased by almost 5%, bringing it back within striking distance of its U.S. dollar peg.