Bitcoin on Monday, March 13, seemed to be back on the profit-trail after it managed to reel in profits of nine percent to its recently dipped value. The value of Bitcoin climbed to the mark of $22,245 (roughly Rs. 18.2 lakh) over the weekend, after it had dipped to $19,978 (roughly Rs. 16.3 lakh) on March 10 in the backdrop of the Silvergate Bank shutdown last week. The oldest, most expensive cryptocurrency has shown signs of recovery on national as well as international exchanges.
The market movement of Bitcoin often sets the course for Ether, the second-most expensive cryptocurrency after BTC. On Monday, ETH rose by 8.24 percent to trade at $1,589 (roughly Rs. 1.30 lakh), as per the crypto price tracker by Gadgets 360. In the last two days, ETH has managed to bag $175 (roughly Rs. 14,330) pricewise.
“Most cryptocurrencies rose in the past 24 hours following a report on the U.S. government planning to protect all Silicon Valley Bank (SVB) depositors. The bank collapsed last week after a $42 billion bank run. The decline of this bank could be attributed to Silvergate's shutdown. The news of Federal Regulators saying all depositors in SVB will have access to all funds has relieved investors and traders to a great extent,” Edul Patel, the CEO-Co-Founder of Mudrex told Gadgets 360, explaining the reason behind the market's resurgence.
Most altcoins rallied with gains following Bitcoin and Ether.
These include Binance Coin, Cardano, Polygon, Solana, and Polkadot, Tron, and Litecoin.
Dogecoin and Shiba Inu — both the memecoins minted profits as well.
The valuation of the global crypto market rose by a significant 7.84 percent over the weekend. The market cap, that stood at $930 billion (roughly Rs. 76,39,468 crore) as of Friday last week, presently stands at $1.03 trillion (roughly Rs. 84,07,967 crore).
Stablecoins on Monday, did however, show distorted movements. While USD Coin and Ripple recorded profits, Binance USD and Tether settled with losses.
Circuits of Value, Dogefi, and Bitcoin Hedge joined Husky, Nano Dogecoin, and Doge Killer on the loss-side of the crypto charts.
“The upcoming interest rate hikes by the Fed is expected to be modest after the US labour data for February revealed a slow wage growth. This weakened the value of the US dollar and led to the temporary increase in crypto prices,” Rajagopal Menon, Vice President of India's WazirX crypto exchange told Gadgets 360. “The rising popularity of Bitcoin Ordinals, which are digital assets inscribed on Satoshis, over the last few weeks may have also contributed to the price increase of BTC.”
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