Following the reassuring statements made by the Federal Reserve and U.S. President Joe Biden, the price of Bitcoin rose by 20%.
Last week, there was a sudden drop in Bitcoin after two banks announced their bankruptcies in the United States. The bankruptcies led to a major market crash, and Bitcoin dropped to $19,500. The bankruptcy of Silicon Valley Bank in the U.S. and allegations that a portion of the assets of the second-largest stablecoin, USDC, were held in the bank sparked panic in the crypto industry.
However, after the announcement that the U.S. government would take over the banks, the markets bounced back. In addition, with the financial support from the Federal Reserve and supportive statements from Biden, the market heated up again.
As a result of these positive developments, USDC’s price reached $1 again, and Bitcoin rose to $24,000, experiencing a surge of up to 20%. Those who opened long positions during this period made significant profits.
After reaching $24,500, Bitcoin underwent a correction and found buyers at $24,146 at the time of writing this news. If the positive news continues to pump into the market, Bitcoin’s rise could continue.
Here’s the latest status of the top 10 cryptocurrencies:
Bitcoin – $24,178
Ethereum – $1,674
Tether (USDT) – $1
BNB – $308.5
USD Coin (USDC) – $1
XRP – $0.3727
Cardano (ADA) – $0.3447
Polygon (MATIC) – $1.18
Dogecoin – $0.07263
Binance USD (BUSD) – $1
After the recent positive developments, there has been a significant increase in the prices of Bitcoin and other cryptocurrencies. However, it’s important to note that the information provided is for informational purposes only and does not contain any investment advice. What do you think about this rise in cryptocurrency prices? Share your thoughts with us in the comments section.