{"id":138036,"date":"2023-04-26T11:41:42","date_gmt":"2023-04-26T11:41:42","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=138036"},"modified":"2023-04-26T13:42:09","modified_gmt":"2023-04-26T13:42:09","slug":"bitcoin-btc-marks-solid-rebound-overnight-amid-fresh-banking-crisis","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/bitcoin-btc-marks-solid-rebound-overnight-amid-fresh-banking-crisis\/","title":{"rendered":"Bitcoin (BTC) Marks Solid Rebound Overnight Amid Fresh Banking Crisis"},"content":{"rendered":"<p style=\"text-align: justify\"><strong><a href=\"https:\/\/crypto-economy.com\/what-is-bitcoin\/\" target=\"_blank\" rel=\"noopener\">Bitcoin (BTC)<\/a> witnessed a significant gain in the past 24 hours after a 5-day decline.<\/strong> Meanwhile, the cryptocurrency market was trading higher on Wednesday with altcoins leading the rally. <!--more--><\/p>\n<p style=\"text-align: justify\">Over the past 24 hours the digital assets industry posted a substantial upswing with the total crypto market cap rocketing more than 4%to 1.20 trillion. The total crypto market volume in the last 24 hours increased 17.32% to 42.28 billion.<\/p>\n<p style=\"text-align: justify\"><strong>The recent surge was led by <a href=\"https:\/\/www.firstrepublic.com\" target=\"_blank\" rel=\"noopener\">First Republic Bank&#8217;s<\/a> $100 billion deposit loss, raising banking stability concerns.<\/strong> In addition, its share price also tanked nearly 50%. The sudden fall in deposits come on the heels after United States regulators shut three major crypto friendly banks in the US.<\/p>\n<p style=\"text-align: justify\">However, on the flipside, the shuttering of Silicon Valley Bank (SVB), Signature Bank and Silvergate Capital Corp., helped the crypto market to witness a mini bull run. <strong>The banking crisis seems to have boosted investor confidence in crypto against the monopolistic traditional financial ecosystem.<\/strong> It helped to rekindle the debate on the importance of crypto and the decentralized finance (DeFi).<\/p>\n<h2>Bitcoin (BTC) Gains More Than 6%<\/h2>\n<p style=\"text-align: justify\">According to <a href=\"https:\/\/coinmarketcap.com\/\" target=\"_blank\" rel=\"noopener\">CoinMarketCap<\/a>, Bitcoin (BTC) is up 6.19% in the last 24 hours to trade at $29,058. <strong>The flagship token surged as<\/strong> <strong>investors responded favourably to the fairly optimistic Q1 earnings report from Alphabet and Microsoft.<\/strong><\/p>\n<p style=\"text-align: justify\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-138076 size-full\" src=\"https:\/\/crypto-economy.com\/wp-content\/uploads\/2023\/04\/bitcoin-6-e1682508541292.jpg\" alt=\"Bitcoin Gains More Than 6%\" width=\"825\" height=\"338\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/04\/bitcoin-6-e1682508541292.jpg 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/04\/bitcoin-6-e1682508541292-300x123.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/04\/bitcoin-6-e1682508541292-768x315.jpg 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/p>\n<p style=\"text-align: justify\">Bitcoin&#8217;s dominance also rose 0,54% over the day to 46.56%. It is likely that fresh concerns over United States bank stability has pushed the digital token over the past 24 hours. <strong>The recent rally can also be attributed to technical buying ahead of the 50-day moving average and near-term support levels<\/strong>.<\/p>\n<p style=\"text-align: justify\">Market experts suggested with a short-term buy signal triggered less than a week ago, historical trends suggest that Bitcoin (BTC) could experience a 7% gain over the next 10 days. Financial information resource Stockmoney Lizards tweeted that Bitcoin (BTC) will continue to trend up with minor pullbacks.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#Bitcoin<\/a> <\/p>\n<p>chart is easy to read. Very repetitive.<\/p>\n<p>Bear market ended in 2022. BTC will continue to trend up (with minor pullbacks). <a href=\"https:\/\/t.co\/BQrdIkQlQl\" target=\"_blank\">pic.twitter.com\/BQrdIkQlQl<\/a><\/p>\n<p>&mdash; Stockmoney Lizards (@StockmoneyL) <a href=\"https:\/\/twitter.com\/StockmoneyL\/status\/1650873759199293442?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">April 25, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify\">On the other hand, Sathvik Vishwanath, CEO at Unocoin argued Bitcoin&#8217;s rise has been driven by safe-haven demand amid fears of a banking crisis, <strong>a recovery in market conditions and a belief that the Fed&#8217;s tightening cycle is coming to an end<\/strong>.\u00a0 Another analyst, Jelle wrote,<\/p>\n<p style=\"text-align: center\"><em>&#8220;<span style=\"background-color: var(--base-3);color: var(--contrast)\">Expecting a minor dip into the area we just broke, before continuing higher. The 4h candles may look scary, but I&#8217;m not worried. 30k remains the target for this trade.&#8221;<\/span><\/em><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">A strong bounce from the lows as expected, my <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#Bitcoin<\/a> longs are printing.<\/p>\n<p>Expecting a minor dip into the area we just broke, before continuing higher.<\/p>\n<p>The 4h candles may look scary, but I&#39;m not worried.<\/p>\n<p>30k remains the target for this trade. <a href=\"https:\/\/t.co\/Bl1Px0GKvW\" target=\"_blank\">pic.twitter.com\/Bl1Px0GKvW<\/a><\/p>\n<p>&mdash; Jelle (@CryptoJelleNL) <a href=\"https:\/\/twitter.com\/CryptoJelleNL\/status\/1651132783350226945?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">April 26, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2 style=\"text-align: justify\">Altcoins Lead Market Rally<\/h2>\n<p style=\"text-align: justify\">In tandem with Bitcoin, <strong>the second largest digital asset, Ethereum (ETH) also surged 5.11% in the last 24 hours to trade at $1,915<\/strong>. Experts claimed that ETH price consolidates tightly in an overall bearish trajectory characterized by lower highs and lower lows. <strong>Despite the bearish outlook, the pressure build-up suggests ETH could break out soon.<\/strong><\/p>\n<p style=\"text-align: justify\">Similarly, Altcoins posted strong gains and were in line with the blue chips.<span style=\"font-size: inherit;background-color: var(--base-3);color: var(--contrast)\">Cardano (ADA) and Solana (SOL) skyrocketed 6.76% and 7.06% in th last 24 hours, respectively. In the same time frame, XRP, Polkadot (DOT) and Litecoin (LTC) increased in the range between 2% and 4%. Popular memecoins including Dogecoin (DOGE) and Shiba Inu (SHIB) also traded with gains.\u00a0<\/span><\/p>\n<div style=\"text-align: justify\"><\/div>\n<div style=\"text-align: justify\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) witnessed a significant gain in the past 24 hours after a 5-day decline. Meanwhile, the cryptocurrency market was trading higher on Wednesday with altcoins leading the rally.<\/p>\n","protected":false},"author":21,"featured_media":138080,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[100,70,74],"tags":[4586,4602,5536],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/138036"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=138036"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/138036\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/138080"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=138036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=138036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=138036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}