Bitcoin back above US$28,000 as U.S. Treasury eases bank worries

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Bit­coin bounced back above US$28,000 on Fri­day morn­ing in Asia amid a rebound in all top 10 non-sta­ble­coin cryp­tocur­ren­cies and gains in equi­ties overnight. The mar­ket shrugged off the lat­est warn­ings from U.S. reg­u­la­tors to cryp­to plat­forms. Lite­coin led the gains. U.S equi­ties rose on Thurs­day after Trea­sury Sec­re­tary Janet Yellen said she would take “addi­tion­al actions” to pro­tect cus­tomer deposits if nec­es­sary, fol­low­ing a raft of bank fail­ures this month.

See relat­ed arti­cle: Ter­ra-Luna co-founder Do Kwon report­ed­ly arrest­ed in Montenegro

Fast facts

  • Bit­coin rose 3.19% to US$28,225 in the 24 hours to 09:00 a.m. in Hong Kong, gain­ing 13.02% for the week, accord­ing to Coin­Mar­ket­Cap data. The world’s largest cryp­tocur­ren­cy has surged 70% so far this year.
  • How­ev­er, U.S. dol­lar to Bit­coin liq­uid­i­ty is wors­en­ing due to the shut­down of cryp­to-friend­ly banks such as Sil­ver­gate Bank and Sig­na­ture Bank this month that reduced access to U.S. dol­lar pay­ment ser­vices. Bit­coin liq­uid­i­ty fell to a 10-month-low in March, accord­ing to a tweet by cryp­to data plat­form Kaiko on Friday.
  • Ether climbed 4.12% to US$1,811, a week­ly gain of 8.54%.
  • Lite­coin was the biggest win­ner for the past 24 hours, gain­ing 7.07% to US$92.86 and up 18.09% for the week. The next halv­ing event of the token is sched­uled in August this year and pre­vi­ous halv­ings have tend­ed to be pre­ced­ed by price gains.
  • The U.S. SEC issued an investor alert on Thurs­day to advise cau­tion about the risks in “cryp­to asset secu­ri­ties,” stat­ing that some providers of cryp­to invest­ment ser­vices are not com­ply­ing with fed­er­al secu­ri­ties laws, adding to the esca­lat­ing con­flict between U.S. reg­u­la­tors and cryp­to firms.
  • The total cryp­to mar­ket cap­i­tal­iza­tion rose 3.36% in the past 24 hours to US$1.19 tril­lion. Total trad­ing vol­ume over the last 24 hours dropped 19.78%% to US$55.26 billion.
  • In the non-fun­gi­ble token (NFT) mar­ket, the Forkast 500 NFT index edged up 0.21% to 4,120.05 points as of 09:30 a.m. in Hong Kong. The index is a proxy mea­sure of the per­for­mance of the glob­al NFT mar­ket and includes 500 eli­gi­ble smart con­tracts on any giv­en day. It is man­aged by Forkast sis­ter com­pa­ny, Cryp­toSlam
  • U.S. equi­ties closed high­er on Thurs­day. The Dow Jones Indus­tri­al Aver­age edged up 0.23%, the S&P 500 gained 0.30%, and the Nas­daq Com­pos­ite Index gained 1.01%. 
  • The rebound in equi­ties fol­lowed Janet Yellen’s Thurs­day tes­ti­mo­ny to the U.S. Con­gress, reaf­firm­ing that the Trea­sury would take addi­tion­al actions to secure bank deposits if nec­es­sary. This a day after she backed away from offer­ing a blan­ket back­stop for trou­bled banks.
  • On the infla­tion front, after the Fed­er­al Reserve’s 25-basis-point rate hike on Wednes­day, Fed Chair Jerome Pow­ell said at a press con­fer­ence that the Fed’s goal to bring annu­al infla­tion to the 2% range remains firm, and inter­est rates will be raised as need­ed to achieve this.
  • The Fed’s next meet­ing on inter­est rate is May 3. Ana­lysts at the CME Group expect a 65.8% chance the Fed will keep the rates at 4.75% to 5%. The chance of anoth­er 25 basis-point hike is at 34.2%, down from 49.4% on Wednesday.
  • Ahead of the open­ing of U.S. equi­ty mar­kets on Thurs­day, stock futures inched high­er as of 9:00 a.m. in Hong Kong. Dow Jones Indus­tri­al Aver­age futures moved up 0.06%. S&P 500 futures gained 0.08%. The Nas­daq Com­pos­ite Index edged up 0.01%.

See relat­ed arti­cle: South Korea arrests for­mer Coinone exchange offi­cial for alleged cryp­to-list­ing bribery



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