Cypher
(BTC) Bitcoin News TodayBank CrisisBitcoin TrendsBlockchainCryptocurrencyEthereum (ETH)NewsOn-chain Data / AnalysisPrice AnalysisTrading

Daily Crypto Market Update – BTC Crosses $29K Amid New U.S Banking Crisis

The crypto market has recorded $59 billion in net inflows over the last 24 hours. Its valuation now stands at $1.22 trillion. The Bitcoin and Ethereum market capitalizations also surged by 6.2% and 5.16% to $562.99 billion and $231.17 billion, respectively.

The leading ten crypto assets are all in the green as of Wednesday evening. Solana, Bitcoin, Polygon, and Bitcoin grew by over 6%.

Meanwhile, Circle’s stablecoin USDC has continued to see its market valuation drop, this time by about $189 billion. It now stands at $30.67 billion. Similarly, BUSD is down to $6.33 billion after losing roughly $103.24 million to net outflows. On the other hand, Tether’s market cap is up to $81.59 billion, following net inflows of $312 million.

Bitcoin

Cypher

BTC has again crossed the $29,000 mark, thanks to a new United States banking crisis. First Republic Bank raised concerns regarding its solvency earlier today after releasing its quarterly report revealing that it had processed withdrawals of more than $100 billion last month alone. While the development caused the bank’s shares to plummet by over 50%, BTC, on the other hand, rose by 9% to trade at $29,986 as of this writing. Despite the surge, the crypto asset is down 4.8% this week.

Bitcoin hit a daily high of $30,026 and has seen its market dominance grow to 46.7%. With the price above the 20-day exponential moving average ($29,000), the bulls may push BTC to a resistance level of $32,000.

Ethereum

ETH has surged by 5.7% to trade at $1,954. It had initially retested resistance at $1,966. Despite Wednesday’s gains, the token is still down 7.2% in the last seven days. Recent on-chain data show more ETH has been staked than withdrawn in the last few days. The growing interest in the Ethereum blockchain may cause ETH to rally to $2,000. The token is dominating 19.1% of the crypto market.

📰 Also read:  Parallel Studio Nets $35M in Funding Round Led by VanECK

Top Five Gainers

Mass Vehicle ledger: MVL is trading at $0.0054 after recording 24-hour gains of 26.6%. The little-known crypto asset is up 38% in the last thirty days. Its market cap stands at $123.59 million.

Radix: XRD now has a market valuation of $1.07 billion. It’s up 16.44% in the past day to $0.104. It is worth highlighting that the coin has posted 30-day growth of over 100%.

Render Token: RNDR is priced at $7.18 following a 24-hour increase of 9.13%. The network’s community recently approved plans to develop its burn-and-mint equilibrium model on Solana. RNDR’s market capitalization stands at $768.66 million.

Solar: Similar to Radix, SXP has posted 30-day gains of more than 100%. The token increased by 14.87% in the last 24 hours. It’s currently changing hands for $0.609 with a market cap of about $343.73 million.

Injective: INJ has been rallying since Tuesday. It has grown by 12.91% to trade at $8.151 as of this writing. The token market valuation also grew to $652.15 million.

Top Five Losers

Voyager Token: VGX becomes Wednesday’s top loser after posting 24-hour losses of 22.57% to be priced at $0.281. The decline comes a day after crypto exchange Binance.US backed away from its purchase deal with the fallen crypto lender. VGX’s market cap is down to $73.86 million.

📰 Also read:  Middle East Tensions Trigger Bitcoin and Crypto Sell-Off

TEMDAO: TEM has featured on the biggest losers list for a third straight day. The token is priced at $0.00589 after shedding 7.67% of its value. Its market cap declined to $159.67 million.

BinaryX: BNX is down 5.29% to $0.627 as of this writing. Its market valuation is now $181.28 million.

Floki Inu: After growing by over 35% yesterday, FLOKI has fallen 5.04% in the last 24 hours. It’s trading at $0.00004 with a market capitalization of $360.84 million. Binance.US listed the memecoin on Monday.

Cartesi: CTSI has declined by 2.57% in the past day. It’s priced at $0.238 with a market valuation of $173.67 million. CTSI is still up 79% in the last 30 days.


Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  Hong Kong Grants Approval for Spot Bitcoin and Ether ETFs

Cypher

Andrew Richard

Andrew is a news writer for Tokenhell, he enjoys tuning in to the daily crypto markets and writing about the latest updates and happenings.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content