Bitcoin (BTC) started the day at a higher price of $30,000 due to the banking crisis, which triggered unrest in the US.
- Bitcoin (BTC) soared to the $30K price range.
- BTC’s trading volume surged over 89.5%.
For the first time in a week, Bitcoin (BTC) briefly climbed back above $30,025 before falling back. The largest cryptocurrency market cap fluctuated during New York trading hours between gains of up to 10% and losses of about 1% before settling at about $29,282.
Also, this brings to the attention of investors the volatility that has long been a big draw for many traders. According to data from Coinalyze, the open interest on Bitcoin derivatives was liquidated for about $8.1 billion during the price swings.
However, the Bitcoin price has surged more than 3% in the last 24 hours amid worries of a new banking crisis in the United States. On April 25, First Republic Bank’s shares dropped over 50%, raising concerns about the bank’s potential for government receivership.
At the time of writing, BTC traded at $29,282 with a market cap of $564 billion. And Bitcoin’s 24-hour trading volume has climbed about 89.5% to $35.2 billion. The biggest digital asset price has changed from $27,070 to $30,025 in just two days, from April 25 to 27
Further, due to the continuing banking crisis and its recovery from the prolonged bear market, Bitcoin became the world’s number one asset, as per the quarter 1 2023 report.