At around 1:00 pm UTC on March 14, the price of bitcoin briefly surpassed $26,400 — a new high in roughly seven months. The last time the cryptocurrency had a comparable market capitalization was in August 2022.
However, BTC has since fallen, and as of 9:30 PM UTC on March 14, BTC was valued at around $24,500 — a value last seen at various points in February and March 13.
It’s unclear what caused the sudden drop in bitcoin’s value. However, the collapse of Silicon Valley Bank and later Signature Bank dominated the headlines. Although these closures occurred a few days ago, the ongoing uncertainty is likely to continue to negatively impact investor sentiment. This may have in turn affected market prices.
On the other hand, government recovery plans surrounding these banks could be a factor encouraging investors to buy back into the cryptocurrency market. Although today’s price gains were short-lived, the positive news was announced before the rally.
Bitcoin and Ethereum are down 1.6% and 1.3%, respectively, over the past hour. Bitcoin is up 8.9 percent over the past week, while ethereum is up 7.6 percent. Both are up 1.5% in the past hour.
The overall cryptocurrency market is up 0.7 percent in 24 hours, with a market capitalization of $1.12 trillion.
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