Global crypto market adds 7% led by Bitcoin’s 16%, Litecoin 6% rise – XRP struggles with a 2% rally

Global crypto market adds 7% led by Bitcoin’s 16%, Litecoin 6% rise – XRP struggles with a 2% rally

  • As cracks widen in the traditional banking sector, Bitcoin and crypto show strength in seizing the moment.
  • However, analysts at Morgan Stanley believe the latest increase could be a brief squeeze rather than a fundamental shift.

The global crypto market continues to show strength, gaining a strong 7.65% for the second consecutive day in the past week. The world’s largest cryptocurrency Bitcoin (BTC) has led the rally in the crypto market, approaching the crucial $25,000 resistance.

As of press time, the Bitcoin (BTC) price is up 12.78% trading at $24,925 and a market cap of $481 billion. Just when major banks in the US have failed miserably to secure their customers’ deposits, Bitcoin is showing greater investor participation.

Considering Satoshi Nakamoto’s vision for Bitcoin to break away from the traditional banking system, Bitcoin is delivering on time.

On-chain data provider Santiment noted that Bitcoin is making a strong move, some traders have decided to take profits. It noted:

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Bitcoin has gained ground #altcoins on a big return day in the middle #SiliconValleyBank collapse and the dollar falls. 21,524 $BTC has moved back into exchanges, the largest amount since September 13, 2023. Traders are taking profits while they can.

As Bitcoin stands up to the cracks in the traditional banking system, crypto enthusiasts have begun to say that investors should “build their own bank” with Bitcoin. Popular crypto investor Michael Pompliano wrote:

Bitcoin has risen almost 18% in the last 24 hours. Very clear signal from the market that a decentralized currency that allows you to become your own bank is valued in light of recent developments.

Bitcoin’s moment to shine?

With the strong rally in Bitcoin and the broader crypto market, equity strategists at Morgan Stanley say it may be Bitcoin’s time to shine. In a client note, the strategists wrote:

Bitcoin was created as a way for anyone to hold value in a private digital wallet without needing an intermediary bank to hold the value for them or to facilitate transactions.

Our conclusion is that the Bitcoin network can operate without banks, but that bitcoin’s price, and thus its purchasing power, has been and continues to be influenced by fiat central bank policy and needs banks to facilitate flows to crypto.

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Furthermore, the strategists also wrote that the recent rally may be the result of a brief squeeze rather than a fundamental shift in trading dynamics. “Some may convert, but we think it is too early to say that this is a long-term trend. Bitcoin generally continues to trade in line with fiat money supply growth (M2). Without bitcoin being used to a significant extent as a means of payment, it will be difficult for bitcoin to deviate from its nature of trading risk assets, the strategists concluded.

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Along with Bitcoin, several altcoins have also extended their support to the crypto rally. Ethereum is up 7% for the second day in a row, while other altcoins such as Cardano (ADA), Polygon (MATIC), Solana (SOL), Dogecoin (DOGE) and Polkadot (DOT) have gained 5-6% each.

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