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.
Bitcoin (BTC) Price Chart (Source: CoinGecko)
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.