Is the Banking Crisis Good for Bitcoin?
Bitcoin (BTC) markets posted modest gains at the beginning of the March 29 trading session as traders sought stability above $28,000, a psychological support andresistance level. The ups downs bitcoin month CoiMarketCap. "Today's Cryptocurrency Prices by Market Cap." Divide Bitcoin's marketcap by the total market cap, multiply by 100.
Why bitcoin is down today
Several factors play a role in whether or not crypto will recover this year, including but not limited to: The ups and downs of bitcoin Cryptocurrency is a relatively new medium of exchange that’s gained popularity in the past decade. Crypto cheerleaders think the future of finance is cryptocurrency rather than stocks and conventional forms of currency, while others believe that the unregulated nature of cryptocurrency makes it too risky to support a full-fledged financial system. Cryptocurrencies lack government backing, and how much the market will bear determines their value.
Read & Listen
From 8 to 12 March 2020, the price of Bitcoin fell by 30 percent from $8,901 to $6,206. By October 2020, Bitcoin was worth approximately $13,200. Product Update: BitPay Send While the correlation figure shows the prices were more likely in sync, Bitcoin prices do not follow equity markets, rather macroeconomic forces have the same bearing on Bitcoin as on other markets, experts told Coindesk. If the Federal Reserve continues on its path of monetary tightening, Bitcoin is unlikely to be spared.