The crypto market has bounced back from last week’s correction as positive sentiment among traders adds to buying pressure. Bitcoin price rose more than 10% to regain the USD 30,000 psychological level, while Ethereum price seems to be regaining USD 2,000 as well.
Bitcoin is currently trading near USD 30,000. In the past 24 hours, BTC price recorded a low and a high of $27,217 and $30,004, respectively. ETH price is trading at $1,959, with a 24-hour low and high of $1,805 and $1,961, respectively.
Altcoins including BNB, XRP, Dogecoin and Shiba Inu registered an upward movement of more than 5%. While Polygon (MATIC), Cardano and Solana are up nearly 9%, the global crypto market is up 7% to $1.23 trillion in the past 24 hours.
Total crypto market volume surpassed 25% in the past 24 hours. The crypto market’s fear and greed index rose to 56, indicating the “greedy” sentiment in the crypto market.
The sudden upward momentum was driven by macro factors. The US Dollar Index (DXY) fell nearly 0.5% to 101.25, resulting in a market-wide recovery. Several pundits, such as billionaire Stanley Druckenmiller, have shorted the US dollar on weak prospects.
In addition, yields on US Treasury bonds are falling as investors worry about the debt ceiling. It could throw the world into financial turmoil.
Bitcoin recovers when banks fail
After falling nearly 50% yesterday, shares of First Republic Bank are down 11% in pre-market hours on Wednesday, April 26. The FRC share price is trading at $7.16 in pre-market hours, according to data from Yahoo Finance.
Last month, the US Federal Reserve’s balance sheet rose $400 billion as it introduced fresh money to help failing banks during the banking crisis. Bitcoin’s price soared on Fed prints and jumped over the key 200 WMA level. Investors are eyeing similar scenarios amid mounting challenges for the Biden administration.
Bitcoin Active Addresses 30D MA on-chain data indicates that BTC has broken the 18-month high and market demand has entered with the recovery phase. In addition, the UTXO value bands indicate whale accumulation.
Also Read: Court Considers Coinbase’s Lawsuit Against SEC In Insider Trading?
Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for quite some time and is currently covering all the latest updates and developments in the crypto industry.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
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