Bitcoin recovers US$43,000 amid fears over US regional banks

Bitcoin recovers US$43,000 amid fears over US regional banks
Bitcoin recovers US$43,000 amid fears over US regional banks
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Bitcoin (BTC) and the main cryptocurrencies operate higher this Friday morning (2) amid fears about regional banks in the United States.

Yesterday, shares of some financial institutions in the country fell for the 2nd day in a row. New York Community Bancorp shares plummeted 46% on Wednesday (31) after reporting an unexpected loss.

During the problems in the North American banking sector in early 2023, Bitcoin jumped from US$20,000 to US$30,000, being seen by some analysts as a “safe haven”.

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At around 8am today, the market’s main cryptocurrency is trading at US$43,043, up +2.10% in the last 24 hours. In the accumulated result for the week, the digital asset delivers gains of +7%.

“Whatever the reason for Bitcoin’s ‘risk off’ behavior yesterday, it highlights the fascinating but confusing duality of the BTC market – sometimes it is a macro risk asset, sometimes it is hedge (protection) against macro risk,” wrote Noelle Acheson, author of the newsletter Crypto Is Macro Now.

Despite the advance, the cryptocurrency remains far from the US$49,000 reached in the second week of January after the approval of the first batch of US BTC spot ETFs (index funds).

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Altcoins and NY

Ethereum (ETH) is trading up +1.90% this morning at $2,307. In a note released this week, the Standard Chartered Bank said the cryptocurrency could double in price with the approval of an Ether spot ETF in the US. The expectation is that the product will be released in May.

Among the smaller cryptocurrencies, highlights include Pyth Network (PYTH), up +24.50%, and Chainlink (LINK), up +15.20%. Jupiter (JUP), a token from a platform linked to the Solana (SOL) ecosystem, also recovered part of yesterday’s losses.

On Wall Street, US futures indexes operate higher after the release of big techs’ balance sheets. Investors are also waiting for payroll changes (payroll) of the US, which will provide details on the job market temperature.

Check out the performance of the main cryptocurrencies at 8am:

Cryptocurrency Price Variation in the last 24 hours
Bitcoin (BTC) $43,043 +2.10%
Ethereum (ETH) $2,307 +1.90%
BNB Chain (BNB) $302 +1.30%
Solana (SUN) $100 +5.20%
XRP (XRP) $0.5033 +1.60%

Source: CoinGecko

The cryptocurrencies with the biggest gains in the last 24 hours:

Cryptocurrency Price Variation in the last 24 hours
Pyth Network (PYTH) $0.5035 +24.50%
Chainlink (LINK) $17 +15.20%
Immutable (IMX) $2.20 +11.30%
Jupiter (JUP) $0.6265 +9.40%
Internet Computer (ICP) $12.63 +8.20%

Source: CoinGecko

The cryptocurrencies with the biggest drops in the last 24 hours:

Cryptocurrency Price Variation in the last 24 hours
SATS (Ordinals) $0.064576 -8.20%
ORDI (ORDI) US$56.21 -5.60%
ApeCoin (APE) $1.42 -4.70%
Manta Network (MANTA) $2.98 -3.00%
Conflux (CFX) $0.2064 -2.20%

Source: CoinGecko

Check out how cryptocurrency ETFs closed in the last trading session:

ETF Price Variation
Hashdex NCI (HASH11) BRL 33.29 -0.03%
BTCN Hashdex (BITH11) R$ 49.90 +0.80%
Hashdex Ethereum (ETHE11) R$ 33.21 -1.39%
Hashdex DeFi (DEFI11) R$ 24.88 -1.26%
Hashdex Smart Contract Platform FI (WEB311) R$ 26.10 -4.07%
Hasdex Crypto Metaverse (META11) R$ 29.51 +0.03%
QR Bitcoin (QBTC11) R$ 13.26 -0.22%
QR Ether (QETH11) R$ 8.00 -2.43%
QR DeFi (QDFI11) R$ 3.48 +0.86%
Crypto20 EMPCI (CRPT11) R$ 9.30 -2.31%
I invest in NFTSCI (NFTS11) R$ 11.00 +5.76%
I invest in BLOKCI (BLOK11) R$ 139.19 -3.87%

The article is in Portuguese

Tags: Bitcoin recovers US43000 fears regional banks

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