Bitcoin and Ethereum Surge as Banking Withdrawals Reach Ten-Year High
The crypto market is continuing to surge, with Bitcoin (BTC) and Ethereum (ETH) leading the charge. On Tuesday, Bitcoin moved closer to $25,000 as banking withdrawals rose following the collapse of Signature Bank and Silicon Valley Bank. Reports suggest that withdrawals at the likes of JPMorgan and Citibank are nearing a ten-year high. First Republic Bank has been another major firm to fall, with its stock dropping by over 60% on Monday.
Following a low of $21,918.20 in yesterday’s session, BTC/USD surged to an intraday peak of $24,851.62 earlier in the day. As a result of the surge, Bitcoin rose to its strongest point since February 21, recovering from a recent two-month low in the process.
Ethereum (ETH) also moved higher in today’s session, with prices breaking out of a key resistance point in the process. ETH/USD hit a high of $1,699.91 earlier on Tuesday, which comes less than 24 hours after hitting a low of $1,576.06. The move came as prices moved past a long-term ceiling at $1,675, hitting a three-week high in the process.
Overall, it appears that investors are increasingly turning to cryptocurrencies as a safe haven asset, with Bitcoin and Ethereum leading the charge. With banking withdrawals reaching a ten-year high, it is likely that the crypto market will continue to surge in the coming days.
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Will Ethereum climb above $1,700 in today’s session? Leave your thoughts in the comments below.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
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