The past few days have been quite troublesome for the cryptocurrency market, including Bitcoin and other cryptocurrencies. With the closure of cryptocurrency-friendly banks, including Silvergate and the Silicon Valley Bank, the ripple effects were visible throughout the market.
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The point plummeted to $19,628 amidst all the bank crash chaos while also displaying significant losses. However, Bitcoin has spiked in value over the last 24 hours and is trading at $24,427 at press time. BTC has risen by 18.44%, displaying double-digit gains during the same time period.
Bitcoin could breach $27k if the market favors
BTC is up from its 24-hour low of $20,575, while the market cap has also spiked by 18.90%. The 24-hour trading volume has also increased by 149.59%.
There has been a continuous escalation in the value of Bitcoin as well as increased buying activity. While everyone expected the market to plummet due to the repercussions of the bank crash, the cryptocurrency market has proven to be different. Even in a situation where the prices of stocks are plummeting, the cryptocurrency market is headed in a different direction.
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There has been an inflow of funds recently, as even Binance announced the revamp of its $1 billion recovery fund into Bitcoin, Ethereum, and BNB. With the current pace, BTC is likely to cross the $25,000 resistance.
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Even though some investors and traders believe that the latest spike is a mere bull trap, a few others, including Arthur Hayes, believe that the community should brace for the bull market. If BTC continues its bull run, it could possibly touch $27,000 if the whole market favors it.