Bitcoin, Ether and other crypto gains with stocks in global cash injections to support banks

[ad_1]

Bitcoin rose Friday morning in Asia to nearly $25,000. Ether and the rest of the top 10 non-stable cryptocurrencies also rose as global stock markets stabilized following moves by US and European authorities to prop up banks with cash after a series of failures in the industry last week threatened to spread. BNB led the crypto winners as a US court overruled government objections and approved Binance’s billion-dollar deal to buy bankrupt crypto lender Voyager.

See Related Article: US and Germany Shut Down ChipMixer Over Alleged Links to US$3 Billion Crypto Laundering

Fast facts

Bitcoin is up 2.75% in the past 24 hours to hit $24,973 as of 9:00 a.m. HK, according to data from CoinMarketCap. The world’s largest cryptocurrency has jumped 24% in the past seven days, the largest gain among the top 10 non-stable cryptocurrencies by market capitalization. Some commentators say Bitcoin has acted as a safe haven for investors as bank failures rocked global stock markets this week.

Ether edged up 1.32% to trade at US$1,668, a gain of 17% over the past seven days.

BNB, the native token of crypto exchange Binance, led the winners on Friday with a 7.56% jump to US$327.98. A US court judge on Wednesday rejected the government’s appeal to block a billion-dollar bid by Binance US to buy the assets of failed platform Voyager. The token added 19.51% for the seven-day period.

The Polygons Matic token climbed 2.88% to US$1.14, recording a weekly gain of 14.04%. Salesforce, one of the world’s largest enterprise software companies with a market cap of over $150 billion, has partnered with Polygon blockchain to help customers build non-fungible token-linked programs (NFTs) ), according to a tweet from Polygon Labs on Thursday. Saleforce previously launched a suite of customer relationship management tools for Web3 developers.

The total crypto market capitalization increased by 1.91% in the past 24 hours to US$1.08 trillion. Total trading volume in the past 24 hours fell 25.30% to $61.92 billion.

US stocks closed higher in a relief rally on Thursday. The Dow Jones Industrial Average rose 1.17%, the S&P 500 rose 1.76% and the Nasdaq Composite Index jumped 2.48%.

The equity gains came after Credit Suisse said on Thursday it would borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank to bolster its liquidity. On the US side, 11 US financial institutions injected $30 billion into First Republic Bank on Thursday after the bank’s share price fell sharply on fears of a bank run.

US Treasury Secretary Janet Yellen told Congress on Thursday that the US banking system remains strong and the Federal Reserve is providing further support to the banking system with a new lending facility.

On the inflation front, the US Department of Labor on Thursday reported a drop in jobless claims in the week ending March 11 that was more than expected, indicating a strong labor market that is supporting the idea that the Federal Reserve will raise interest rates again this month. .

US interest rates are between 4.5% and 4.75%, the highest since October 2007. CME Group analysts expect a 79.7% chance that the Fed will hike rates by 25 points basic this month. The probability of no rate hike is 20.3%, down from 45.4% on Thursday.

The US consumer price index (CPI) rose 6% year on year in February, a deceleration from 6.4% in January, but still well above the Fed’s target of maintaining annual inflation below 2%.

US stock futures traded flat to fall at 9:00 a.m. in Hong Kong, with futures on the Dow Jones Industrial Average falling 0.14%. S&P 500 futures fell 0.11%, while the Nasdaq Composite Index was flat with a 0.03% decline.

See related article: Ripple executives say XRP lawsuit ruling will have little impact on global business operations

[ad_2]