März 26, 2023

Bitcoin Recovers After 4% Drop, Nears $27.2K

• Bitcoin prices dropped to nearly $27,200 on Thursday before making a partial recovery.
• The crypto market in its entirety currently has a market cap of $1.2 trillion, representing a decline of 2.7% over the past 24 hours.
• Various events in the crypto sector as well as news from traditional markets may be responsible for these losses.

Bitcoin Price Drops

The price of Bitcoin fell to close $27,200 on March 25 before making a partial recovery. Bitcoin was valued at $27,209 at 9:40 p.m. UTC on Friday, representing a loss of 3.9% over 24 hours and a loss of 2.5% over one hour. Other top ten cryptocurrencies have performed similarly with Ethereum (ETH) down 3.6%, Binance’s BNB (BNB) down 2.4%, Ripple’s XRP (XRP) down 5%, Cardano (ADA) down 2.9%, Dogecoin (DOGE) down 2.2%, Lido Staked Ether (STETH) down 3.5%, and Polygon (MATIC) down 2%. The crypto market had an overall market cap of $1.2 trillion, representing a decline of 2.7% over the past 24 hours prior to the partial recovery experienced by Bitcoin and other cryptos..

Possible Causes

Various events in the crypto sector may be responsible for those losses including Binance experiencing a glitch which briefly forced it to halt spot trading and concerns around an SEC lawsuit against Coinbase receiving a Wells notice suggesting the regulator may file charges against them soon.. Additionally, concerns around traditional banking institutions such as German financial institution Deutsche Bank causing shares to fall 8% today could have had an impact as well due to fear that similar collapses seen in other crypto related banks such as Silvergate Bank, Silicon Valley Bank and Signature Bank could repeat themselves elsewhere too..

Custodia Bank Rejected By Federal Reserve

The Federal Reserve published their decision to reject Caitlin Long’s Custodia Bank from becoming part of their system due to “significant deficiencies” found within their risk management and controls – this is not the first time they’ve declined her application either given that this is already her third attempt this year..

Market Sentiment Impacted Negatively

Several news events may have impacted investor sentiment negatively leading up these drops seen in cryptocurrency prices and values..

Partial Recovery

The cryptocurrency quickly began to recover its losses after dropping near $27,200 with prices now estimated at about $27,590 at 10:20 p.m UTC – just suffering losses at about 2-3%. This marks only slight decreases compared to previous days when much larger falls were witnessed throughout various cryptos..

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