Uncertainty regarding banks continues to leave positive effects on the price of Bitcoin and the main cryptocurrencies, giving rise to quite risky bets on its price in the next 90 days.
- Bitcoin hovers around USD $28,000
- Former CTO of Coinbase (NASDAQ:COIN) bets it will reach USD $1 million in 90 days.
- Major altcoins also rose although capitalizing on slight losses
- Situation with banks still generates uncertainty
- There is still some volatility in the crypto market
Bitcoin hovers around USD $28,000 this March 20 A new week begins, uncertainty persists with U.S. banks and this is only synonymous with good news for Bitcoin (BTC) enthusiasts and investors, because although the main digital currency is quoted at this time at about USD $27,857 per unit, the truth is that it surpassed the barrier of USD $28,000 during this market day.
According to data reflected in our CryptoMarkets section, it can be seen that the day has been somewhat fluctuating, but perhaps the most interesting fact is that the price of Bitcoin has remained for much of the day above the barrier of USD $28,000. The lowest point of its price came shortly before midnight when it touched USD $27.242 per unit, and hours later it reached the highest peak of the day at USD $28.527 at 4:00 a.m. (New York time).
Bitcoin price evolution this March 20 This day that has had its peaks and valleys is also accompanied by a remarkable increase in the volume of trading operations capitalized by the main exchanges in the last 24 hours. The figures register an increase of 42.8%, standing at the time of edition over USD $47,668 million registered in the main exchanges.
Banking uncertainty and bold bets The rebound in the price of Bitcoin follows the steps seen last week after the cessation of operations between major banks in the U.S., which prompted the intervention of local regulators. Everything seems to indicate that the situation of financial institutions is a bit complicated at the moment, which is why the Federal Reserve (FED) has been making contributions to provide them with liquidity through certain programs designed for this type of cases.
While senior U.S. representatives insist that the banking system is robust and enjoys liquidity, fears and uncertainty have led many investors to see in the main cryptocurrencies a possible refuge from the difficult outlook for financial institutions. It is mainly for this reason that we see an upward trend in the price of Bitcoin, which has led the main cryptocurrency to reach USD $28,000 and is shaping up to go a little further.
The current outlook has made analysts and enthusiasts especially optimistic about the Bitcoin price in the medium term. Among them, the former CTO of Coinbase, Balaji Srinivasan, who made a rather bold bet that the main digital currency will reach a price of USD $1 million in the next 90 days, stands out.
Although it may seem somewhat facetious, Srinivasan is very convinced of it and even proposed to create a smart contract to diligently process the bet with the social democrat, James Medlock, who accepted the challenge after assuring that the US banking system will remain sound.
Main altcoins score downwards Although Bitcoin and the main cryptocurrencies have benefited from the current situation, when looking at the evolution in the last 24 hours the main exponents of the market score with slight declines.
Therefore, coins such as ETH, ADA, MATIC, DOGE, DOT, SHIB, LTC, AVAX and many others recorded slight drops between 3% and 6% at the time of publishing.
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