Bitcoin’s price briefly crossed $26,400 on March 14th around 1pm. This is the highest price in about seven months. Cryptocurrencies last saw comparable market values in August 2022.
However, BTC has since fallen and is valued at around $24,500 as of 9:30pm UTC on March 14th. Values last seen at various times on February and March 13th.
It is unclear what caused the value of Bitcoin to plummet. But the collapse of Silicon Valley Bank and the subsequent closure of Signature Bank dominate the news. These closures occurred a few days ago, but the ongoing uncertainty may continue to have a negative impact on investor sentiment. This probably affected the market price.
On the one hand, the government’s recovery plan for these banks may be one of the factors that prompted investors to buy back into the cryptocurrency market. Today’s price rally was short-lived, but positive news was announced just before the rally.
Bitcoin and Ethereum are down 1.6% and 1.3% respectively over the past hour. Bitcoin is up 8.9% over the past week, while Ethereum is up 7.6%. Both are up 1.5% over the past hour.
The entire crypto market is up 0.7% in 24 hours with a market cap of $1.12 trillion.
The post first appeared on CryptoSlate as Bitcoin briefly topped $26.4k and the price fell again.
