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Bitcoin price has partially recovered after falling to $27,200 on March 25th.
Bitcoin Drops Near $27,200
Bitcoin was worth $27,209 at 9:40 PM (UTC) on Friday. This decline in value represents a loss of 3.9% in 24 hours and a loss of 2.5% in 1 hour.
However, the cryptocurrency quickly started recovering its losses. At the time of writing (10:20 p.m. UTC), Bitcoin price is at $27,590, down just 2.8% in 24 hours.
Other top 10 cryptocurrencies show similar performance. Over 24 hours, Ethereum (ETH) is down 3.6%, Binance’s BNB (BNB) is down 2.4%, Ripple’s XRP (XRP) is down 5.0%, Cardano (ADA) is down 2.9%, and Dogecoin (DOGE) is down 2.9%. Down 2.2%, Lido Staked Ether (STETH) down 3.5% and Polygon (MATIC) down 2.5%.
Currently, the market cap of the entire cryptocurrency market is $1.2 trillion. This amount represents a 2.7% decrease in the last 24 hours.
What caused those losses?
Various events in the crypto sector can be responsible for these losses. Most notably, Binance experienced a glitch on his March 24th, forcing him to suspend spot trading temporarily.
Elsewhere, the Federal Reserve Board announced its decision to deny Caitlin Long’s custodian bank membership in the Federal Reserve. He said that he found that there was a “defect”. The Federal Reserve (Fed) has pulled out of banks twice this year. Long made her own comment today.
Additionally, concerns about the SEC lawsuit against Coinbase continue to loom. The company received a Wells notice on March 22 suggesting regulators could file charges.
Events in traditional markets can also affect cryptocurrency prices. Shares fell 8.53% today on concerns over German bank Deutsche Bank. While not directly related to cryptocurrencies, Deutsche Bank’s troubles follow the collapse of crypto-related banks such as Silvergate Bank, Silicon Valley Bank, and Signature Bank.
So while it’s ultimately unclear what the primary cause of Bitcoin’s losses was, negative sentiment around the news may have spilled over into the crypto market.
