Bitcoin Halts at $28,000 as Banking Crisis Spreads

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The cryptocurrency market has seen strong growth in recent years, with more than 20,000 cryptocurrencies in circulation today. However, Bitcoin price has stalled below $28,000 amid a growing banking crisis that has hit the crypto market.

Investors are worried about the lack of liquidity and regulatory uncertainty that has affected the market in recent months.

The US SEC doubles down on its cryptocurrency enforcement action.

The US Securities and Exchange Commission has continued to double down on its cryptocurrency enforcement actions and issued another advisory to investors, urging them to be cautious when investing in crypto assets.

Additionally, cryptocurrency companies have reported bank account closures without warning or explanation, suggesting that regulators are trying to remove cryptocurrency from the banking system altogether.

BTC liquidity declines after banking fears this month.

Illiquidity in crypto has worsened after banking fears this month, with the depth of the BTC market painting a “warning picture”. BTC liquidity has fallen to 10-month lows as market makers lose access to USD payment rails. US exchanges have been hardest hit due to the closure of USD payment rails and crypto banks.

Expert highlights that BTC volumes are recovering.

Despite these challenges, there is optimism in the cryptocurrency market, with BTC volumes rebounding from multi-year lows in late 2022. Investors expect liquidity to improve for a sustained uptrend in crypto, but they are also prepared for volatility in the market.

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