The cryptocurrency market fell on Friday as the cost of insuring Deutsche Bank’s debt increased, raising concerns about the soundness of the global banking system. Bitcoin and Ether prices were down 2% and 3%, respectively. Despite this, in March, Bitcoin is up 16%.
Investors remain cautious on news of the Deutsche Bank crisis.
Investors are watching the latest news from Deutsche Bank, which saw the cost of insuring its debt rise to its highest level in four years. Also added is the acquisition of Credit Suisse by UBS for 3.2 billion dollars and the bankruptcy of the Silvergate, Silicon Valley and Signature banks in the United States. Faced with this situation, cryptocurrency investors remain cautious.
Analysts point to a crucial point to defend the bullish structure of Bitcoin.
According to analysts at Bitcoin mining equipment and hosting provider Blockware Solutions, Bitcoin resistance formed around $28,800, where it was during a correction in the summer of 2021.
“This is quite a crucial point for the bulls to defend in order to maintain this current bullish structure,” they stated. Investors hope that Bitcoin will not fall below $25,200.
Ether prices decline after warning of possible securities violation to Coinbase.
The drop in Ether prices has led to the price of the OP token on the Layer 2 Optimism blockchain falling by 9%, from over $2.47 the day before to $2.23. The United States Securities and Exchange Commission (SEC) has issued a warning to Coinbase about a possible securities violationwhich has raised additional concerns among cryptocurrency investors.
The crypto market crash adds to concerns about the global banking system, exacerbated by the current situation at Deutsche Bank and other banks that have recently suffered problems.
Despite this, the cryptocurrency market is still very volatile and it is difficult to predict its behavior in the future.. Investors should be prepared for sudden and rapid changes in the market and be careful when investing in cryptocurrencies.
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