Bitcoin Stays Above $29k As Investors Observe Banking Crisis

TL;DR

• Bitcoin continues to trade above $29k per coin as investors observe the ongoing banking crisis.

• The total cryptocurrency market cap currently stands at $1.2 trillion.

Bitcoin Still Hovering Above $29k

Bitcoin, the world’s leading cryptocurrency by market cap, continues to trade above the $29k level. The cryptocurrency is up by less than 1% in the last 24 hours as the market continues to consolidate.

The performance comes as investors continue to observe the banking crisis in the United States and the effect of the rate hike by the US Federal Reserve.

JPMorgan Chase completed the acquisition of the First Republic Bank earlier this week, but the banking woes in the United States continue. Two regional banks, Los Angeles-based PacWest Bancorp (PACW) and Phoenix-based Western Alliance Bank (WAL), are currently struggling.

Investors are observing the banking woes in the US and could consider cryptocurrencies as safe-haven assets. 

Bitcoin is not the only asset that is benefiting from the banking crisis. Gold hit an all-time high price of $2,080 earlier this week. 

Ether, the second-largest cryptocurrency by market cap, is also consolidating at the moment. ETH is down by less than 1% in the last 24 hours and is now trading close to the $1,900 level.