Bitcoin price has been hovering above its highest level since June 2022 over the past few hours. The largest cryptocurrency by market cap has jumped by 28.30% in the past week, while its year-to-date price inches higher to 70.63%. Bitcoin’s total market cap has increased by 4.77% over the last 24 hours to $547.7 billion, while the total volume of the coin traded rose by 50%.

BTC Skyrockets

Bitcoin price was rallying on Monday as most altcoins slumped, led by the largest altcoin by market cap, Ethereum. The global crypto market cap has increased 2.49% over the last day to $1.18 trillion, while the total crypto market volume jumped 34.88%. Bitcoin’s dominance inched 0.98% over the past 24 hours to 46.34%, its highest level since June 2022.

The recent global banking crisis in which three major banks in the US were closed within days has pushed the BTC price higher. Silvergate Capital, Signature Bank, and Silicon Valley Bank recently disclosed operational difficulties, prompting regulators to shut them down.

Switzerland’s largest banking institution, UBS, announced on Sunday that it had entered a merger deal with its embattled rival Credit Suisse. UBS announced that it would buy its rival for $3.25 billion, with Swiss regulators playing a key role in the ideal. According to the Swiss National Bank, the merger will secure financial stability and protect the Swiss economy.

Bitcoin reacted positively to the news, cruising…

Bitcoin price was trading in the red on Friday, breaking out of the $22,000 level and slipping below the crucial level of $20,000. The largest cryptocurrency in the world fell to a two-month low on Thursday amid Silveragte’s liquidation and macroeconomic factors. BTC price has slipped more than 15% in the past week as markets remain jittery.

Reasons Behind BTC’s Crash

Just like most cryptocurrencies, Bitcoin price has been on a steep downward trajectory for the past few days as Silvergate’s crisis continues to weigh on the crypto market. Bitcoin’s total market cap has crashed by more than 8% over the past 24 hours, while the total volume of the digital asset traded soared to 73%. BTC’s dominance has also decreased by nearly 1% over the last day.

The overall crypto market was in the red on Friday as the global crypto market cap slipped further by 6% to $928 billion. On the other hand, the total crypto market volume rose 60.65% over the last day. Earlier on Wednesday, Silvergate Capital announced the winding down of its operations and liquidation of its bank. The contagion fears from the Silvergate crisis have been keeping investors on their toes as the crypto markets react to the same.

The last few days have been disappointing for the crypto market as fears of higher interest rates contribute to the sell-off by traders and investors. During his recent congressional appearance on Tuesday,…

Bitcoin price was trading higher on Wednesday, breaking out from its two-consecutive day decline. At the time of writing, the largest cryptocurrency by market cap was trading 2.71% higher at $23,769.78. BTC has declined more than 2% in the past week but remains more than 43% higher in the year to date. Bitcoin’s dominance has edged higher over the past 24 hours.

Economic Sentiment

Data by CoinMarketCap shows that the global crypto market cap, as well as the total crypto market volume, has increased over the last day. This has been boosted by Bitcoin’s performance in the past 24 hours. Over the last day, BTC’s market cap has increased by nearly 2%, while the total volume of the digital asset traded climbed 12%.

Most cryptocurrencies have remained steady amid fears that the US Federal Reserve is likely to embark on its aggressive interest rate hike in a bid to fight inflation. Traders are betting that the Fed will increase its interest rates to 5.50% by the end of summer, higher than the central bank’s forecast at the end of December.

An interest rate hike to 5.50% implies at least two more quarters of percentage point hikes from March, as the current range is 4.50% to 4.75%. US Treasury yields have been rallying recently as investors await key economic data. the 10-year Treasury yield was trading at 3.985% on Wednesday, its highest level since the first half of November.

Economic activity…