Major coins traded mixed on Sunday evening as the recent banking crisis in the United States has caused many investors to question the reliability of the traditional banking system.
|Cryptocurrency||Gains (+/-)||Price (Recorded 9:30 p.m. EST)|
What Happened: Apex cryptocurrency Bitcoin BTC/USD is currently trading below $28,000.
Ethereum ETH/USD was up 0.66% to change hands below $1,800. Dogecoin DOGE/USD was trading at $0.073, down 0.36% in the last 24 hours.
|Cryptocurrency||Gains (+/-)||Price( Recorded 9:30 p.m. EST)|
At the time of writing, the global crypto market capitalization stood at $1.16 trillion, an increase of 0.64% over the last day.
U.S. stocks rose Friday after a volatile trading session. Although Friday began with fears that the banking crisis was spilling over to Deutsche Bank, the markets rebounded to end the week on a higher note. The S&P 500 rose 0.56%, while Nasdaq Composite ticked up 0.3%.
See More: Best Crypto Day Trading Strategies
News Highlights: Liquidity is a major problem in today’s crypto market. According to the Kaiko data provider, large orders without market depth can cause large price fluctuations, leaving traders vulnerable to slippage and even potential losses.
Conor Ryder, Research analyst at Kaoiko said the liquidity crisis has been particularly evident in Bitcoin, where the closure of two key US-based banks has significantly reduced liquidity levels to 10-month lows. The same liquidity crunch is also affecting the decentralized finance (DeFi) sector.
Analyst Notes: Crypto analyst Michaël van de Poppe said that he predicted Bitcoin would drop to $25,000, but the apex crypto resisted and made a substantial correction to $26,200. He believes BTC would eventually reach $40,000. “Trading isn’t black and white, it’s often grey. This push makes me believe we’ll continue up.”
Crypto analyst Justin Bennett had a snarky response to Balaji Srinivasan’s bold $1 million bet. He said, if Bitcoin were to lose $26,500 on high times frames, then this would be the most obvious short entry point that the majority of crypto Twitter missed because they were promised $1 million in Bitcoin in just 90 days.