• Bitcoin (BTC) is currently hovering around the $27,000 mark.
• The banking system in the US seems to be on the verge of collapse.
• Some are calling for a new crypto bull market.
Bitcoin Reaches $27,000 Mark
Bitcoin (BTC) has seen huge growth in the last seven days and is currently trading at around $27,000 according to data from CoinGecko. This marks a 6.5% increase in the past 24 hours and 30% in the past week.
US Banking System Collapse
The banking system in the U.S. seems to be on the brink of collapse as multiple banks announce liquidity issues and other concerns, despite attempts by the Federal Reserve to help struggling banks. As banking stocks plunge and investors panic, Bitcoin and other cryptocurrencies are experiencing a rally that some are calling the start of a new bull market.
Ethereum Sees Significant Growth
Ethereum (ETH), the second largest cryptocurrency after Bitcoin (BTC), has also seen significant growth over recent weeks though not as much as BTC – ETH is currently trading at $1,712 which marks a 3.4% increase on the day and 19.7% in the past week while ETH/BTC is down 3%.
Talk of New Bull Market Emerges
As BTC continues to pump, some believe this could indicate a new bull market beginning – traders have noted that Bitcoin could reach even higher levels than it did last June when it fell from $31,000 to $17,000 following Terra-Luna’s implosion.
Preparing for Cycle Mid-Top
Traders are now preparing for what will come next; with Ethereum withdrawals coming up April 12th there may be more bleeding before finding a bottom but overall traders remain optimistic about what lies ahead noting that there is still ‚massive room for growth‘.