Bitcoin Ether DOGE Dropped. The threat of a capital crisis that befell the American banking industry slowly triggered tensions among crypto investors so that the movement of Bitcoin CS fell sharply. Recorded a red report card on trading Sunday (26/3/2023).
According to Coinmarketcap’s monitoring, the price of Bitcoin this afternoon decreased by 0.17 percent to around 27,504 US dollars. It fell sharply when compared to the price of BTC on March 22, at which time one BTC coin was around US$28,756.
Ethereum also experienced sideways conditions, whose value decreased by 0.38 percent to US$1,748, followed by BNB which fell US$0.26 to a price range of US$323.58 per coin. While Cardano fell 2.06 percent to $0.3554 and Polygon lost 2.24 percent to $1.08, Dogecoin fell 1.08 percent to $0.07443 over the last 24 hours.
Quoting from Coindesk, this decline occurred after most of the market was at risk of being shaken by a 13 percent drop in shares of financial services giant Deutsche Bank. Till Deutsche led the broad decline for major European banking stocks at stock market close Friday afternoon (24/3/2023).
Investors believe a decline in Deutsche Bank stock could affect the stability of the stablecoin, given that this asset is highly vulnerable to fluctuations in fiat currencies such as the US dollar or commodities such as gold.
Bitcoin Ether DOGE Dropped. This reason made them start leaving the crypto industry to avoid swelling losses, due to the decline in the value of stablecoins and cryptocurrencies due to the US financial contraction.
Before the shares fell, this German bank was in the spotlight of investors because the cost of insuring bank loans against default risk soared to the highest level in the last four years.
This condition then sparked wider concerns regarding the bankruptcy that hit Deutsche Bank, following its rivals, namely Silicon Valley Bank (SVB), Signature Bank and Silvergate which had previously collapsed.
Even though the price of Bitcoin is currently showing a red report card, analysts are optimistic that the crypto market can record a sharp increase this year.Moreover, Bitcoin price growth has outpaced the US stock market, where BTC has grown about 70 percent so far this year, while the Nasdaq index is only up 12 percent.