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- Bitcoin (BTC) surged into the $30K range.
- BTC’s trading volume increased by over 89.5%.
For the first time in a week, Bitcoin (BTC) momentarily rose above $30,025 before retreating. The largest cryptocurrency by market capitalization experienced fluctuations during New York trading hours, with gains reaching up to 10% and losses nearing 1%, ultimately stabilizing around $29,282.
This situation highlights the volatility that has consistently attracted many traders. Data from Coinalyze indicates that approximately $8.1 billion in open interest on Bitcoin derivatives was liquidated amid these price fluctuations.
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Moreover, the Bitcoin price has risen over 3% in the past 24 hours, driven by concerns regarding a potential new banking crisis in the United States. On April 25, shares of First Republic Bank plummeted by more than 50%, raising fears about the possibility of government intervention.
At the time of this report, BTC was trading at $29,282, with a market capitalization of $564 billion. Additionally, Bitcoin’s 24-hour trading volume has surged approximately 89.5% to $35.2 billion. The price of the leading digital asset shifted from $27,070 to $30,025 within just two days, from April 25 to 27.
Bitcoin (BTC) Price Chart (Source: CoinGecko)
Furthermore, due to the ongoing banking crisis and its recovery from an extended bear market, Bitcoin has emerged as the top asset globally, according to the Q1 2023 report.
