The BTC exchange rate experienced a difficult weekend. There was both a drop and a subsequent recovery. By Monday, the flagship cryptocurrency had risen to USD 22,484. The strengthening over the last 24 hours is around 10%.
BTC has regained its correlation with the US stock market, and the good news this morning from this side helped it recoup some of its previous losses.
It is about the US Federal Reserve's intention to support depositors of all troubled banks - in this case Silicon Valley Bank and Signature Bank. The new emergency bank financing programme has also been approved by the Ministry of Finance. In fact all powers are now being deployed to extinguish the raging fire within the banking segment. Whether or not this works, we shall see, but the decisions look very timely.
Support for BTC is now at 18,500 USD. Resistance is at 22,500 USD.
The cryptocurrency market capitalisation now stands at USD 1.029 trillion, which we consider a positive signal. The share of BTC is estimated at 42.3%, ETH - 19.2%.
Trading volumes on centralised crypto exchanges are rising
Trading volume on centralised cryptocurrency exchanges increased to USD 3.4 trillion in February from USD 3.1 trillion a month earlier, according to publicly available observations. Trading volumes on the spot market expanded by 13.7% m/m.
Justin Sun will support the establishment of the bank
TRON founder Justin Sun is willing to financially support anyone who makes the effort to build a sound bank to meet the needs of the cryptocurrency market. After the collapse of Silicon Valley Bank, the demand for stable banking services will increase.