Crypto Price Today: Bitcoin rallies 10% to top $24k, BNB and Ethereum jump up to 7%
Bitcoin and other top crypto tokens continued to move sharply higher on Tuesday amid the Silicon Valley Bank (SVB) fallout.
However, a few stablecoins lost their pegging to the US dollar amid the crisis but mainstream tokens, particularly, the US dollar were flexing muscles.Bitcoin advanced another 10 per cent, hitting $24,000-mark. A flight from stablecoins pushed Bitcoin’s store of value higher.
Its largest peer Ethereum was trading 5 per cent higher and was hovering around $1,700-levels. Altcoins outperformed the blue chips tokens, rallying up to 40 per cent.The closure of three crypto-friendly banks, Silvergate, SVB, and Signature, is likely to result in short-term liquidity issues since these banks acted as the primary ramps for dollars into crypto assets.
SVB’s transaction halt had caused a sharp 10 per cent de-peg of USDC over the weekend, said Parth Chaturvedi, Crypto Ecosystem Lead at CoinSwitch.“We might see a rapid shift in the usage of new banking partners by the crypto industry.
Many in the industry are pivoting to Mercury, BCB Group, Axos, and a few other banks that cater to crypto startups. This could also spark a flight of crypto companies to other more favorable jurisdictions like Switzerland, Hong Kong, Dubai, and the UK,” he said.Barring the US dollar pegged stablecoin Tether, all other top and popular crypto tokens were rallying sharply on Tuesday.
BNB was up 7 per cent, followed by Litecoin and Polygon, which rallied 4 per cent each.
Solana, Dogecoin, Polkadot and Shiba Inu advanced 3 per cent each.The global cryptocurrency market cap was trading sharply higher, regaining the 1 trillion mark.
It jumped another 6 per cent to $1.08 trillion in the last 24 hours. However, the total trading volumes surged more than 24 per cent, close to $90.50 billion.
Tech View by WazirX Trade DeskThe Graph (GRT) is an indexing protocol for querying data for networks like Ethereum and IPFS, powering many applications in both DeFi and the broader Web3 ecosystem.
Anyone can build and publish open APIs, called subgraphs, that applications can query using GraphQL to retrieve blockchain data.
By:BusinessToday
