The crypto market has seen a significant surge in the past week, with Bitcoin (BTC) leading the way. On Tuesday, BTC reached a new high of $26,500, before slipping back to $20,000 on Wednesday. This was followed by an announcement from the US Federal Reserve that it would be lending $300 billion to certain struggling US banks, including Silicon Valley Bank and Signature Bank. This news had a profound effect on BTC’s price performance, and it skyrocketed by roughly $2,000 in a day, reclaiming $26,000.
The altcoins have also turned green today, with ETH reclaiming $1,700, while BNB, MATIC, DOGE, and DOT are up by over 5%. STX has soared the most from the mid-cap alts (19%), jumping above $1. The crypto market cap has added $50 billion in a day, helping it to reclaim the coveted $1.1 trillion line.
The bullish sentiment in the crypto market is a result of the US Federal Reserve’s announcement of lending $300 billion to certain struggling US banks. This news has had a positive effect on BTC’s price performance and has also helped the altcoins to turn green. The crypto market cap has also seen a significant increase, reaching $1.1 trillion. This surge in the crypto market is likely to continue in the coming days.
