Bitcoin (BTC) has risen nearly 10% in the past 24 hours, crossing a critical threshold of $24,000. The move comes as the US president has addressed the stability of the banking system.
The latest series of banking collapses in the US has triggered a market-wide FUD (Fear, Uncertainty, and Doubt) among crypto investors. This caused a massive drop in the prices of cryptocurrencies, including bitcoin (BTC).
However, the flagship digital currency saw a rapid recovery along with the global crypto market capitalization.
Bitcoin is up more than 9% in the last 24 hours and is trading above $24,300 at the time of writing according to data from crypto.news. BTC’s total market cap hit the $471 billion mark again, with a 43.7% dominance.
On March 10, bitcoin fell to around $19,500 as the global crypto market capitalization plunged from $1 trillion to roughly $912 billion in less than 24 hours.
Furthermore, Jake Chervinsky, the Blockchain Association’s chief policy officer (CPO), stated that the crypto industry is not responsible for the recent US banking collapses. He called the situation “scary” as three financial firms from high profile in the US went bankrupt in the last two weeks.
As BTC gained bullish momentum, the daily exchange input for the two major cryptocurrencies increased. According to on-chain data provider Glassnode, more than $1.9 billion worth of bitcoin entered exchanges, while $1.4 billion of the asset left the platforms, showing a positive flow of $547.4 million.
The second largest cryptocurrency, ethereum (ETH), also witnessed a positive flow of $50.6 million to exchanges with an inflow of approximately $1 billion.
However, Tether (USDT) saw a negative flow of $226.9 million from the exchanges. According to the data, $1.5 billion worth of USDT was deposited on the platforms, while around $1.7 billion of the largest stablecoin was withdrawn from exchanges.
