• Bitcoin is currently trading around the $28,000 mark following news of First Republic Bank’s close to seizure by U.S. authorities.
• Over 39,000 traders have been liquidated in the past 24 hours with liquidation amounting to $145 million with the single largest being on Bybit of BTC/USD value of $2.2 million.
• Bitcoin’s 30-day rolling correlation with gold has increased since March and now stands at 57%, the highest in about two years.
Bitcoin Trading Around $28,000
Bitcoin is trading around the $28,000 mark after news that First Republic Bank is close to seizure by U.S. authorities caused a stir in the market. BTC was over $28,000 mark and bulls have reemerged pushing the price above this level again.
Traders Liquidations
Coinglass data shows that over 39,000 traders have been liquidated in the last 24 hours with a total liquidation amount of $145 million with the single largest being on Bybit of BTC/USD value of $2.2 million where most of these losses were shorts ($123 million) while only 839 million longs were liquidated indicating more selling pressure for Bitcoin as traders bid for its price to drop.
Bitcoin’s 30-Day Rolling Correlation With Gold
The 30-day rolling correlation between Bitcoin and gold has increased since March and now stands at 57%, its highest level in almost two years according to Kaiko Data Twitter post which shows that investors are turning towards cryptocurrency as an asset class during uncertain times such as we face today during economic crisis like this one caused by FDIC bank failurs like First Republic Bank stock tanking recently .
Crypto Market Overview
The global crypto market is now at 1,23 trillion up 7% over last day while total trading volume is now at 51,71 billion up 44,56% higher than yesterday with most cryptocurrencies trading in green including Ethereum (ETH) which is up 7%in last 24 hours trading at 1 947$.
Conclusion
Overall it seems that despite recent turmoil in traditional banking systems investors still find cryptocurrency attractive asset class due to their decentralized nature and low correlation with other markets making it good hedge against current global economic conditions which can be seen from increasing correlations between bitcoin and gold prices as well as increasing demand for cryptocurrencies evidenced by rising market cap and trading volumes despite recent selloffs caused by FDIC bank failures among other factors
