Investors Relieved as Bitcoin and Ether Soar following Major Bank’s Liquidity Boost
Bitcoin and Ether, along with all other top 10 non-stablecoin cryptocurrencies by market capitalization, rallied by the end of Asian trading hours on Friday afternoon. Bitcoin rose by 5.78% to $26,100 in the 24 hours to 4:30 p.m. in Hong Kong, while Ether rose 3.81% to $1,720. Dogecoin was the day’s biggest gainer, rising 6.24% to $0.07486, followed by Bitcoin. The global cryptocurrency market capitalisation increased by 4.06% to $1.12tn in the same period. Traditional equities also strengthened after First Republic Bank secured a $30bn lifeline, a day after Credit Suisse received a loan from the Swiss central bank. Asian equities strengthened, reflecting Wall Street’s overnight relief rally, and Europe’s STOXX 600 rose 1.07% and Germany’s DAX 40 gained 0.74%. The euro floated above the $1.06 mark after the European Central Bank raised interest rates by an expected 50 basis points on Thursday. Gold inched up 0.5% to $1,928 an ounce, heading for its third consecutive weekly rally. Investors sought safe-haven assets to hedge against the legacy financial system.