Today’s Cryptocurrency Prices: BTC and ETH Gain Momentum While Top Coins Remain Unaffected by SVB Collapse
The recent closures of Silicon Valley Bank and Signature Bank, both crypto-friendly banks, have not had a negative impact on cryptocurrency prices as the overall market cap rose above $1.08 trillion for the first time in weeks. Bitcoin and Ethereum both saw gains, with Bitcoin rising above the $24,000 mark and Ethereum above $1,600. Other altcoins like Dogecoin, Solana, Ripple, and Litecoin also saw gains across the board. Conflux remained the top gainer for the second consecutive day. Mudrex co-founder and CEO Edul Patel attributed the rise to US regulators announcing their support for the two closed banks, which led investors and traders to believe that the recent banking sector crisis could prompt the Federal Reserve to improve its monetary policy. Meanwhile, WazirX Vice President Rajagopal Menon noted that improvements in investor sentiment were due to regulators extending their helping hand towards investors and the European Union proposing a new blockchain customized for the region. Despite the positive news, it is important to note that cryptocurrency products and NFTs are unregulated and highly risky, with no regulatory recourse for any losses. Cryptocurrency is not legal tender and is subject to market risks, and readers are advised to seek expert advice and read all related literature and documentation carefully before investing.