Cryptocurrency prices jumped Friday as bitcoin and ethereum continue to rally this week to reach their highest levels in months. Bitcoin hits $27,000 marking its peak since early June, while ethereum trades near September highs.
On Sunday, Signature Bank (SBNY) was shuttered by state regulators and turned over to FDIC control. Roughly 30% of Signature Bank’s deposits came from crypto customers.
Over the weekend, stablecoin USD Coin briefly lost its peg to the dollar and fell to 86 cents on Saturday. USDC rebounded to reclaim its government peg Monday. Coinbase (COIN) rallied early Monday after stating it expects to “fully recover” the $240 million in corporate cash held by Signature Bank. And bitcoin jumped more than 17% in the morning.
Cryptocurrency Price Action
Bitcoin jumped 7% Friday to trade around $26,770 by the afternoon. BTC leapt to a nine-month high of $26,999 in the morning. On Monday it recovered above $24,000 for the first time since Feb. 23 and rallied 31% over the week. The world’s largest cryptocurrency is up 61% so far this year.
Ethereum climbed 4% to $1,745 Friday afternoon, hitting $1,766 early in the day. Ethereum is trading near its highest levels since September after leaping 22% this week. Last Friday, ETH fell below $1,370 to mark its lowest point since Jan. 11. The #2 crypto is up 45.8% year-to-date.
Also Read
- You NEED To Watch This Most Popular Movies Of 2022
- Managing Diabetes: Why Smartwatches Are Not a Replacement for Insulin Needles
- Crypto Markets continue to rally this week As Bitcoin hits $27,000 marking its peak since early June
- Unlocking the Bizarre Properties of Strange Metals: A Groundbreaking Experiment
- Unintentional Tesla Theft: Man Drives Off in Wrong Car Unaware
