Trending Topic: Crypto Market Experiences Mixed Reactions Amidst Market Volatility And Banking Uncertainty

Bitcoin is in the spotlight as cracks emerge in the traditional banking system, one observer said, explaining the negative spread between ether and bitcoin implied volatility metrics.

Bitcoin (BTC) continues to fly in the face of considerable uncertainty in the traditional markets. With Asian markets having a rough session, London's footsie blue-chip index opening lower, and US futures failing to deliver the good news, BTC/USDT has hit a new 2023 high, ramping above US$28,000 for the first time since June 2022.

After Bitcoin led the rally among top cryptos yesterday and breaching the $28,000 level, there has been a reversal in the sentiment surrounding the digital currency market. According to CoinMarketCap, the total market valuation of cryptocurrencies rose by 2.17% in the past 24 hours, leading to investors grabbing profits as prices follow the alpha coin.

Ethereum and Bitcoin rallied this week alongside stocks related to crypto, as structured crypto products also saw gains.

The two leading coins more than made up for losses racked up during last week's crypto banking crash.

Ethereum rose above $1,800 for the first time since August, as markets continued to react to the Fed's decision to inject $300 billion into the economy. This comes following the recent banking crisis, which saw the likes of Silicon Valley Bank collapse. Bitcoin neared $28,000 in today's session.

Bitcoin (CRYPTO: BTC) was surging more than 7% higher during Friday's 24-hour trading session, outpacing Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE), which were trading higher by about 3%. The move came in tandem with spot gold, which was rallying almost 3% higher, to reach a price not seen since April 18, 2022.

The crypto markets have rebounded and hence the prices of the majority of the assets also have raised notably. Meanwhile, the weekend is fast approaching which is believed to have a major impact on the crypto prices and mainly the global crypto market cap.

Bitcoin surges 30% in past week, trading at $26,600, boosting total crypto market cap to over $1.1 trillion.

Investors are flooding into cryptocurrencies as banks look risker.

The crypto industry has been especially attentive to the happenings of the past two weeks. Initially, the SEC launched an extensive probe into the crypto market, followed by a series of consecutive failures of three crypto-friendly banks in the USA: Silvergate Bank, Silicon Valley Bank, and Signature Bank.

Bitcoin (CRYPTO: BTC) traded higher, with the cryptocurrency prices trading belaboveow the key $26,000 level on Friday. Ethereum (CRYPTO: ETH) also moved higher, trading above the $1,700 mark this morning.

Bitcoin moved to a fresh nine-month high on Friday, as prices moved above the $27,000 level. The surge comes following the U.S. Federal Reserve's decision to backstop embattled banks to a record tune of $152.9 billion. Ethereum was also in the green in today's session.

With 3 banks down already, and Credit Suisse on the brink, worried depositors are perhaps opting for the relative safety of an asset outside of the banking system, which is Bitcoin. Why are regulators so obsessed with crypto?

The recent financial crisis, which has seen multiple banking giants collapse within days of each other and put even more at risk, does not seem to bother the cryptocurrency industry nor its representative asset, Bitcoin (BTC), as they are both writing down gains amid the widespread uncertainty in the banking sector.

Major cryptocurrencies traded in the green on Thursday evening as the labor market showed signs of remaining stubbornly robust, according to the latest jobless claims data.  Cryptocurrency Gains (+/-) Price Bitcoin +3.23% $25,119 Ethereum +1.66% $1,675 Dogecoin +4.17% $0.072 What Happened: Apex cryptocurrency Bitcoin (CRYPTO: BTC) traded above $25,000, while Ethereum (CRYPTO: ETH) was up 1.66% at nearly $1,675.

The price of bitcoin continued to trade up today, hovering just below $25,000 toward the close of traditional markets.

Cryptocurrencies bucked the broader market this week and zoomed higher.

The market saw higher-than-usual volatility this week following the collapse of crypto-friendly banks over the weekend.

After the widely publicized collapse of the Silicon Valley Bank (SVB), accompanied by two other major banking institutions crashing and more at risk, investors seem to be increasingly flocking to the alternative solution – cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).

Bitcoin and Ethereum both fell, bringing into question digital currencies' reputation as a haven asset. Bitcoin, the largest coin by market cap, lost 1.05% to US$24,661 over the last 24 hours, while Ethereum shed 2.82% to US$1,659.